May 19, 2026

Bright Morning - 19 May 2026

Bringing the latest market news closer to you.

 

Macroeconomy

  • China agreed to buy US soybeans and improve access to rare earths, the White House said after last week's Beijing summit. President Trump ended two days of talks with Xi on Friday. The White House also said China will purchase at least $17 billion in U.S. farm goods annually through 2028.
  • President Marcos Jr. appointed former Undersecretary Kim Robert de Leon as Budget Secretary and asked him to speed up government spending. With fuel prices high and supply chains strained, the budget is the state's tool to support the economy and keep growth steady.

Fixed Income

  • Local bond trading was quiet, with yields moving higher amid weak demand. Treasury bill auction results showed softer investor appetite, while today's 7-year bond auction is expected to price around 7.40-7.75%.
  • Oil prices eased and US Treasury yields stabilized after President Trump paused a planned strike on Iran to allow negotiations. Earlier concerns over inflation and higher oil had pushed bond yields up, but the diplomatic pause helped steady markets, leaving the US 10-year Treasury yield little changed at 4.59%

Equities

  • Global equities eased -0.07% as technology stocks weakened, while oil prices rose to a two-week high amid uncertainty over potential progress in ending the Iran conflict.
  • The PSEi extended its decline for a second day, down -0.59%, closing at 5,491 pts as Trump war narratives maintained concern over geopolitical risks in the Middle East.

Bright Idea: Locking in yields at current levels (10-year higher than 7% sounds like a good move to add some stability. We recommend clients to consider adding local bond funds to their portfolios at this point.
 

Daily Market Movements

Indicators 18 May 2026 Previous Day Daily Change
PSEi
Philippine Equity Index		 5,942 5,977 -0.59%
NASDAQ
Tech Focused US Index		 28,994 29,125 -0.45%
MSCI ACWI
Global Equity Index		 1,098 1,099 -0.07%
S&P500
US Equity Index		 7,403 7,409 -0.07%
PH Bond (10-Year) 7.64% 7.62% 3 bps
US Treasury Bond (10-Year)   4.59% 4.59% -1 bps
USD / PHP 61.750 61.721 -0.05%

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