Bright Morning - 08 July 2026

Bringing the latest market news closer to you.

Macroeconomy

• Oil prices were higher following a report of an Iranian attack on commercial ships in the Strait of Hormuz. It highlights the fragility of the U.S. and Iran's interim peace agreement. President Trump said that the two countries would either make a deal or the U.S. would "finish the job."
• Despite headline inflation easing further to 6.4 percent in June, the Bangko Sentral ng Pilipinas warned that price pressures from global oil prices remain strong, assuring that it stands ready to take the necessary policy actions to steer inflation back to its three-percent target.

Fixed Income

• Buying interest was seen in the morning session after headline June CPI printed softer than expected at 6.4% vs. 6.5% exp. The rally eventually faded after the BSP's hawkish comments, reaffirming their commitment to their 3% inflation target. Yields were mixed, ending the day +/-3bp from unchanged.
• US Treasury yields rose by 6-7 bps as oil prices rose on escalating US-Iran tensions. Headlines of the US revoking its waiver of oil sale from Iran drove oil prices higher. A slate of new corporate bond supply also added to the upward pressure in yields.

Equities

• Global equities fell 0.12% as investors weighed ongoing trade policy uncertainty and a cautious interest-rate outlook that tempered risk appetite.
• The PSEi managed to maintain its uptrend yesterday, gaining 23pts (+0.37%) to 6,247, as June inflation came-in slightly cooler than expected. Fresh attacks in the Strait of Hormuz may dampen sentiment today however, with oil prices already starting to rise.

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