Local indices

Local equities rose amid investors’ bargain hunting after a streak of declines and net foreign outflows. 

Top performers were DMCI Holdings, Inc. (PSE Ticker: DMC; +5.27%), Manila Electric Company (MER; +5.00%), and Globe Telecom, Inc. (GLO; +4.42%). Meanwhile, Ayala Corporation (PSE Ticker: AC; -1.01%), Aboitiz Equity Ventures, Inc. (AEV; -1.45%), and Ayala Land, Inc. (ALI; -4.72%) were the laggards of the week. 

▲   The PSEi closed at 6,108.86 (+1.36% WoW).  

Local fixed income yields rose amid expectations of a quicker September local inflation print, with the Bangko Sentral ng Pilipinas' (BSP) median forecast at 1.9% and Bloomberg consensus at 2.0% (August: 1.5%). Investors also assessed the US government shutdown, which may complicate the Fed's future policy moves.​

▲ On average, yields rose by 2 bps, with the 2Y closing at 5.58% (+3 bps) and the 10Y closing at 6.02% (0 bp).​

The Philippine peso strengthened as investors weighed the narrower trade deficit of the Philippines in August. The US government shutdown also pressured the greenback and clouded outlook for the US economy amid delays in data releases. 

▼ The USD/PHP pair closed at 57.88 (-0.39% WoW).

US indices

US equities rose to new record-highs despite the US government shutdown as traders focused on the stronger-than-expected job openings report, which rose by 19,000 to 7.23 million in August (Consensus: 7.20 million), and the Chicago Fed’s report, which showed a steady unemployment rate of 4.3% in September.

▲ S&P 500 closed at 6,715.79 (+1.09% WoW).

▲ DJIA closed at 46,758.28 (+1.10% WoW). 

US Treasury yields fell following the weaker-than-expected ADP private payrolls report, which showed a loss of 32,000 in August. This could support the need for the Fed to continue its easing cycle despite ongoing concerns with the US government shutdown. 

▼ On average, yields fell by 4 bps, with the 2Y closing at 3.58% (-7 bps) and the 10Y closing at 4.12% (-6 bps).

The US dollar weakened as investors weighed the US government shutdown and a slew of economic data that supported a case for the Fed to cut interest rates in its next policy meeting. 

▼ The DXY closed at 97.72 (-0.44% WoW). 

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The Weekly Review as of October 06, 2025

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Sources: BusinessWorld, Inquirer, Philippine Star, Manila Bulletin, Businessmirror, PSE Edge, Bloomberg, CNBC, Reuters, CNN, Wall Street Journal, Financial Times, Market Watch

 

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