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Wall Street stocks rose again Wednesday, shrugging off the partial US government shutdown as major indices finished at records amid hopes for more Federal Reserve interest rate cuts.

Both the Dow and SandP 500 closed at fresh records as investors focused on poor US employment data, which boosted expectations that the Fed could cut interest rates later this month.

US government operations began grinding to a halt at 12:01 am (0401 GMT) Wednesday after Republicans and Democrats failed to break a budget impasse in Congress. The closure will see non-essential operations halted, leaving hundreds of thousands of civil servants temporarily unpaid, and many social safety net benefit payments potentially disrupted.

But analysts note that shutdowns have not significantly weighed on markets due in part to the view that the negative impacts from closures can be reversed once the government reopens.

‘History reminds us that government shutdowns have typically been more headline-making than bottom-line impacting,’ said CFRA Research’s Sam Stovall.

Job cuts

Investors took note of a report from payroll firm ADP that showed the US private sector had shed 32,000 jobs last month. ‘The market’s getting a little bit excited that this is something where the Fed can continue cutting interest rates,’ said Tim Urbanowicz, chief investment strategist at Innovator Capital Management.

‘There’s this kind of middle ground where the data is not showing a lot of strength, but it’s not weak enough where people start getting concerned about recession.’

Analysts said the weaker job market cements expectations that the Fed will cut interest rates twice more this year, after lowering borrowing costs last month for the first time since December.

But investors are concerned the US government shutdown could prevent the release Friday of the key non-farm payrolls report – a crucial data point for the Fed on rate decisions.

Pharma play

European markets were lifted by pharmaceutical shares after Pfizer was granted reprieve from Trump’s tariffs by agreeing to lower drug prices in the United States. Shares in British pharma giant AstraZeneca rose more than eight percent and GSK was up over six percent in London.

Several US pharma names also rose, including Merck and Bristol-Myers Squibb, while Lithium Americas Corp. surged 23.3 percent after announcing it would grant the US government an equity stake as part of the restructuring of a loan from the Department of Energy.

In Asia, Tokyo’s stock market sank, while Hong Kong and Shanghai were closed for holidays.

Key figures at around 2030 GMT

New York – Dow: UP 0.1 percent at 46,441.10 (close)

New York – SandP 500: UP 0.3 percent at 6,711.20 (close)

New York – Nasdaq Composite: UP 0.4 percent at 22,755.16 (close)

London – FTSE 100: UP 1.0 percent at 9,446.43 (close)

Paris – CAC 40: UP 0.9 percent at 7,966.95 (close)

Frankfurt – DAX: UP 1.0 percent at 24,113.62 (close)

Tokyo – Nikkei 225: DOWN 0.9 percent at 44,550.85 (close)

Hong Kong – Hang Seng Index: Closed for a holiday

Shanghai – Composite: Closed for a holiday

Euro/dollar: DOWN at $1.1728 from $1.1734 on Tuesday

Pound/dollar: UP at $1.3476 from $1.3446

Dollar/yen: DOWN at 147.14 yen from 147.90 yen

Euro/pound: DOWN at 87.04 pence from 87.27 pence

West Texas Intermediate: DOWN 0.9 percent at $61.78 per barrel

Affordable stock prices – not necessarily any positive catalyst – enticed investors to buy shares on Thursday, setting the stage for the local bourse’s uphill climb.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) added 0.23 percent or 13.73 points to close at 6,039.76.

Likewise, the broader All Shares Index gained 0.13 percent or 4.67 points to end at 3,659.29.

A total of 1.52 billion shares worth P5.56 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the index’s slight gain was due to investors taking advantage of cheap stocks. This, especially after the bourse fell to a six-month low on Tuesday.

According to Limlingan, the PSEi remained relatively flat throughout the trading day, ‘as the lack of catalysts continues to weigh on market momentum.’ Active stocks

Only property firms ended in the red territory as Ayala Land Inc. lost 1.64 percent to P24 each. SM Prime Holdings Inc. declined by 2.18 percent to P22.40 per share.

