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Asia

US, Iran Reach Peace Agreement, Formal Signing Due Friday

U.S. and Iranian officials have confirmed a peace agreement to end the war and reopen the Strait of Hormuz, with a formal pact expected to be signed in Switzerland on Friday.U.S. President Donald Trump said in a post on Truth Social that the agreement with Iran was "complete" and authorized the immediate lifting of the U.S. naval blockade.Separately, Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed that an agreement had been reached to end the conflict, according to multiple media reports.Pakistan Prime Minister Shehbaz Sharif, who mediated the negotiations, said in a post on X that the peace accord would be signed on Friday, June 19.Sharif added that both sides had agreed to an immediate and permanent cessation of military operations across all fronts, including in Lebanon.

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Asia

Market Chatter: Philippines Expects $10 Billion in Initial Investment for US-Supported AI Center

The Philippines is expecting an investment of around $10 billion for a U.S.-supported plan to build an artificial intelligence hub, Bloomberg reported citing Bases Conversion and Development Authority Head Joshua Bingcang.The two countries are set to enter into a contract for the project this year, with the Philippines potentially offering a 99-year lease of a 4,000-acre site to the U.S, the newswire said.The site, formerly a US air base in North Manila, is reportedly anticipated to host data centers, as well as green energy, semiconductor, and logistics projects.The agreement comes as the Philippines became a part of Pax Silica, an initiative by the U.S., in alliance with the Philippines, Australia, Israel, Japan, the U.K., and India among others, to build technology and semiconductor supply chains in a bid to reduce dependence on China.For the Philippines, Pax Silica is "a way to catch up in terms of industrial activity," the report said citing Bingcang as he spoke at an interview Thursday.State-owned Bases Conversion and Development Authority is working with the U.S. on the AI hub.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

World Bank Forecasts Slower East Asia-Pacific Growth in 2026

The World Bank lowered its 2026 economic growth forecast for the East Asia and Pacific region as the conflict in the Middle East raises energy costs, disrupts supply chains, and weighs on external demand.The international organization said it expects growth in East Asia and the Pacific to moderate to 4.2% in 2026 from 5.0% in 2025, according to its Global Economic Prospects report released Thursday.Growth in the region is projected to edge up to 4.3% in 2027 and 2028 as energy prices ease and geopolitical uncertainty diminishes.Excluding China, economic growth is forecast at 4.4% in 2026, down from 4.8% in 2025, before improving to 4.9% in 2027 and 2028.

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Asia

Market Chatter: Asia May Face Stagflation Amid Middle East Crisis, ADB President Says

With the war in the Middle East driving up inflation in global economies, Asian economies are at risk of stagflation, Nikkei Asia reported Thursday, citing Asian Development Bank President Masato Kanda.As inflation pressures mount, "There is now a risk of stagflation spiral" due to "declines in demand through lower real wages, and increases in debt burdens from higher interest rates," Kanda told the news outlet on the sidelines of Nikkei's annual Future of Asia forum.According to Kanda, higher shipping, energy, and input costs will lead to a further rise in consumer prices in Asia. There was a risk that the supply chain system would "physically stop functioning," he said.Asian countries are especially impacted by the energy crisis arising from the Middle East war, as they are highly dependent on energy imports that come in through the Strait of Hormuz, the report added."In addition to diversification of the destination of oil and gas, accelerated use of renewable energy and safe nuclear power, as well as stronger energy saving, should have been promoted," Kanda said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Asia Week Ahead: Inflation Prints; GDP Estimates; and Trade Balance

