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Friday markets: Peso-dollar rate at P48.44; stocks recover

The peso and stock market ended the trading week mixed today, October 14. The Philippine peso–US dollar exchange rate at the Philippine Dealing and Exchange Corporation (PDEX) closed at P48.44, weaker than Thursday’s (October 13) rate at P48.34. At the Bangko Sentral ng Pilipinas reference exchange rate bulletin, the exchange rate was pegged at P48.47 to the greenback. On the other hand, the benchmark Philippine Stock Exchange Index (PSEi) managed to recover, advancing by 77.12 points (1.06%) to close at 7,389.30. The all-shares index also closed higher by 33.09 points (0.76%) at 4,402.69.

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Thursday markets: Peso-dollar rate at P48.34; stocks bleed

The peso and stock market ended mixed today, October 13. The Philippine peso–US dollar exchange rate at the Philippine Dealing and Exchange Corporation (PDEX) closed at P48.34, stronger than Wednesday’s (October 12) rate at P48.54. At the Bangko Sentral ng Pilipinas reference exchange rate bulletin, the exchange rate was pegged at P48.58 to the greenback. Meanwhile, the benchmark Philippine Stock Exchange Index (PSEi) bled 117.64 points (1.58%) to close at 7,312.18. The all-shares index also dropped 60.24 points (1.34%) at 4,369.60.

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Wall Street sells off on weak earnings, election fears

Wall Street sold off on Tuesday as disappointing corporate reports gave a sour tone to the start of earnings season and investors digested possible changing dynamics for the upcoming U.S. elections. Alcoa (AA.N) shares tumbled 11.4 percent after the metals company's quarterly profit missed estimates and it lowered its revenue forecast. Illumina (ILMN.O) shares plummeted 24.8 percent and were among biggest drags on the S&P 500 after the diagnostic test maker's weak quarterly update. Investors have been looking for U.S. corporate earnings to strengthen after four quarters of declines, in order to support relatively high valuations for stocks. Although overall S&P 500 earnings are currently expected to fall 0.7 percent in the third quarter, according to Thomson Reuters data, a typical number of better-than-expected reports would result in a positive quarter. At the same …

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Shakey’s to go public, hopes to raise P5.5-B in IPO

Shakey’s Pizza Asia Ventures Inc. (SPAVI) will debut at the Philippine Stock Exchange with plans to raise up to P5.5 billion via initial public offering (IPO) this year. SPAVI has filed documents with the Securities and Exchange Commission (SEC) to sell around 352 million primary and secondary shares, including 46 million shares to cater for extra demand, at a maximum price of P15.58. If the IPO price is finalized in November, the company will be listed at the local bourse in December. Shakey’s, famed for its signature thin-crust pizza, is recognized globally as the original pizza franchise in the United States. It first opened in the Philippines in 1975. With 177 stores all over the country, SPAVI own the Philippine rights to the Shakey’s trademark. Aside from the Philippines, the company also owns perpetual rights …

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Chinese shares advance on debt-reduction plan

BEIJING -- Chinese stocks closed higher on Tuesday boosted by the government's debt-reduction plan that will accelerate the consolidation of state-owned companies. The benchmark Shanghai Composite Index finished up 0.56 percent at 3,065.25 points. The smaller Shenzhen Component Index closed 0.38 percent higher at 10,782.31 points. China's State Council on Monday released guidelines on the long-discussed debt-for-equity swaps, pledging that the scheme will be conducted in an "orderly" fashion as the country steps up efforts to tackle high corporate debt. Companies with "temporary difficulties" but "long-term potential" will be able to exchange their debt for stocks, according to the guidelines. Poorly performing "zombie enterprises" and those with bad credit records will be forbidden from participating. The guidelines will boost investor bets in mergers and restructuring among listed state-owned companies, according to China Merchants Securities. China's …

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Tuesday markets: Peso-dollar rate at P48.52; stocks down

The peso and stock market continued to decline today, October 11. The Philippine peso–US dollar exchange rate at the Philippine Dealing and Exchange Corporation (PDEX) closed at P48.52, much weaker than Monday’s (October 10) rate at P48.36. At the Bangko Sentral ng Pilipinas reference exchange rate bulletin, the exchange rate was pegged at P48.28 to the greenback. Meanwhile, the benchmark Philippine Stock Exchange Index (PSEi) shed 13.89 points (0.18%) to close at 7,520.82. The all-shares index, on the other hand, was up 0.34 points (0.008%) at 4,490.03.