International Container Terminal Services Inc. was the most actively traded stock, closing flat at P486. Others were BDO Unibank Inc., down 0.22 percent to P138; SM Investments Corp., up 2.03 percent to P755; Ayala Corp., up 0.91 percent to P486; and Jollibee Foods Corp., up 0.19 percent to P215 each. There were 95 losers against 89 gainers, while 65 companies were unchanged at closing, stock exchange data also showed. INQ

Kim Chiu and Paulo Avelino are officially marking their comeback in a darker and more mysterious project as the first teaser photos for their upcoming romance-suspense series ‘The Alibi’ have been released.

Prime Video Philippines released the teaser images Wednesday on Instagram, showing Chiu in a red sequined mask and top, dancing on stage with a pole while Avelino’s character watches her.

Directed by FM Reyes and Jojo Saguin with a script by Danica Mae Domingo, The Alibi is described as a story that ‘blurs the lines between love, betrayal, and survival,’ set against ‘power, privilege, and hidden sins.’

‘With shocking twists at every turn, the series dares to ask: how far would you go to protect the people you love-and what truth would you be willing to bury?’ its synopsis continued. The official release date of the series has yet to be announced. Zsa Zsa Padilla, John Arcilla, Sam Milby, Rafael Rosell, Sofia Andres, Robbie Jaworski, and Angelina Cruz are among the supporting cast.

The project continues the on-screen partnership of Chiu and Avelino, dubbed KimPau, which gained a loyal following in 2023 with their first collaboration in the thriller series ‘Linlang.’

Their pairing continued with the Philippine adaptation of the Korean drama ‘What’s Wrong With Secretary Kim’ in 2024. They also starred in the 2025 film ‘My Love Will Make You Disappear,’ which earned ?173 million worldwide.

Billionaire Elon Musk, the world’s richest person, is nearly halfway to becoming the planet’s first trillionaire, Forbes magazine reported Wednesday.

The Tesla and SpaceX CEO became the first person to achieve a net worth of $500 billion, briefly, as the shares in his electric vehicle company rebound from his clumsy stint in politics, amid other gains.

The 54-year-old’s net worth hit $500.1 billion Wednesday before dipping back to $499.1 billion, the publication’s ‘Real-Time Billionaires’ tracker reported. Ranked after him are Oracle CEO Larry Ellison with a net worth of $350.7 billion, followed by Meta CEO Mark Zuckerberg with a net worth of $245.8 billion on the Forbes list.

After graduating from the University of Pennsylvania and dropping out of Stanford University, Musk banked his first millions when he sold an online publishing software company to US computer maker Compaq for more than $300 million in 1999.

His next company eventually merged with PayPal, and after leaving that venture, the South African-born tech entrepreneur founded space rocket company SpaceX in 2002 and became the chair of electric carmaker Tesla in 2004.

Anyse ‘Marlee’ Smith is ready to step up for fan favorite Choco Mucho in the PVL Reinforced Conference starting Tuesday at Ynares Center Montalban.

From having a dazzling stint with Thai club Nakhon Ratchasima in the AVC Champions League hosted by the Philippines last May, Smith looks forward to taking her talent with the Flying Titans.

‘I’m just here to do my job, show my support, be a good team player, and be a leader. I want to win,’ said the American opposite hitter.

‘You will see a very compassionate, very committed Marlee this time around. I feel like I did a big one, the first time, but I want to leave with an even bigger impact this time.’

Smith, who played for North Texas University, also relished the welcoming team of coach Dante Alinsunurin and their fan base. ‘The transition has been fairly easy because my teammates are very welcoming. I felt very supported since I got here. I actually really, really love my team,’ she said. ‘I love the supporters here. I feel like the fans definitely give us a run for our money. They’re there to support us. They’re there when we’re down, and they’re there when we need them. So I just want to say we appreciate all of you.’

Smith will be leading the Flying Titans, who last reached the PVL final in the 2024 All-Filipino Conference and reached the semifinal in the previous one.

Maddie Madayag and Kat Tolentino are returning to boost the Flying Titans, who will still miss Sisi Rondina due to her commitment to Alas Pilipinas.