For the week ahead in Asia, inflation, trade and growth data will be in focus as investors assess the region's economic momentum.The week opens with Japan's revised first-quarter GDP figures, followed by trade data from China and Taiwan on Tuesday.Mid-week, China's consumer and producer inflation reports will dominate headlines, while Japan will release producer price data.Thursday will be led by unemployment figures from South Korea and Malaysia, before Friday brings India's inflation report.Here's what to watch in the week ahead.MONDAY, June 8The week was off to a relatively light, but notable start with Japan's first-quarter GDP growth rate.Japan's economy expanded at an annualized rate of 1.8% in the first quarter, according to final data released by the Cabinet Office. The reading was revised down from the preliminary estimate of 2.1% growth, but exceeded the market consensus forecast for a 1.3% increase, according to Trading Economics.The data comes as attention turns to the Bank of Japan's June 15-16 policy meeting, where policymakers are expected to consider another interest-rate increase. The growth figures are unlikely to derail expectations for further policy tightening.TUESDAY, June 9Data readouts will pick up Tuesday, starting with China's trade figures for May.Economists at ING said they expect China's exports to rise 19.5% year-on year and imports to gain 36.4% for a trade surplus of $86.5 billion. The surplus would be an increase from the $84.8 billion recorded in April, thanks in part to higher tech prices, which are boosting both export and import prices, ING said.Taiwan will similarly report trade figures, with ING expecting the island nation's trade surplus to rise to $15.5 billion from $14.4 billion in April. "Strong export orders from previous months suggest external demand remains robust amid the AI boom," ING said in a preview.Markets will be watching for any revisions to South Korea's first-quarter GDP growth rate when the Bank of Korea releases its final estimate on Tuesday.The central bank's advance estimate indicated that South Korea's real GDP increased 3.6% annually and 1.7% on a quarterly basis.In Australia, a pair of reports will capture business and consumer sentiment, while in the Philippines, unemployment stats will be due.Other key data scheduled for the day include Japan's machine tool orders.WEDNESDAY, June 10China's consumer and producer price inflation will dominate headlines Wednesday.Consumer prices are expected to show an uptick of 1.3% year on year in May from 1.2% a month prior, reflecting higher manufacturers' input and output prices due to the Middle East conflict, the Wall Street Journal reported.Japan will similarly report its May producer prices, with analysts expecting the PPI to accelerate to 5.5% year on year from 4.9% in April, according to a Trading Economics consensus.Indonesia will release its May consumer confidence report on the same day.THURSDAY, June 11Unemployment data from South Korea and Malaysia will be the highlight of the day.According to Trading Economics, South Korea's unemployment rate could remain unchanged at 2.80% in May. The platform similarly forecasted that Malaysia's unemployment would remain steady at 2.90%, a level it has held since November 2025.A forward-looking report on consumer inflation expectations will be due in Australia. According to Trading Economics, consumer inflation expectations could rise to 6.5% for June from the 5.6% estimated in May.Meanwhile, Indonesia will report its retail sales stats for April.FRIDAY, June 12India's May inflation data will be in the news Friday.Economists at ING said they expect consumer prices to pick up to 3.9% year on year from the 3.48% recorded in the month prior due to a rise in gasoline prices. Still, the figure would be below the Reserve Bank of India's 4% target."The key risk to the outlook lies in potential second-round effects on food inflation. Fertiliser shortages, alongside the rising probability of an El Niño event, could exert upward pressure on food prices in the coming months and warrant close monitoring," ING said in a preview.Friday will also feature industrial production reports from Japan, Malaysia, and Hong Kong, with Malaysia additionally reporting its retail sales stats for April.In Thailand, the consumer confidence report for May will be due.On the activity front, the Business NZ manufacturing purchasing managers' index report will be due in New Zealand. CommBank said it expects manufacturing activity in May to stabilize, or even lift somewhat, given a decline in fuel prices over late April and May.The Business NZ PMI previously dropped to 50.5 in April from 52.8 in March.

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Equities

Market Chatter: Japan to Prioritize Philippines in Southeast Asia Oil Stockpiling Survey

Japan and the Japan International Cooperation Agency will launch a survey this summer to assess public and private oil stockpiling systems issues across Southeast Asia, with the Philippines designated as the top priority, Nikkei Asia reported Sunday.The Philippines is seen as highly exposed due to heavy reliance on Middle Eastern crude, limited refining capacity and underdeveloped storage systems, the report said.The study will examine infrastructure, storage capacity, legal frameworks, emergency release systems and shipping routes to assess vulnerabilities, Nikkei reported.Japan aims to identify gaps in regional energy security as ASEAN's ties with China deepen, with findings expected after a year and possible partial disclosure, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Philippines to Auction Treasury Bonds on June 9

The Philippines will auction treasury bonds on June 9, with a cut-off time of 1 pm, the Bureau of the Treasury of the Philippines said Friday.The offering includes reissued government bonds under the 2034 maturity series.The bonds form part of the government's regular domestic borrowing program to fund budgetary requirements. Details such as tenor, issue size, and coupon rates were included in the official auction notice.The settlement date for the issuance is scheduled for June 11, according to the bureau.