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Global stocks waver as oil prices level out, Samsung plunges

TOKYO — Global shares meandered on Tuesday as oil prices leveled out after surging the day before. South Korea's benchmark dropped after reports of fresh problems with the Galaxy Note 7 phone pulled Samsung Electronic's shares sharply lower. KEEPING SCORE: France's CAC 40 inched down 0.1 percent to 4,491.25 in early trading and Germany's DAX fell 0.2 percent to 10,598.28. But Britain's FTSE 100 added 0.3 percent to 7,117.97. U.S. shares were set to drift lower, with Dow futures slipping nearly 0.2 percent to 18,231. S&P 500 futures were also down nearly 0.2 percent to 2,155.20. SAMSUNG WOES: Shares in Samsung Electronics fell 8 percent after the company said it was halting sales of its Note 7 smartphones. It advised customers to turn off their devices or replace them with different devices. …

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Tokyo’s benchmark stock index closes at month high

Tokyo's benchmark stock index closed at its highest level in over a month Tuesday, as an oil price rally lifted energy firms while a weaker yen boosted exporters. Coming back from a three-day holiday, Tokyo investors were buoyed by news of US oil prices finishing at their highest level for 2016 after Russian President Vladimir Putin expressed support for OPEC's push to limit output. "The fact that Russia has shown willingness to cooperate with OPEC is a tailwind for oil prices going forward," Toshihiko Matsuno, a senior strategist at SMBC Friend Securities, told Bloomberg News. "In the short term, it's positive for oil and mining shares and it's also improved market sentiment," he said. The benchmark Nikkei 225 index jumped 0.98 percent, or 164.67 points, to close at 17,024.76, its highest close since …

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Asia markets rattled by pound’s “flash crash” in early trade

HONG KONG — Asian stock markets were rattled Friday after the pound briefly and mysteriously plummeted to a fresh 31-year low in early trading amid persistent concerns about Britain's exit from the European Union. KEEPING SCORE: Japan's benchmark Nikkei 225 index lost 0.2 percent to 16,860.09 and South Korea's Kospi slipped 0.5 percent to 2,054.54. Hong Kong's Hang Seng shed 0.5 percent to 23,829.86 and Australia's S&P/ASX 200 fell 0.3 percent to 5,467.40. Benchmarks in Taiwan, Southeast Asia and India also lost ground. Markets in mainland China were closed for a weeklong holiday. CURRENCY CHAOS: The pound tumbled sharply, slumping as much as 6 percent to its lowest in more than three decades, before rebounding somewhat, although the reasons for the "flash crash" were unclear. The British currency, which was trading at …

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US stocks fall despite gains for Netflix, Twitter

US stocks began the fourth quarter on a down note Monday, declining despite gains for Netflix and Twitter on takeover speculation. Analysts said investors were taking profit after Friday's strong session concluded the third quarter. Netflix jumped 4.1 percent on speculation it could be acquired by Disney. Disney has also been mentioned as a potential buyer of Twitter, which also ended up 4.1 percent. Other companies that have been mentioned as potential suitors for Twitter include Salesforce and Google. The Dow Jones Industrial Average dropped 0.3 percent to 18,253.85. The broad-based S&P 500 shed 0.3 percent to 2,161.20, while the tech-rich Nasdaq Composite Index fell 0.2 percent to 5,300.87. Tenet Healthcare lost 4.0 percent on news it will pay $513 million to settle US Department of Justice charges it bribed prenatal care clinics to win referrals …

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