<p><span style="font-size:inherit;"><span data-teams="true"><strong>GLOBAL: US President Donald Trump’s approval rating has stagnated at a record low, </strong>as inflation has spiked following the Middle East conflict that started in February.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Market impact: US equities reached record highs on earnings optimism,</strong> while Treasury yields and the dollar softened amid declining crude oil prices.&nbsp;</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Less than a month before the midterm elections, registered voters said they prefer Democratic candidates</strong> over Republicans by 37% to 44%.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>LOCAL: Inflation surged to 7.2% year-on-year in September. Adverse weather conditions battered local food supplies, while higher global oil prices cascaded into the transport and utility sectors.</strong></span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Market impact: The PSEi and the peso declined</strong> as September inflation accelerated.</span></span></p>

<p><span style="font-size:inherit;"><span data-teams="true"><strong>Metrobank projects persistent inflationary pressures heading into 2027,</strong> driven by the impact of the Super El Niño along with minimum wage and transport fare adjustments.</span></span></p>