Bright Morning - 23 July 2026

Bringing the latest market news closer to you.

Macroeconomy

• Oil prices were 4% higher on Wednesday, as conflict in the Middle East continued to escalate. US forces carried out another round of attacks on Iran. The Strait of Hormuz, remains a sticking point in negotiations between the two sides.
• The Philippines is among the few Asian economies where workers have posted relatively strong wage gains during the artificial intelligence (Al)-driven export boom, but those gains are unlikely to be sustained without a broader manufacturing recovery, according to Oxford Economics.

Fixed Income

• Local bond yields rose as investors stayed cautious amid higher U.S. rates, peso weakness, and upcoming bond supply. Trading was subdued, with dealers reducing risk and selling longer-dated bonds, keeping sentiment cautious.
• US Treasury yields rose, with the 2-year yield climbing 4 bps to 4.31%, its highest level since February 2025, while the 10-year yield rose 3 bps to 4.66%. Investors grew cautious as higher oil prices and Middle East tensions raised concerns about renewed inflation pressures.

Equities

• Global equities edged up 0.02% as optimism around corporate earnings was largely offset by higher oil prices and lingering geopolitical concerns.
• The PSEi retreated further, falling 1.04% on Wednesday to 6,267 pts as the market continued to take profit on blue-chip names.

Daily Market Movements