MANILA - Global economic expansion is seen at a better position this year with growth faster than 2014, the World Bank Group's (WBG) Global Economic Prospects reported yesterday.

In its GEP 2015, WBG projects global growth for this year at 3.0 percent from 2.6 percent in 2014 and 2.5 percent in 2013.

Average global economic growth from 2015 to 2017 is seen at 3.3 percent.

Peso sustains strength

MANILA -- Investors have unloaded their dollar holdings due to falling US Treasury yields, resulting in the appreciation of the Philippine peso.

The peso appreciated by 10 centavos to a dollar after finishing yesterday at 44.77 from day-ago’s 44.87.

”The US dollar has become less attractive because of drop of yields of US Treasuries,” a trader told PNA.

For the day, the local currency opened at 44.88, the same as its level a day ago.

Oil heads for six-year low

Energy stocks took a hit in Asian trade yesterday as oil prices fell towards six-year lows, with warnings of further volatility ahead, but some rare upbeat Chinese trade data boosted Hong Kong and Shanghai.

Crude was dealt another blow yesterday when key OPEC member the United Arab Emirates said the cartel could not stop world prices plunging and called for a cut in US shale oil output.

Manila closed 0.55 percent higher, adding 40.64 points to 7,399.00.

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