<p><strong>GLOBAL: The US and China have agreed to extend their tariff truce until January 10, 2027. The pause prevents a dramatic surge in duties.</strong></p>

<p><strong>Market impact: US Treasury yields reached 20-year highs amid expectations of further Federal Reserve tightening, </strong>prompting a broader equity market decline.</p>

<p><strong>US Treasury Secretary Scott Bessent signaled further trade announcements in the coming days, </strong>including expanded pacts for agricultural exports.</p>

<p><strong>LOCAL: S&amp;P Global Ratings and the Asian Development Bank have downgraded their PH GDP growth forecasts in 2026 </strong>amid sluggish public spending and stubborn inflation.&nbsp;</p>

<p><strong>Market impact: Persistent risk aversion dragged the PSEi down to 5,700, </strong>while optimism over potential US-Iran peace talks supported the peso.</p>

<p><strong>Metrobank projects below-trend GDP growth for the second half of the year,</strong> constrained by subdued domestic demand and lagging public infrastructure spending.</p>