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Overseas news
Oil prices rose while gold held steady as maritime traffic through the Strait of Hormuz nearly stopped following reports of container ships coming under gunfire.
This stoked security fears and concerns of a continued global supply chain disruption. The Strait of Hormuz, a key waterway for oil transit, has become a chokepoint due to US-Iran tensions.
Meanwhile, the S&P 500 and Nasdaq reached record highs as investor confidence was boosted by strong corporate earnings and news of an extended US-Iran ceasefire agreement.
The S&P 500 and Nasdaq are among the largest and most significant stock indices in the US. Their movements typically reflect investor sentiment and expectations in the US stock markets.
Local developments
The peso weakened against the dollar due to market uncertainty regarding the US Federal Reserve's (the Fed) possible interest rate decisions. Investors also likely remained cautious about the stability of the US-Iran ceasefire deal.
Central banks’ interest rate decisions matter to investors since these can affect many aspects of finance, including the strength of a currency.
Meanwhile, rice imports are projected to reach a new record high of 4.8 million metric tons (MMT) this year, potentially exceeding the all-time high of 4.81 MMT rice imports in 2024.
The estimate came from the Department of Agriculture (DA). Imports may ramp up as the government seeks to secure domestic supply amid an expected drop in local rice production.
The availability of basic food staples such as rice is an essential part of a nation’s food security, and sufficient supply can help keep inflation manageable.
Additionally, Philippine aviation authorities have raised airline fuel surcharges to near-maximum levels. This move is expected to increase travel costs for passengers as carriers deal with volatile global oil prices and supply disruptions.
The latest news is mixed, and it might be too early to tell how things will unfold in the long run. Remaining cautious with your investing moves might be ideal for now.
