<p><strong>GLOBAL: </strong>OPEC+ has agreed to boost its oil production targets by another 188,000 barrels per day starting August, as it slowly reverses production cuts in 2023.&nbsp;</p>

<p><strong>Market impact: </strong>Oil prices declined as OPEC+ signaled increased supply, while shipments through the Strait of Hormuz continue to normalize. &nbsp;</p>

<p><strong>Many analysts are slashing their oil forecasts, </strong>predicting that current levels could still drop in line with the current supply-demand dynamics.&nbsp;</p>

<p><strong>LOCAL: </strong>Philippine inflation likely decelerated to 6.6% year-on-year (YoY) in June, according to a BusinessWorld poll, helped by a drop in global oil prices and cheaper rice. However, inflation is expected to remain above the central bank’s target range.&nbsp;</p>

<p><strong>Market impact: </strong>The PSEi closed at the 6,100 level amid more positive sentiment. The USD/PHP eased to 61.415 on Friday due to a weaker US dollar after weaker-than-expected labor market data. &nbsp;</p>

<p><strong>Metrobank expects inflation to print at 6.7% YoY in June, </strong>as lower food and energy costs offset an increase in electricity prices.&nbsp;</p>