April 22, 2026

Bright Mornings - 22 Apr 2026

Bringing the latest market news closer to you.

 

Macroeconomy

  • Another oil tanker being sized by the US Navy illustrates the high-tensions in the Gulf. This comes as the US and Iran will go for a second round of talks with a widely held expectation that a possible peace deal could be forthcoming in the next few days.
  • Fitch Ratings, the global credit agency, has revised its outlook on the Philippines from stable to negative. They cited that risks to medium-term growth from disrupted public investment and the country’s high exposure to the global energy shock. Also the vulnerability to the Middle East conflict due to its heavy reliance on imported energy and the risk of softer remittance inflows from the Gulf region.

 

Fixed Income

  • PHP government bond yields ended the day broadly 4bp higher across the curve as the market absorbed new 7Y supply from the primary market. The 7Y auction saw weak demand with a bid-to-cover ratio of 1.3x. Activity was relatively muted ahead of BSP's rate decision on Thursday.
  • US Treasury yields rose as much as 3bp amid delays in US-Iran negotiations. Oil prices rose on the middle east development, which supported the move higher in yields.

 

Equities

  • Global equities declined on Tuesday as investors remained wary after both U.S. and Iran signalled readiness for conflict ahead of a ceasefire deadline.
  • The PSEi was relatively flat on Tuesday, closing at 6,018.70 (+0.04%). Foreigners were net sellers worth USD5mn. Holdcos (+1.04%) led sectors while Services (-1.35%) and Property (-0.46%) lagged.

 

Bright Idea: Position in our preferred global funds (global growth, global tech) to take advantage of the strong momentum as investors anticipate the resolution to the US-Iran war.



Daily Market Movements

Indicators 22 Apr 2026 Previous Day Daily Change
PSEi - Philippine Equity Index 6,019 6,016 0.04%
NASDAQ - Tech Focused US Index 26,479 26,590 -0.42%
MSCI ACWI - Global Equity Index 1,066 1,072 -0.52%
S&P500 - US Equity Index 7,064 7,109 -0.63%
PH Bond (10-Year) 6.65% 6.65% 0 bps
US Treasury Bond (10-Year)   4.29% 4.25% 4 bps
USD / PHP 59.938 59.970 0.05%

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