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Overseas news
In the US, major stock indexes mostly rose on Monday amid optimism fueled by artificial intelligence (AI). The S&P 500 and Nasdaq closed at all-time highs after Advanced Micro Devices (AMD) announced a deal to supply AI chips to OpenAI.
In recent years, shares of the large technology companies have been a source of huge growth for the US stock market, boosted by interest in AI computing.
Meanwhile, US President Donald Trump said Monday that all medium- and heavy-duty trucks imported into the US will face a 25% tariff rate starting November 1.
The planned tariff is part of a larger effort to protect US companies from foreign competitors. If implemented, it has the potential to affect global truck makers as well as US sectors that use these vehicles to provide services and transport goods.
In Japan, household spending in August rose 2.3% from a year earlier. This is higher than the median forecast for a 1.2% increase.
Household spending makes up a large part of a country’s gross domestic product (GDP) and so it’s an important indicator of an economy’s health. It’s also 1 of the factors that a central bank looks at when deciding what to do with interest rates.
Local developments
Agriculture Secretary Francisco Tiu Laurel Jr. is recommending an extension of the rice import ban until 2026 to support local prices. The planned measure includes a 1-month window to allow imports in January before resuming the ban.
Aside from supporting local farmers, efforts to control the prices of food staples such as rice may also impact consumers and the inflation rate.
Additionally, the peso dropped to more than an 8-month low on Monday, mirroring the broad decline of Asian currencies against the dollar.
This was largely due to Japan’s unexpected pick for its next prime minister, dampening expectations of a rate hike by the Bank of Japan (BoJ).
The latest news is mixed, and big changes don’t seem likely in the near-term. You may want to hold off on making significant changes to your portfolio for now.
