Share prices are expected to move sideways during this shortened trading week amid the continued macroeconomic headwinds.
Analysts said the recent string of negative news on higher inflation rate and lower economic growth were causing concerns among investors. March inflation rate came in at 3.7 percent or within the government’s estimate range of 3.4 percent to 4.2 percent, but this marked the second straight month of acceleration.Investors also fear that inflation rate would continue to rise in the coming months as prices of rice a major component of the food basket, remained elevated.
“US manufacturing data showed strong orders despite anemic employment and high input costs. China factory data also showed record level in March. While these allay recession fears, inflation anxiety is more valid especially heading into mid-year,” the trading firm said. Jenniffer B. Austria