<p><span style="font-size:inherit;"><span data-teams="true"><strong>GLOBAL: Iran cited ongoing US attacks during talks as grounds for distrust,</strong> while the US countered that President Trump remains firm against being manipulated by Iran.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Market impact: Crude oil extended its two-day slide on rising Middle East supply,</strong> while US stocks reached record highs driven by a tech rally.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>A prolonged US-Iran stalemate remains the base case in the near term,</strong> with the US likely maintaining its naval blockade and Iran restricting maritime traffic through the Strait of Hormuz.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>LOCAL: The ASEAN+3 Macroeconomic Research Office cut its 2026 and 2027 GDP growth forecasts for the Philippines to 3.3% and 4.6%, respectively,</strong> citing an energy shock from the Middle East conflict.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Market impact: The PSEi climbed to the 5,700 level on softer Fed rate hike expectations, </strong>while USD/PHP rose as the dollar strengthened amid political uncertainty in France.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Metrobank projects GDP growth to remain below historical averages until 2028,</strong> as internal and external headwinds challenge consumption and investments.</span></span></p>