Bright Morning - 02 June 2026

Bringing the latest market news closer to you.

Macroeconomy

• Jerome Powell warned that political pressure on the Federal Reserve could weaken trust in its independence. Powell, whose term ends May 15, said the US institutions are all facing a political stress test under President Donald Trump's administration.
• President Marcos' chief economic manager said simpler local tax rules for firms with incentives can improve compliance and help attract more FDIs. The statement followed the first circular issued in 2026, which reaffirmed that the 1991 Government Code requires a uniform taxation process nationwide.

Fixed Income

• Yields were marginally changed on light activity. Conflicting headlines on US-Iran negotiations continue to keep market participants sidelined.
• Developments on the US-Iran war drove a volatile trading session for US Treasuries. Yields initially climbed as much as 8bp amid reports of talks ending, which sent oil prices higher. The move eventually reversed after Trump said talks were continuing. Yields ended the day unchanged to 3bp higher with short maturities underperforming.

Equities

• Global equities was little changed returning +0.09% as Al-driven technology gains supported markets despite persistent geopolitical uncertainty around U.S.-Iran tensions and higher oil prices weighing on sentiment
• The PSEi regained its footing after three-straight days of decline, up 0.53% and closing at 5,799 pts as Philippine MI back into a positive balance at 50.8 supported bargain hunting investor sentiments.

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