April 24, 2026

Bright Mornings - 24 Apr 2026

Bringing the latest market news closer to you.

 

Macroeconomy

  • Canadian Prime Minister (PM) says the US should not solely dictate the upcoming US-Canada trade deal. Mark Carney, the Canadian PM, sees more room for negotiations and is pushing back on the US intention to renegotiate the existing USMCA trade deal.
  • The Bangko Sentral ng Pilipinas hiked rates for the first time in almost three years as inflation pressures increase. The central bank clearly signaled an end to the easing cycle and hints at further hikes in the next few months.

 

Fixed Income

  • Local bonds opened with yields 5–7 bps lower after the Philippines was added to the JP Morgan GBI-EM index, prompting local buying. The mood quickly reversed as fast-money investors sold and outflows continued. After the BSP’s 25 bps hike and inflation outlook, yields ended 6-8 bps higher. 
  • US Treasuries fell as worries over Middle East tensions pushed oil prices higher. The 10-year yield rose to 4.35% before easing to 4.32%. Markets grew concerned that a longer conflict could keep the Strait of Hormuz shut, worsening energy supply risks and global inflation.

 

Equities

  • Global equities dipped on Thursday as investors balanced mounting geopolitical risks in the Strait of Hormuz against a wave of U.S. corporate earnings reports.
  • The PSEi fell -0.10% to 5,983 as traders stayed defensive ahead of the BSP meeting and Trump's ceasefire extension. Foreigners were net sellers for the 8th straight session. 

 

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 24 Apr 2026 Previous Day Daily Change
PSEi
Philippine Equity Index		 5,984 5,990 -0.10%
NASDAQ
Tech Focused US Index		 26,783 26,937 -0.57%
MSCI ACWI
Global Equity Index		 1,067 1,071 -0.37%
S&P500
US Equity Index		 7,108 7,138 -0.41%
PH Bond (10-Year) 6.70% 6.67% 3 bps
US Treasury Bond (10-Year)   4.32% 4.30% 2 bps
USD / PHP 60.480 60.130 -0.58%

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