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Overseas news
US Vice President JD Vance claimed that the US and Iran made “good progress” during talks in Switzerland aimed at resolving the Middle East conflict.
He said negotiations included key issues such as keeping the Strait of Hormuz open, conducting nuclear inspections in Tehran, and handling Iran’s frozen assets.
Technical discussions are set to continue in Switzerland as part of a 60-day negotiation period between the 2 countries.
The recent US-Iran developments led oil prices to slide. US stocks also dropped, with losses led by major technology stocks.
Investors are likely watching for signs of a sustained US-Iran peace deal due to the significant impact of the Middle East situation on the global economy.
Local developments
The government has lowered its economic growth target for this year to 3.5%–4.5% from the previous 5%–6% range.
This was according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan.
Economic growth is measured by tracking changes in the gross domestic product (GDP), which is the value of everything a country produces in a given period.
Meanwhile, the Philippine Stock Exchange index (PSEi) fell back to the 6,000 level while the peso slid again to the P61 range versus the dollar. The fragile Middle East situation likely affected investor sentiment.
Uncertainty may still pull outlook down despite the positive developments in the US-Iran negotiations. For now, you may want to hold off on making big changes to your portfolio.
