<p><strong>GLOBAL: Iran has announced its intention to restrict US navigation of the Strait of Hormuz, </strong>coinciding with reports that an agreement has been reached in principle.</p>

<p><strong>Market impact: Oil prices extended gains following Iranian strikes in the strait,</strong> while US equities declined amid growing skepticism about a deal.</p>

<p>While the deal's parameters remain classified,<strong> it likely involves dialing back attacks and unfreezing Iranian assets.</strong></p>

<p><strong>LOCAL: The unemployment rate climbed to a three-month high of 4.9% in June. </strong>Around 2.59 million Filipinos were out of work during the month due to an influx of fresh graduates.</p>

<p><strong>Market impact: Both the PSEi and the peso softened </strong>ahead of the second-quarter GDP release.</p>

<p><strong>The unemployment rate is expected to remain elevated amid typhoon season. </strong>Historically, the agricultural sector sheds headcount due to severe weather disturbances.<strong>&nbsp;</strong></p>