<p><strong>GLOBAL: US President Donald Trump confirmed that the likelihood of resuming military strikes against Iran is very small if an agreement can be reached between the two nations.</strong></p>

<p><strong>Market impact: Oil prices and the US dollar retreated following signals of restraint</strong> toward Iran from President Trump, while US equities advanced on renewed investor confidence.</p>

<p><strong>Despite the de-escalation rhetoric, President Trump warned that the US military remains fully prepared </strong>should Middle East developments shift unexpectedly.</p>

<p><strong>LOCAL: GDP growth slowed to 2.1% year-on-year (YoY) in the third quarter, driven by sluggish household consumption, contracted agricultural output, and muted business investments.</strong></p>

<p><strong>Market impact: The PSEi retreated and the peso depreciated following GDP figures</strong> that intensified economic concerns.</p>

<p><strong>To achieve the lower end of the administration’s revised 3.5% to 4.5% annual growth target, the GDP would need to surge by 6.3% YoY in the fourth quarter.</strong></p>