Bright Morning - 28 August 2026

Bringing the latest market news closer to you.

Macroeconomy

• President Trump is reportedly considering broader semiconductor tariffs that could extend to servers, laptops, and gaming hardware, as the administration pushes to reshore chip manufacturing and strengthen domestic supply chains.
• Infrastructure spending may be turning a corner, with the Department of Budget and Management (DBM) noting that funds are already available and urging implementing agencies to step up project execution in the second half of the year.

Fixed Income

• PHP bond yields traded narrowly after the BSP delivered a 25bp rate hike, as the central bank's hawkish stance tempered optimism from easing oil prices.
• US Treasury yields edged higher by 2-3bps across the curve, led by expectations that Warsh could reinforce a hawkish policy outlook at Jackson Hole, pushing the 10-year yield to 4.67%.

Equities

• Global equities gained 0.42% as upbeat Nvidia earnings reinforced optimism around Al-driven growth, while expectations for supportive signals from the Federal Reserve further boosted risk appetite.
• The PSEi slid 2.16% yesterday, closing at 6,005 pts as broad-based selling, PHP2.32bn in net foreign outflows, a BSP rate hike to 5.0%, and a record-weak PHP pressured sentiment.

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