<p><strong>GLOBAL: </strong>Iran announced it will halt its retaliatory attacks on US allies in the Middle East, provided the US maintains its current pause on airstrikes.</p>

<p><strong>Market impact: </strong>Oil fell below USD 90 per barrel and Treasury yields declined following the suspension of military strikes.&nbsp;</p>

<p><strong>Both the US and Iran have successfully maintained the pause for a second consecutive day,</strong> but neither side has committed to a formalized ceasefire. New strikes remain highly probable in the near term.&nbsp;</p>

<p><strong>LOCAL: </strong>PH infrastructure spending declined by 35% year-on-year in May, driven largely by tighter government reviews and validation processes aimed at curbing corruption.&nbsp;</p>

<p><strong>Market impact: </strong>The PSEi declined while the peso reached a record low of PHP 61.847 against the US dollar amid sustained high oil prices.&nbsp;</p>

<p><strong>Persistent government underspending threatens economic growth, </strong>prompting analysts to call for structural reforms to improve infrastructure project implementation and prevent fiscal bottlenecks.&nbsp;</p>