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Philippine May Inflation Eases From Three-Year High, Comes In Below BSP's Forecast
US Markets

Philippine May Inflation Eases From Three-Year High, Comes In Below BSP's Forecast

Philippine consumer prices rose 6.8% in May from a year earlier, easing from April's three-year high of 7.2%, according to data from the Philippine Statistics Authority on Friday.The latest print came in below the floor of what Bangko Sentral ng Pilipinas had projected, even as the economy deals with oil price hikes driven by the Middle East conflict.The BSP had expected May inflation to range between 7.1% and 7.9%, driven by rising prices of rice, vegetables, and meat, alongside a weakening peso.The year-to-date average now stands at 4.5%, still above the BSP's 2% to 4% target.The main driver of the slowdown was transport inflation, which decelerated to 16.2% in May from 21.4% in April. Food and non-alcoholic beverage inflation also cooled to 5.7% from 6%, while the prices of housing, water, electricity, gas and other fuels collectively rose at a softer rate of 7.8% from 8.2% previously.Vegetable costs also drove food inflation lower, with the prices of vegetables, tubers, plantains, cooking bananas and pulses rising at 6.2% in May, versus 10.4% in April.Rice inflation, however, accelerated to 15.6% from 13.7%, while corn inflation surged to 25.2% from 21%.Core inflation, which strips out volatile food and energy prices, came in at 4.1%, up from 3.9% in April. However, the print missed the consensus forecast of 4.2%, according to Investing.com.Ahead of the latest data, HSBC said a 50-basis-point hike is likely in June and August, while MUFG senior currency analyst Michael Wan said the BSP will likely hike rates further by about 75 to 100 basis points this year."[W]e will not be surprised if there is an off-cycle meeting to do so coupled with perhaps some chance of a jumbo 50bps rate hike moving forward," Wan said in a note last month.In MUFG's latest note on Friday, analyst Lloyd Chan said, "With oil prices remaining elevated, inflation risks are skewed to the upside, which could reinforce the case for further policy tightening to contain price pressures and support the PHP."

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International

Philippine Annual Inflation Eases to 6.8% in May

The Philippines' annual inflation rate eased to 6.8% in May from 7.2% in April, according to data from the Philippine Statistics Authority on Friday.The latest print was lower than the market consensus forecast of 7.5%, according to Investing.com.Food inflation fell to 5.8% in May from 6.1% the previous month.Core inflation, which excludes selected food and energy items, increased to 4.1% in May from 3.9% in April, also missing the consensus forecast of 4.2%.

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International

Philippine Production Index Rises 14.7% in April

The Philippines' value of production index for manufacturing rose 14.7% annually in April, faster than the 13.1% increase in March, data from the Philippine Statistics Authority showed on Friday.In April 2025, the index had posted a 2.2% annual decline.Meanwhile, the volume of production index rose 12% in April, faster than a 10.2% rise the month prior, and compared with a 2.4% decline a year earlier.The country's production index measures real output in the manufacturing sector.The value of the net sales index for manufacturing grew 6.8% year on year in April, slower than the 8% annual growth in the preceding month.The volume of net sales index rose 4.2% year on year in April, versus a 5.2% annual rise in the month prior, the data showed.

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International

OECD Cuts Philippines GDP Growth Projections for 2026, 2027

The Organisation for Economic Co-operation and Development (OECD) trimmed the Philippines' real GDP growth outlook to 3.2% in 2026 from the 5.1% projection in December 2025.The growth forecast for 2027 was also cut to 5% from 5.8% previously due to weaker household demand and higher inflation, according to a Thursday report.The OECD said private consumption is expected to soften as rising energy prices and weaker labour market conditions weigh on real incomes.Inflation is projected to rise further due to higher energy costs and peso depreciation, while the current account deficit is expected to widen, it said.The organization also said the Philippines, as a net energy importer, remains vulnerable to global energy price shocks and geopolitical tensions in the Middle East.The country's monetary policy is expected to tighten in 2026, while fiscal policy will remain expansionary in the near term due to energy-related support measures, OECD said.The public investment is expected to recover gradually after weakening in late 2025, though risks remain tilted to the downside, according to the report.

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Asia

OECD Cuts Philippines Growth Forecast to 3.2% in 2026

The Organisation for Economic Cooperation and Development (OECD) has cut its economic growth forecast for the Philippines to 3.2% in 2026, in its June Economic Outlook released on Wednesday.The latest estimate is significantly slower than its 5.1% forecast made in December 2025.The global organization also slashed its 2027 growth projection for the Asian nation to 5% from 5.8% previously.The country's GDP growth slowed to 2.8% year-on-year in the first quarter of 2026, reflecting weaker domestic demand weighed down by higher inflation.OECD also expects consumption to soften due to higher inflation and weaker labor market conditions; however, it sees public investment recovering gradually following the contraction seen in late 2025.The report raised its Philippine inflation forecast to 6.8% in 2026 amid higher energy prices and the peso depreciation. The projected level exceeds the government's 2%-4% target range for the year."Monetary policy is expected to tighten in 2026 as inflation and exchange rate pressures rise. Fiscal policy will be more expansionary in the near term due to energy-related support measures, before returning to consolidation in 2027," the OECD said in its report.

