<p><strong>GLOBAL: Iran and Oman convened to negotiate a phased approach to reopening the Strait of Hormuz.</strong> The proposal centers on bilateral efforts to clear naval mines from the waters.&nbsp;</p>

<p><strong>Market impact: Oil prices dropped after plans to reopen the strait</strong>, which calmed the bond market and helped stocks rise.</p>

<p><strong>However, the US is generally opposed to any framework that legitimizes Iranian control over the Strait of Hormuz</strong> or allows Iran to dictate the terms of global energy flows.</p>

<p><strong>LOCAL: Moody’s Ratings projected that the Philippines’ GDP growth will hover below 6% in the medium term </strong>amid sluggish investment recovery and exposure to climate-related shocks.</p>

<p><strong>Market impact: The PSEi and the peso slid amid ongoing geopolitical tensions</strong> in the Middle East.</p>

<p><strong>Metrobank forecasts GDP growth to stay below historical averages through 2027</strong>, constrained by subdued private spending and restrained investor confidence.&nbsp;</p>