<p><strong>GLOBAL:</strong> US President Donald Trump declared that any attempt by Iran to impose tolls on vessels transiting the Strait of Hormuz would be unacceptable and could lead to the termination of negotiations.&nbsp;</p>

<p><strong>Market impact: </strong>Oil prices declined as the reopening of the strait has led to more supply. US stock futures rallied, driven by an optimistic earnings outlook from Micron Technology.&nbsp;</p>

<p>Any perceived violation of the Memorandum of Understanding between the US and Iran risks an immediate breakdown of the ceasefire.&nbsp;</p>

<p><strong>LOCAL: </strong>S&amp;P Global Ratings has slashed its growth forecast for the Philippines from 5.8% to 4.1% for 2026 due to infrastructure stagnation and inflationary pressures.&nbsp;</p>

<p><strong>Market impact: </strong>The Philippine Stock Exchange index retreated following downward growth revisions. The peso depreciated amid expected US Federal Reserve rate hikes.&nbsp;</p>

<p><strong>Metrobank projects GDP growth to average 2.9% in 2026, </strong>weighed down by domestic and global headwinds such as the US-Iran conflict, El Niño, and weak consumer and business sentiment.&nbsp;</p>