Bright Morning - 07 July 2026

Bringing the latest market news closer to you.

Macroeconomy

• China, the world's largest crude importer, has remained cautious on oil purchases. Meanwhile, OPEC+ is set to raise August output by 188,000 barrels per day, increasing supply. The recent conflict has also reinforced China's focus on energy security, accelerating its transition toward greener energy sources.
• Goldman Sachs maintains one of the most optimistic inflation outlooks for the Philippines, projecting average inflation of 5.2% for the year as global energy prices undergo a rapid and sharp decline. In a recent commentary, Goldman economists revised their forecast downward from 5.7%, citing the expected easing in energy costs.

Fixed Income

• PHP government bonds traded in a tight range, with modest dip-buying ahead of June CPI. Market reaction was muted after inflation came in at 6.4% YoY (vs. 6.5% expected), as elevated core CPI (4.4% YoY) reinforced expectations of a hawkish BSP stance.
• US Treasury yields were broadly unchanged amid limited market catalysts, while longer-dated bonds slightly underperformed ahead of this week's Treasury auctions.

Equities

• Global equities gained 0.41% as a rebound in U.S. technology stocks and growing optimism ahead of the Q2 earnings season supported risk appetite. Lower oil prices also aided sentiment across markets.
• The PSEi rose 0.58% to 6,223.99, extending its gains as net foreign buying reached USD7.99 million for a second straight session. Attention now turns to today's June inflation print, with an upside surprise posing a risk to the market's momentum.

Bright Ideas

• As inflation is seen to moderate and markets anticipate rates to trend lower, don't wait for yields to go down further and consider bond funds and fixed payout products as part of your portfolio.

Daily Market Movements