MANILA – Philippine shares were higher with the rest of Asia on Monday, as investors awaited more third quarter corporate earnings results.
The Philippine Stock Exchange Index was 0.52 percent higher to 8,340.03 in early trading, poised for a second straight session of gains on a truncated trading week. Financial markets are closed on Tuesday and Wednesday.
"We are seeing that the market is trying to churn or trade within activities, that is why the third quarter earnings are crucial," said Migs Lopez, investment manager at AB Capital Investments.
Lopez said trading might go sideways this week with the market open only on Monday, Thursday and Friday.
Asian shares climbed and crude oil rose to a 2-year top, while the euro loitered around a 3-month low as the European Central Bank's decision to extend its stimulus further fattened the dollar's yield advantage.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent. The index is up 3.4 percent so far this month.
Japan's Nikkei nudged 0.2 percent higher, while Seoul shares climbed 0.7 percent.
Global share markets have been on an uptrend since the start of the year, helped by solid corporate earnings and positive economic data across major countries.
The world share index has surged 17.6 percent so far in 2017.
"The continuation of quantitative easing (QE) in Europe at a time when Japan remains locked on QE and the US is only tightening gradually highlights that global monetary conditions will remain easy for a long while yet," said Shane Oliver, head of investment strategy at AMP Capital.
"This along with strong economic growth and earnings, largely explains why global share markets are so strong."
On Friday, the Nasdaq added 2.2 percent, the S&P 500 climbed 0.81 percent and the Dow rose 0.14 percent.
Amazon, up 13.2 percent, was responsible for the biggest boost to the S&P 500 after reporting a quarterly sales surge.
Tech giant Apple Inc is due to report on Thursday.
The dollar index was a touch softer, after 2 straight days of gains helped by upbeat third-quarter U.S. GDP data. The U.S. economy grew at a 3 percent annualized rate from July to September, showing resilience after recent storms.
Investors are now focused on the impending appointment of the Federal Reserve chair, with speculation rife that Fed governor Jerome Powell is the favored suitor.
Wagers that Powell, who markets see as a less hawkish candidate, will be the chosen one tempered the dollar's advances and dragged 2-year Treasury yields off a 9-year top . An announcement is expected this week.
"Markets are evidently still intent on having some fun, speculating on whether the next Fed chair will be trying to pull the Fed in a more hawkish direction or whether continuity will be the name of the game," said Ray Attrill, head of FX strategy at National Australia Bank.
In Europe, political uncertainty and the ECB together weighed on the common currency, marking its biggest weekly loss of the year.
The euro steadied at $1.1602, not far from $1.1573 which was the lowest since July 20.
Spain sacked Catalonia's regional government on Friday, dissolved the Catalan parliament and called a snap election after Catalonia declared independence from Spain.
The ECB's decision last week to extend its bond purchases into September 2018 also hurt the euro, driving yields on two-year German bunds lower.
The premium that 2-year US debt pays over 2-year German yields is now the widest since mid-1999, making it more attractive to borrow in euros to buy dollars.
In commodities, Brent crude rose to $60.63 per barrel, the highest since July 2015, after Saudi Arabia agreed to support the extension of a global oil production cut agreement.
US crude ticked up 0.32 percent at $54.07 a barrel.
Spot gold was trading 0.1 percent lower at $1271.20 per ounce. -- with reports from Warren de Guzman, ABS-CBN News and Reuters