<p><strong>GLOBAL: </strong>US nonfarm payrolls increased by just 57,000 while the unemployment rate edged down to 4.2% in June. Employers are becoming more cautious about hiring, and fewer Americans were actively working or seeking employment.&nbsp;</p>

<p><strong>Market impact: </strong>The US dollar weakened as the weaker-than-anticipated jobs report shifted market expectations regarding monetary policy. Meanwhile, US stocks and Treasury yields were little changed.&nbsp;</p>

<p><strong>Nonfarm payroll figures are expected to normalize as seasonal factors fade, </strong>though employers will remain cautious amid sticky inflation and high interest rates.&nbsp;</p>

<p><strong>LOCAL: </strong>The Philippines’ national government (NG) outstanding debt climbed to PHP 18.55 trillion in May, as authorities raised funds to support financing needs.&nbsp;</p>

<p><strong>Market impact: </strong>The PSEi climbed back to 6,100 after the Philippines’ upper-middle-income upgrade, while the peso strengthened amid lower oil prices.&nbsp;</p>

<p><strong>The NG’s outstanding debt is projected to reach PHP 19.06 trillion</strong> by end-2026 with a debt-to-GDP ratio target range of 60-63%.&nbsp;</p>