<p><span style="font-size:inherit;"><span data-teams="true"><strong>GLOBAL: US nonfarm payrolls expanded by 165,000 in October, lowering the unemployment rate to 4.1%</strong>, driven by gains in professional services and healthcare.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Market impact: US Treasury yields and the dollar advanced following strong employment data</strong>, while equities rebounded from the technology sector selloff.&nbsp;</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Nonfarm payroll growth may moderate in the near term following the surge.</strong> While easing policy uncertainty could stimulate hiring, high borrowing costs constrain expansion.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>LOCAL: Gross international reserves (GIR) shrank to USD 97.35 billion in October</strong> due to the Bangko Sentral ng Pilipinas (BSP)’s net foreign exchange operations amid the peso’s volatility.&nbsp;</span></span><br>&nbsp;</p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Market impact:</strong> <strong>The PSEi and peso softened</strong> amid the prevailing risk-off sentiment.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Looking ahead, the BSP projects international reserves to decline to USD 104 billion by year-end 2026</strong>, down from USD 110.8 billion at the close of 2025.</span></span></p>