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Asia

Several Asian Countries Face Additional US Tariffs Over Forced-Labor Trade Practices

Several Asian countries could soon face additional duties on some of their exports to the U.S. following Washington's probe into imports produced using forced labor, the Office of U.S. Trade Representative (USTR) said Tuesday.The USTR said Bangladesh, Cambodia, China, Hong Kong, India, Japan, Malaysia, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Indonesia, Pakistan, and Vietnam are among the 54 economies that have failed to impose and effectively enforce a forced-labor import ban.The USTR proposed a 10% additional tariff for economies that have partially enforced bans on the importation of certain forced-labor goods and a 12.5% tariff for the rest.

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Asia

Market Chatter: Taiwanese Firms Boost Investment in Philippines as Supply Chains Shift

Taiwanese companies are increasing investment in the Philippines as global supply chains move away from China and ties between Manila and Washington grow stronger, Focus Taiwan reported Tuesday, citing Chung-Hua Institution for Economic Research expert.Investment has picked up notably since the COVID-19 pandemic, reaching about $257 million in 2025, although Vietnam still attracts more Taiwanese businesses in the region, according to the report.Companies are also responding to pressure from U.S. clients to set up production outside China. The Philippines is seen as attractive due to its young workforce, English skills, and location, but challenges remain such as higher power costs and limited high-end technical talent, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Banking Sector Growth Fastest Among 18 Broader Asian Sectors in May, S&P Data Shows

Banking sector growth was the fastest among the 18 broader Asian sectors in May, with activity expanding at the strongest pace in seven months, S&P Global said in a Wednesday release.Output growth was recorded across 16 of the 18 monitored Asian sectors last month, which was unchanged from April. Only the forestry and paper products, and construction materials sectors incurred declines from April, along with lower new orders received, S&P said.New orders rose across the remaining 16 sectors last month, led by the transportation sector.Employment increased in 10 of 18 sectors, with software & services and technology equipment experiencing the strongest hiring, while insurance witnessed a cutdown in employed staff.

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ASEAN Manufacturing Scene Strong in May: PMI Report
US Markets

ASEAN Manufacturing Scene Strong in May: PMI Report

Despite Persian Gulf troubles, ASEAN manufacturers logged stronger new orders and boosted production in May, reported S&P Global on Tuesday.The ASEAN manufacturing purchasing managers index (PMI) posted at 51.5 in May, up from 50.7 in April, and striking above the 50-mark that separates growth from contraction, reported S&P Global, citing its monthly surveys.The ASEAN PMI logged in positive territory for the 11th-straight month, as stronger domestic demand offset sluggish export orders.The S&P Global ASEAN PMI is a composite of national reports from 2,100 manufacturers in Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.After somewhat lagging in the three previous months, ASEAN manufacturers reported a "solid rise in new orders" in May, although "export sales declined for a third consecutive month," explained S&P Global.Despite improving orders and rising production, ASEAN factory managers kept a tight rein on payrolls in May. Factory sector employers "remained cautious about expanding employment, with May showing a slight decline in jobs," noted S&P Global.Manufacturers also faced rising costs in May, and responded by raising charges on customers. Both "cost burdens and charges rose at substantial and historically marked rates," said S&P Global.With orders improving, ASEAN factory managers in May were more confident in their year-ahead outlooks. Business "confidence regarding output over the coming 12 months improved further to a four-month high, suggesting that firms anticipate continued production growth," said S&P Global.But global events still tempered views. "However, ongoing trade disruptions and inflationary pressures, driven by the current war, will continue to act as headwinds to growth," advised S&P Global.ASEAN survey responses were collected by S&P Global from May 12 through May 20.

