Bright Morning - 23 June 2026

Bringing the latest market news closer to you.

Macroeconomy

• US Vice President JD Vance reported "very good progress" in U.S.-Iran negotiations, but acknowledged there had been "threatening and whining," following Iranian threats to close the Strait of Hormuz over Israeli strikes on Lebanon. Vance highlighted Iran's agreement to readmit IAEA inspectors, calling it a "major milestone" toward halting Tehran's nuclear weapons program.
• Moody's Ratings has downgraded the Philippine banking system outlook to negative from stable, citing that slow economic growth may raise credit costs. The agency warns that elevated inflation and emerging risks threaten to weaken overall asset quality.

Fixed Income

• PHP government bond yields traded sideways due to a lack of catalysts, with investors sidelined ahead of the upcoming 4-year and 10-year auctions.
• US Treasury yields rose 4-6 bps on heavy corporate bond supply (US$10.4bn) and hedging flows, superseding downward pressure from lower oil prices after the US granted Iran a 60-day oil export license.

Equities

• Global equities ended flat, returning +0.01%, as optimism over Middle East peace talks was offset by tech weakness and persistent interest-rate concerns.
• A risk-off sentiment battered local equities, plunging the PSEi by 100.33 points (-1.64%) to 6,035.02. However, reported progress in US-Iran peace talks-already lowering oil prices-could spark a market recovery today.

Bright Idea

• Navigate economic shifts by aligning your portfolio to global innovation with the SLIMTC PHP Multi-Class Nasdaq-100 Index Equity Feeder Fund. This fund may help smooth out the impact of local energy crises through global diversification, focusing on liquid, large-cap global innovators through the Invesco EQQQ Nasdaq-100 UCITS ETF (Target Fund)

Daily Market Movements