Bright Morning - 08 June 2026

Bringing the latest market news closer to you.

Macroeconomy

• The OECD cut its global growth outlook to 2.8% as the U.S.-Iran war could sharply worsen the economic picture if disruptions to energy markets and the Strait of Hormuz persist. The pessimistic scenario could keep inflation elevated, weaken investment and raise unemployment.
• May inflation slowed to 6.8%, bringing the year-to-date average to 4.5%. Transport inflation eased as fuel price increases moderated, but underlying price pressures remained high. Despite the softer reading, markets still expect the BSP to continue tightening, with further rate hike possible in coming meetings.

Fixed Income

• PHP government bonds were 5 bps lower after CPI printed softer than expected. Initial buying momentum faded as sellers looking to de-risk into strength emerged.
• US Treasury yields rose led by shorter maturities as markets increase rate hike expectations after the strong jobs report. NFP surprised to the upside at 172k vs. 88k expected. Yields ended the session higher by 3-12 bps.

Equities

• Global equities fell -2.27% as a stronger-than-expected U.S. jobs report stoked fears of a more hawkish Federal Reserve and a sharp selloff in technology shares weighed on sentiment.
• The PSEi was up +0.45% to 5,938.38 on Friday, pushing it up +2.94% WoW, as inflation May CPI inflation came in below expectations.

Daily Market Movements