Meanwhile, Akari, the runner-up of last year’s Reinforced, will field Annie Mitchem as its import.

The 31-year-old American outside hitter is bringing her experience from Jakarta Livin Mandiri in Indonesia, Italy, Turkey, and Brazil following her collegiate career at the University of Hawaii.

Capital1 parades Ukrainian Oleksandra Bytsenko, a 29-year-old outside spiker.

MANILA, Philippines-Pureblends Corporation said it has all the intentions of putting up a competitive roster in due time for its PBA team that will be known as the Titan Ultra Giant Risers.

Team governor Emil Tiu admitted that Titan Ultra will be up for a tough task ahead of the upcoming season, but plans to build from what it can gain once it treads the difficult waters of the PBA. ‘We know we are a new team and you can’t be a champion team in one year,’ Tiu said during Wednesday’s press conference at Shangri-La The Fort in Bonifacio Global City. ‘But we will look to develop good players within two to three years.’

Titan Ultra does have a solid core led by veteran Calvin Abueva, Joshua Munzon, Cade Flores and Von Pessumal, while also having Ateneo product Chris Koon, taken fourth in the Draft when NorthPort had to take part in the Rookie Draft while the sale was pending approval.

Former Terrafirma coach Johnedel Cardel returns to the sidelines to call the shots for Titan Ultra’s rookie campaign.

The Giant Risers were officially welcomed into the PBA fold during the press conference, a month after Pureblends agreed to purchase NorthPort’s basketball assets for a reported P90 million.

The team was still called NorthPort during tune-up matches, while its players had to wear white shirts during Media Day activities as the Pureblends purchase had yet to be approved.

‘It was approved during the annual meeting [in Las Vegas], they just had to complete some documentary requirements,’ explained league treasurer and Phoenix team governor Raymond Zorrilla.

‘But between NorthPort and Pureblends, they had to agree within themselves. We just needed formality,’ added Zorrilla.

Meanwhile, Titan Ultra is set to make its first official deal with guard James Kwekuteye set to be traded to Phoenix for center Ato Ular.

Bracing for tighter supply due to pest infestation and weather disruptions, the Sugar Regulatory Administration (SRA) has ruled that the country’s entire sugar production in the current crop year would be for domestic use.

In Sugar Order No. 1 for crop year 2025-2026, the SRA estimated that local sugar production would go down by 7.9 percent to 1.92 million metric tons (MT) from the output in the previous crop year.

Sugar crop year in the Philippines begins in September and ends in August of the following year.

The SRA is anticipating ‘a possible decrease’ in sugar harvests due to the ongoing red-striped soft scale insects (RSSI) infestation and excessive rainfall in Negros. ‘I would agree with those estimates. We never imagined the damage caused by RSSI was that extensive. Hopefully, we can recover this coming crop year,’ United Sugar Producers Federation of the Philippines president Manuel Lamata said in a Viber message.

Local consumption

Given this situation, the SRA designated all sugar production this crop year for domestic consumption.

Every crop year, the SRA issues a sugar order to determine the allocation for locally produced sweetener.

In the past planting seasons, the SRA also earmarked all production for domestic consumption, as production was insufficient to meet demand. The country has relied on importation to plug any supply shortage.

The last time that the SRA set aside a portion of local sugar output was in crop year 2020-2021. At that time, 93 percent of the production was given to the domestic market, while the remaining 7 percent was reserved for the US market. Infestation

The SRA previously said the RSSI, first observed in plantations in Luzon in 2022, could reduce the sugar content of infested sugarcanes by as much as 50 percent.

It reported the first RSSI case in May, affecting some farms in Negros Occidental. Since then, the pest-which can cause yellowing leaves, stunted growth and shortened internodes-has spread to adjacent areas.

Last month, the SRA announced an intensified partnership with Hawaiian-Philippine Company to develop an organic and eco-friendly pest management solution to curb the infestation.

Creamline will continue to miss Jia De Guzman when it resumes its campaign in the upcoming PVL Reinforced Conference.

