<p><strong>GLOBAL: Crude exports from the Middle East climbed to nearly 13 million barrels per day in September, </strong>recovering to 80% of pre-war levels as alternative export routes are used.</p>

<p><strong>Market impact: Oil held losses on rising Middle East supply, </strong>while US stocks dipped as 30-year Treasury yields reached 2002 highs.</p>

<p><span data-teams="true">However, as US President Donald Trump recently rejected a conditional Iranian peace proposal, <strong>regional tensions remain elevated, leaving the maritime blockade unresolved</strong>.</span></p>

<p><span data-teams="true"><strong>LOCAL: The government raised an initial PHP 84.9 billion during the rate-setting auction for its 32nd tranche of Retail Treasury Bonds,</strong> fetching a coupon rate of 6.875%.&nbsp;</span></p>

<p><span data-teams="true"><strong>Market impact:&nbsp;The PSEi and the peso slipped</strong> amid persistent US–Iran tensions.</span><br>&nbsp;</p>

<p><span data-teams="true"><strong>The market now looks toward the BTr's broader fourth-quarter borrowing plan,</strong> which targets around PHP 892 billion to sustain the nation's fiscal requirements.</span></p>