<p><strong>GLOBAL: </strong>The US launched a second consecutive night of strikes against Iran, in retaliation for Iranian attacks on three commercial oil tankers earlier in the week. &nbsp;</p>

<p><strong>Market impact:</strong> Oil prices rose while stock futures declined following reports of new strikes.&nbsp;</p>

<p><strong>Continued strikes are highly likely in the near term. </strong>US President Donald Trump has warned that things will get much worse if Iran attacks more ships.&nbsp;</p>

<p><strong>LOCAL: </strong>PH unemployment rate rose to 4.8% in May, with the number of jobless Filipinos climbing to 2.5 million. The joblessness is tied to the agricultural sector, impacted by dry conditions leading up to El Niño.&nbsp;</p>

<p><strong>Market impact: </strong>The PSEi reached a four-month high on sustained buying, while the peso weakened following renewed US-Iran tensions.&nbsp;</p>

<p><strong>The PHP 85 minimum wage hike in Metro Manila is another headwind for hiring. </strong>Historically, businesses absorb higher costs by freezing new hires rather than expanding headcount.&nbsp;</p>