Philippine three-year bonds fell for a sixth week, the longest losing streak since 2008, and the peso headed for a fourth five-day loss on concern about faster inflation and stimulus cuts by the Federal Reserve.
The Philippine peso traded near a three-year low on speculation improving U.S. data will prompt the Federal Reserve to cut stimulus, while the Asian nation’s planning chief said the currency’s decline benefits the economy.
Emerging-market stocks fell, dragging down the benchmark index to a seven-week low, and currencies weakened after Chinese service industries data fueled concern the world’s second-biggest economy is slowing.
Philippine stocks fell, driving the benchmark index to a three-week low, as SM Investments Corp. tumbled the most in almost five years and the nation’s biggest money manager said shares are poised to decline.
Philippine stocks are poised to extend the longest losing streak since March and the peso may weaken after Super Typhoon Haiyan killed an estimated 10,000 people and flooded islands, according to BDO Unibank Inc.