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Asia

Market Chatter: Philippines Eyes Fuel Reserve Plan to Tackle Oil Disruptions

The Philippines government is looking to build petroleum reserves to protect against oil supply-related disruptions amid the ongoing Middle East conflict, Business World reported Tuesday.With a large dependency on the Middle East for oil imports, the region has witnessed increasing fuel prices, a trend that is expected to ease this week.Prices are likely to see a drop of at least 4.76 Philippine peso per liter for gasoline, 9.26 peso per liter for diesel, and 10.86 peso per liter for kerosene, the report said citing Energy Secretary Sharon S. Garin.The authorities are planning to put in place a strategic petroleum reserve program, which includes the establishment of new stockpiling facilities, to further tackle the oil supply disruptions, the report said."This will be a more systematic and a more organized system, one that won't be reactive, as we will have our own reserves in the Philippines," Garin reportedly said.The Department of Energy and state-owned Philippine National Oil Company and Maharlika Investment are looking into building reserves for at least an additional 30 days, according to Garin.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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International

Asia Week Ahead: Manufacturing Activity; Policy Rate Decision; and Inflation Prints

For the week ahead in Asia, manufacturing activity will be in focus as S&P Global releases a broad mix of purchasing managers' index reports covering multiple economies.The week opens with a flurry of manufacturing PMI readings for May, followed by inflation data from South Korea and Indonesia on Tuesday.Mid-week, Australia's first-quarter GDP report will take center stage, while markets will also watch a heavy batch of readouts from Vietnam.Thursday will be lighter, led by Australia's April trade report, before Friday brings India's policy rate decision and GDP figures and inflation readouts from multiple regions.Here's what to watch in the week ahead.MONDAY, June 1The week kicked off with a flurry of S&P Global's purchasing managers' index (PMI) reports covering May manufacturing activity across the region.China's manufacturing activity eased after the seasonally adjusted RatingDog China General Manufacturing PMI came in at 51.8, compared with 52.2 in the previous month and the consensus estimate of 51.4 from Investing.com.Data from the National Bureau of Statistic similarly showed factory activity easing, with the official purchasing managers' index falling to a neutral 50 from 50.3 in April.A reading above 50 means growth, while a reading below 50 indicates contraction.Manufacturing activity similarly slowed in Australia as new orders fell sharply for a third consecutive month amid rising costs and ongoing supply-chain disruptions linked to the war in the Middle East.In contrast, Japan's manufacturing production expanded, with the latest S&P Global Japan Manufacturing PMI coming in at 54.5, compared with 55.1 in April, matching the flash data.South Korean manufacturing output also expanded during the month, hitting its highest in five years due to a rise in production and new order volumes, S&P Global said.India, Taiwan and Vietnam were also among the regions that experienced improved output during May.Meanwhile, The Philippines' manufacturing activity returned to growth in May as stronger output and a recovery in new orders offset continued weakness in exports.Moving ahead, the Melbourne Institute said its monthly inflation gauge fell in May after two consecutive monthly increases, driven largely by a decline in transport costs. The monthly cost of living also declined in May, particularly for self-funded retirees.Elsewhere, South Korea recorded a trade surplus of $26.9 billion in May, a new all-time high, and marking the third straight month of more than $20 billion in trade surplus.TUESDAY, June 2Focus shifts Tuesday to inflation data coming in from South Korea.Economists at ING said consumer prices could reach 3% year on year in May, reflecting higher input costs that are likely to be passed on to consumers.Pipeline cost pressures are also likely to reflect in Indonesia's inflation print due Tuesday, with ANZ expecting prices to tick up to 3% from 2.42% in the prior month, the Wall Street Journal reported.Trade figures due in Indonesia the same day could also show moderating exports as the effects of front-loaded demand fade and commodity prices soften, the WSJ said, citing an RHB economist.On the activity front, S&P Global releases its monthly manufacturing PMIs for Indonesia, Malaysia, and Thailand. The Singapore Institute of Purchasing and Materials Management's PMI report is also expected.Lastly, Hong Kong will release its retail sales stats for April.WEDNESDAY, June 3Australia's first-quarter gross domestic product (GDP) data will dominate headlines Wednesday.Both Westpac and CommBank said they expect growth to have moderated during the first three months of the year, though their estimates differed.CommBank forecast a 0.2% quarterly rise in GDP, while Westpac projected 0.5%; both would be slower than the 0.8% growth recorded in the final quarter of 2025.Neighboring New Zealand will disclose first-quarter export and import price stats.Markets will also be following a speech by Bank of Japan Governor Kazuo Ueda for clues on the central bank's next interest-rate hike.Wednesday also features a heavy slate of macro data from Vietnam, including inflation, balance of trade, industrial production, and retail sales.Trading Economics expects Vietnam's May inflation to accelerate to 6% from 5.46% in April. Meanwhile, the data platform estimated the country's trade deficit could widen to $3.4 billion from $3.28 billion a month prior.Meanwhile, S&P Global will release the next batch of its PMI reports covering composite and services activity in China, India, Japan, Australia, and Hong Kong.THURSDAY, June 4Thursday will be relatively light on readouts, with Australia's April trade figures among the handful of releases of note.Australia is expected to post a trade surplus of A$2.6 billion in April, rebounding from a A$1.8 billion deficit in March - its first shortfall since late 2017, Westpac said in a preview.According to the bank, major commodity exports appeared to have increased notably during the period after recording three consecutive monthly declines.In Singapore, S&P Global's monthly PMI will be due, while Thailand will release a business confidence report.FRIDAY, June 5The tail end of the week brings a policy rate decision in India, which will also release its quarterly GDP growth figures.The Reserve Bank of India is expected to hold rates at 5.25% but could signal hawkish sentiment during its vote, the WSJ reported, citing a UOB economist.Meanwhile, a Trading Economics consensus placed the country's GDP growth rate at 7.3%, down marginally from the 7.8% recorded in the final quarter of 2025.ANZ Research said the economy stayed broadly healthy in the fiscal fourth quarter, although growth eased slightly in March as manufacturing, exports and profit margins came under pressure due to global disruptions, the WSJ reported.Taiwan is set to report monthly inflation data, with ING expecting consumer prices to rise above the 2% target for the first time since April 2025. The bank expects inflation to accelerate to 2.2% year on year in May from 1.7% in April, reflecting Taiwan's reliance on imported energy, which leaves the economy vulnerable to higher global prices."We expect inflation to peak toward the middle of this year, raising the risks for a potential central bank rate hike at the coming meetings," ING said in a preview.Thailand and the Philippines will similarly report their respective inflation rates for May, with the latter also releasing industrial production stats.Lastly, Singapore will report its retail sales figures for April.

