Bright Mornings - 28 Apr 2026

Bringing the latest market news closer to you.

Macroeconomy

• Goldman Sachs sees oil to remain at $100 by year-end if the Gulf conflict remains unresolved as production and the flow of global supplies continue to be disrupted by the effective closure of the Strait of Hormuz. They now expect West Texas Intermediate, the U.S. benchmark, to reach an average of $83 a barrel, up from $75, and Brent crude, the international benchmark, to rise to $90 a barrel by the end of the year, up from $80.
• As the Gulf conflict remains unresolved, the US government has granted the Philippines’ request to extend a waiver to purchase Russian oil and petroleum products. Energy Undersecretary Alessandro Sales said the waiver is effective from April 17 to May 16, 2026. Mr. Sales said the new one-month waiver is for everyone. Russia remains a viable alternative being closer to the Philippines and far from the Gulf conflict.

Fixed Income

• PHP government bond yields ended the session unchanged to 5bp higher with 5Y and shorter maturities underperforming as the local market participants looked to derisk amid the hawkish BSP hike. Volumes were light on the day.
• US Treasury yields rose by 2-4bp as oil prices rose over stalling US-Iran talks. 5Y auction demand was soft amid the current macro backdrop.

Equities

• Global equities notched modest gains on Monday with investors bracing for a heavy slate of corporate earnings while keeping a close eye on developments in the Strait of Hormuz.
• Philippine equities ended lower to start the week, closing at 5,901 points, down 0.71%, as the lack of fresh leads on the Middle East conflict, alongside the PHP's weakening against the USD toward 61, kept market sentiment cautious.

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.

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