Bright Morning - 21 July 2026

Bringing the latest market news closer to you.

Macroeconomy

• Oil prices were mixed on Monday after Iran's Foreign Ministry spokesman Esmail Baghaei said negotiations with the U.S. could be pursued. The latest moves come after the U.S. military confirmed a third American service member had been killed in recent operations.
• The Philippines is turning to artificial intelligence (Al) to help small businesses secure loans and digitize operations, bridging a critical financing gap for the enterprises that form the backbone of the country's economy. The agreement aims to strengthen creditworthiness, boost productivity, and streamline loan application processes for local entrepreneurs.

Fixed Income

• Peso government bond yields surged with 20-25Y yields higher by 65 bps while the rest of the curve was as much as 12 bps higher. The US-Iran conflict and rising oil prices continue to weigh on sentiment in the local market.
• US treasury yields rose by 3-4 bps as weakness in UK gilts spilled over. Comments from new Prime Minister Andy Burnham stoked fears of the UK's growing debt burden, which sent UK gilt yields 8-9 bps higher.

Equities

• Global equities pulled back 0.29%, largely led by a tech and chip-sector sell-off and rising geopolitical tensions in the Middle East.
• The PSEi increased 0.18% on Monday, driven by index-heavyweight ICT's fresh 52-week high. The rest of the index was mixed as the market weighed new highs for oil against the prevailing bargain hunting environment.

Daily Market Movements