April 23, 2026

Bright Mornings - 23 Apr 2026

Bringing the latest market news closer to you.

 

Macroeconomy

  • Disruption to energy flows through the Strait of Hormuz is exacerbating the risk of a global food shock, as higher gas prices squeeze fertiliser production and other key inputs. The narrow Gulf waterway handles roughly a fifth of global oil and liquefied natural gas exports and about a third of the seaborne fertiliser trade, making it a critical artery for food production as well as energy markets.
  • Goldman Sachs is the latest bank to see a rate hike for the BSP in the Monetary Board Meeting later today. The US bank sees a 25 basis point hike "to contain inflation and keep inflation expectations anchored". So far, market consensus remaines split betwewen a rate hold and a hike.

 

Fixed Income

  • In the local bond market, sellers focused on 3–5-year tenors at the open, supported by strong local demand. Yields were flat to 2 bps lower. Peso local bonds stayed firm as banks and investors returned, aided by better liquidity.
  • Overnight, U.S. Treasury yields rose for a third day after safe-haven demand eased as the U.S. and Iran extended their ceasefire. Higher oil prices and a strong dollar also lifted yields by as much as 3bps. 

 

Equities

  • Global equities climbed on Wednesday after President Trump announced the US-Iran ceasefire extension.
  • The PSEi fell -0.48% to 5,989.56 as continued anxiety on the US-Iran ceasefire and future oil prices dampened sentiment. The Services (+0.56%) sector was the only one in the green. Foreigners sold $8.3mn.

 

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 23 Apr 2026 Previous Day Daily Change
PSEi
Philippine Equity Index		 5,990 6,019 -0.48%
NASDAQ
Tech Focused US Index		 26,937 26,479 1.73%
MSCI ACWI
Global Equity Index		 1,071 1,066 0.45%
S&P500
US Equity Index		 7,138 7,064 1.05%
PH Bond (10-Year) 6.67% 6.65% 2 bps
US Treasury Bond (10-Year)   4.30% 4.29% 1 bps
USD / PHP 60.130 59.938 -0.32%

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