May 08, 2026

Bright Mornings - 08 May 2026

Bringing the latest market news closer to you.

 

Macroeconomy

  • Wall Street rose modestly, and oil prices fell another 3% while markets waited to see if the US and Iran would strike a deal allowing tankers to deliver crude from the Persian Gulf again. Iran said it was reviewing the latest proposals on ending the war.
  • Philippine Q1 growth disappoints to 2.8% YoY because of slower consumer spending and inflationary pressures. Private investments also shows continued contraction as businesses cut back. Government spending is the bright spot at 4.5% YoY.

Fixed Income

  • Trading in Philippine bonds was quiet. Economic growth was weaker than expected (2.8% vs 3.8%). Even with elevated yields, some local long-term investors sold because bid-and-offer quotes were wide. In some direct trades, bond yields dropped by about 10 to 30 bps.
  • Brent crude oil rose 2.3% to above $102/barrel on worries that the Middle East crisis could keep the Strait of Hormuz disrupted. US Treasury yields stayed firmer, with the 10-year up by 4 bps to 4.39%. US jobless claims ticked up but layoffs remain low. Friday's jobs report is next.

Equities

  • Global equities fell by 0.06% as markets paused after recent gains amid cautious positioning ahead of key US labor data and lingering uncertainty over the geopolitical de-escalation.
  • The PSEi recovered past the 6,000 level yesterday, rising 1.12% to 6,034, as investors fixated on Iran peace prospects rather than the weak Q1 Philippine economic growth. Fresh accusations of ceasefire violations this morning may test the sustainability of the recovery.

Bright Idea: Locking in yields at current levels (10-year higher than 7%) sounds like a good move to add some stability. We recommend clients to consider adding local bond funds to their portfolios at this point.

Daily Market Movements

Indicators 06 May 2026 Previous Day Daily Change
PSEi
Philippine Equity Index		 6,034 5,967 1.12%
NASDAQ
Tech Focused US Index		 28,564 28,599 -0.12%
MSCI ACWI
Global Equity Index		 1,103 1,104 -0.06%
S&P500
US Equity Index		 7,337 7,365 -0.38%
PH Bond (10-Year) 7.18% 7.50% -32 bps
US Treasury Bond (10-Year)   4.39% 4.35% 4 bps
USD / PHP 60.420 61.305 1.46%

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