<p><span data-teams="true"><strong>GLOBAL: US President Donald Trump declared that the time for a decision is approaching on whether the US will secure a new diplomatic deal with Iran or escalate to direct military strikes.</strong></span></p>

<p><span data-teams="true"><strong>Market impact: US equities declined as crude oil prices reached a five-month high amid ongoing disruptions and attacks by the Houthis.</strong></span></p>

<p><span data-teams="true"><strong>President Trump reiterated that any resumption of US strikes against Iranian targets would likely hold off until after the November 3 midterm elections.</strong></span></p>

<p><span data-teams="true"><strong>LOCAL: Infrastructure and capital outlays shrank 16.9% year-on-year in August, marking the 14th straight month of decline as the government intensifies its scrutiny of public works.</strong></span></p>

<p><span data-teams="true"><strong>Market impact: The PSEi retreated, bond yields climbed, and the peso weakened to a record low after the BSP projected that inflation will remain elevated through next year.</strong></span></p>

<p><span data-teams="true"><strong>Subdued public investment is projected to constrain third-quarter economic growth, with spillover effects dampening broader economic activity, particularly private expenditure.</strong></span></p>