Bright Morning - 24 June 2026

Bringing the latest market news closer to you.

Macroeconomy

• The U.S. issued a sweeping rollback of Iran oil sanctions, unlocking billions in revenue. Chinese refineries are expected to ramp up purchases during the 60-day window. This move could unfreeze 67 million barrels of crude stranded in the Gulf, handing Iran a significant financial windfall.
• The Marcos administration plans to aggressively ramp up domestic borrowing in the third quarter, tapping local markets for a record volume. The government is pivoting toward short-term debt instruments amid volatile global conditions. The Bureau of the Treasury (BTr) announced aims to raise P1.12 trillion from the domestic market during the July-to-September period.

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 equity markets retreated 1.73% as investors took profits following the recent Al-fueled rally and adjusted positions ahead of anticipated interest rate hikes.
• The PSEi jumped 1.51% (+91.20 pts) to 6,126.22 on easing inflation fears. Gains were led by top heavyweight ICT, which surged 5.05%, reversing nearly all of its previous session losses.

Bright Idea

• PHP bond yields climbed 3-9 bps after the BTr awarded 4Y and 10Y bonds at the high end of guidance. Secondary market activity was muted on a lack of local catalysts.
• US Treasury yields slipped 1-3 bps on lower oil prices and soft macro sentiment amid a global chipmaker selloff.

Daily Market Movements