Owing to a management decision, De Guzman will once again sit out another conference for the Cool Smashers as she continues her full-time commitment to Alas Pilipinas, which is eyeing to end a 20-year medal drought in the 33rd Southeast Asian Games in Thailand in December.

‘Of course, it’s impossible not to feel the loss. Jia is different. She’s battle-tested and a big factor in games. We’ll always feel that it’s a missed opportunity not having her. But maybe it’s just not the right time yet. Hopefully, by next year,’ Creamline coach Sherwin Meneses told the reporters in Filipino.

Meneses, though, remains confident with his team roster with four-time Best Setter Kyle Negrito, who has stepped up her game since the eight-time winner De Guzman took her act to Japan last year, as well as Rhea Dimaculangan-Villarete and Mafe Galanza. ‘Kyle has really improved a lot from previous conferences. So the rotation is stable, there’s really no problem there,’ said Meneses. ‘We have two backups Rhea and Mafe. And they’re always ready.’

Creamline, which finished bronze in the PVL on Tour and Invitational, is raring to defend its throne in the Reinforced with American import Coco Schwan, Alyssa Valdez, Michele Gumabao, Pangs Panaga, Jema Galanza, and rookie Sheena Toring.

‘Our number one goal is to finish the conference healthy. That’s really the top priority. But of course, our mindset is also on defending our title. Hopefully, Courtney will be a big help to us,’ Meneses said.

Independent directors may soon be barred from seeking a longer term beyond nine years as the Securities and Exchange Commission (SEC) proposed a circular setting term limits.

SEC chair Francis Lim on Wednesday told reporters that setting the term limit in stone would allow opportunities for ‘true, meaningful independent directors.’

Under the draft memorandum, independent directors will be elected for a three-year fixed term, meaning they will have security of tenure.

This is to ensure that independent directors ‘with different views’ are protected from sudden removal.

‘To make the independent directors truly independent, we’re giving them a three-year security of tenure . Once voted, they are elected for three years, not just one,’ Lim said on the sidelines of the Shareholders’ Association of the Philippines’ digital library launch. There’s a way out currently

At the same time, however, the chair clarified that they may only be elected for a maximum of three consecutive terms totaling nine years.

After that, they are barred from reelection in the same company.

Current rules state that independent directors are only elected for a one-year term. They may serve as independent directors for up to nine years, although companies may apply for exemptive relief for extraordinary cases.

But once the proposed rules are approved, the term limit would be firm and the SEC would no longer grant extensions, Lim noted.

The circular will take effect immediately, meaning independent directors serving their ninth year in 2026 may not be reelected, and their term will not be extended.

Possible penalty

Companies that fail to adopt the three-year security of tenure and the nine-year term limit may be fined P1 million.

The draft circular is available for public comment until Oct. 15.

Lim earlier pointed out that independent directors whose terms have expired in one company can move to smaller firms and share their expertise while also giving opportunities to other leaders.

Jerrick Ahanmisi finally came to terms with Terrafirma by signing a one-year contract after being acquired in a trade with Magnolia.

The four-point specialist sealed the deal alongside agent Danny Espiritu in a meeting with Dyip team manager Waiyip Chong

Both parties had been in negotiations since Terrafirma got the incoming fifth-year guard last August when it dealt the rights to Javi Gomez de Liano to Magnolia.

Terrafirma also acquired Magnolia’s second round pick in the recent Rookie Draft, which it used to select burly College of St. Benilde big man Shawn Umali.

Ahanmisi averaged 6.8 points and 1.8 rebounds in 33 games for Magnolia in the 2024-25 campaign.

It was in the same season that Ahanmisi became known for knocking down shots from the league’s new four-point line, making 28-of-72 from the longest arc for a 39-percent clip.

He’s only ranked second to then-teammate Paul Lee, who made 31, and fourth in percentage among locals.

Minutes, however, were inconsistent-something that Ahanmisi looks to change now he’s on a Terrafirma side that hopes to show semblance of being competitive despite a relatively ragtag roster anchored by Louie Sangalang, Paolo Hernandez and Brent Paraiso.