<p><strong>GLOBAL:</strong> The US and Iran have signed a memorandum of understanding (MoU) to end their conflict. However, the two nations will negotiate the finer details of Iran's nuclear program and potential sanctions relief.</p>

<p><strong>Market impact:</strong> US and European equities surged to record highs while oil prices tumbled to a three-month low amid a preliminary US-Iran agreement.</p>

<p><strong>The sustainability of the agreement will depend on the 60-day negotiation window</strong> that will hash out the details of sanctions relief and nuclear inspections.&nbsp;</p>

<p><strong>LOCAL:</strong> Cash remittances sent home by Overseas Filipino Workers grew by just 2% year-on-year to USD 2.718 billion in April, the slowest annual growth in nearly four years, amid prevailing global economic uncertainty.</p>

<p><strong>Market impact: </strong>Market sentiment was driven by the US-Iran deal, with the PSEi advancing more than 6% and the peso strengthening to the 60-per-US-dollar level.&nbsp;</p>

<p><strong>Despite the slowdown, the Bangko Sentral ng Pilipinas expects remittances to grow by 3% in 2026,</strong> driven by strong global labor demand.&nbsp;</p>