World's most unloved stocks pummeled further by rate-hike fears

Nomura Holdings Inc. raised its forecast for the current-account deficit and said it does not expect the shortfall to narrow in the coming months

The problems keep piling up for Philippine stocks, the world’s worst performers this year.

The Philippine Stock Exchange Index fell as much as 3.3 percent on Thursday and was headed for the biggest daily drop since January 2016, on a day when most Asian markets rose.

The gauge has lost almost 12 percent this year as mounting inflation pressure and concern the economy is overheating spur speculation the central bank will need to tighten more aggressively than previously thought. The peso, Asia’s worst-performing currency this year, is also worrying investors.

“Investors are having a hard time justifying the Philippine market’s