<p><strong>GLOBAL: The US has carried out a series of military strikes against Iran near the Strait of Hormuz, </strong>following a series of recent attacks on commercial shipping vessels.&nbsp;</p>

<p><strong>Market impact: Oil extended gains, US equities retreated, and Treasury yields surged </strong>amid renewed US-Iran tensions.</p>

<p><strong>The ongoing blockade and retaliatory strikes</strong> suggest that intermittent, localized hostilities may become a prolonged reality in the region.</p>

<p><strong>LOCAL: The Philippines’ Manufacturing Purchasing Managers’ Index (PMI) jumped to 54.9 in August,</strong> the highest since December 2016 amid the global AI boom and holiday seasonality.</p>

<p><strong>Market impact: The PSEi rose on bargain hunting and strong PMI data, </strong>while the peso hit a record low of 62.40 per US dollar amid Middle East tensions and a hawkish Fed.</p>

<p><strong>Robust factory growth offers a buffer for the country's third-quarter GDP growth, </strong>as the manufacturing sector's expansion translates into direct job creation and higher household incomes.</p>