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International

Philippines, Vietnam Reaffirm Stability, Adherence to International Law

Philippines and Vietnam have deepened their relationship to an enhanced strategic partnership during a state visit by Vietnamese leader To Lam to Manila, according to the Office of the President, Philippines.Both sides stressed shared commitment to maintaining peace, stability and a rules-based regional order anchored in international law.Philippine President Ferdinand Marcos Jr said the upgraded ties reflect stronger political and defence cooperation, as well as deeper economic, cultural and people-to-people linkages, noting Vietnam remains the Philippines' sole strategic partner in Southeast Asia.Both countries highlighted expanding collaboration across defence, agriculture, tourism, education and cultural exchanges, with bilateral trade now exceeding $7 billion, as they seek to broaden cooperation amid global uncertainty.

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Philippines' Manufacturing Activity Returns to Expansion in May, S&P Global Says
Asia

Philippines' Manufacturing Activity Returns to Expansion in May, S&P Global Says

Philippines manufacturing activity returned to growth in May, as output and new orders rebounded after a contraction in the previous month, according to data released Monday by S&P Global.The S&P Global Philippines Manufacturing Purchasing Managers' Index rose to 50.8 in May from 48.3 in April.The recovery was driven by renewed growth in output and new orders, with firms citing improved domestic demand and new customer wins.However, export demand remained weak, with new export orders falling at the sharpest pace since July 2020.Manufacturing output expanded at the fastest pace in three months as companies responded to stronger demand."The latest PMI data for the Filipino manufacturing sector presented a mixed picture," Maryam Baluch, economist at S&P Global Market Intelligence, said."While manufacturers registered renewed growth in output and new orders, supply-chain disruption and cost pressures worsened as the Middle East conflict entered its third month," she added.Supply-chain pressures intensified during the month, with delivery times lengthening due to shipping delays and order consolidation efforts to limit costs.The conflict in the Middle East drove up fuel and raw material prices, pushing input cost inflation to its fastest pace since August 2022.Manufacturers passed part of those higher costs on to customers, resulting in one of the sharpest increases in selling prices in more than three years.Despite improved demand, firms reduced purchasing activity for a third consecutive month and cut employment at the fastest pace in two years."However, firms remained increasingly optimistic about the future, hoping improved demand will support output growth," Baluch said."Indeed, sustaining this growth will depend on how certain customers feel in the economic and geopolitical outlook."The inflation backdrop remains challenging despite the improvement in manufacturing activity.The Philippine central bank said inflation is likely to accelerate to between 7.1% and 7.9% in May from 7.2% in April, driven largely by higher food prices and the peso's weakness.The central bank has signaled that further policy tightening remains on the table after raising its benchmark interest rate by 25 basis points to 4.5% in April.

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