<p><span data-teams="true"><strong>GLOBAL: US gross domestic product (GDP) grew at an annualized rate of 3.4% in the third quarter, outpacing market consensus, amid an uptick in consumer spending and investment.</strong></span></p>

<p><span data-teams="true"><strong>Market impact:&nbsp;</strong>US Treasury yields retreated following a robust GDP report, weighing on the dollar. Meanwhile, equities declined amid Alphabet's softer-than-expected earnings report.</span></p>

<p><span data-teams="true">US economic growth could slightly weaken in the near term due to drags in net exports, as the ongoing investment in AI infrastructure has boosted imports of equipment.</span></p>

<p><span data-teams="true"><strong>LOCAL: The banking sector's gross nonperforming loan ratio fell to 3.27% in September, reflecting robust lending growth and strong credit risk management.</strong></span></p>

<p><span data-teams="true"><strong>Market impact:&nbsp;</strong>The peso extended its gains following the US Federal Reserve's decision to hold rates steady, lifting the PSEi.</span></p>

<p><span data-teams="true">However, the banking sector could face headwinds moving into next year amid tighter financial conditions that could weigh on borrower appetite.</span></p>