Moody's affirms the Philippines' Baa2 sovereign rating; outlook remains stable.

Oil fell more than 1.5% as investors awaited US details on new sanctions targeting Iran. Saxo Bank said Iran’s exports have already been disrupted and additional sanctions could further tighten global oil supply. In European morning trade, Brent futures were down 1.5% at $91.30/bbl and WTI futures were down 1.8% at $85.40/bbl. Both benchmarks rose more than 6% last week after talks to reopen the Strait of Hormuz stalled and President Trump said he would tighten economic pressure on Tehran. US Treasury Secretary Bessent is scheduled to hold a press briefing at 02:00 Beijing time on the 25th, where new economic sanctions are expected to be announced.

Refinitiv sources say the U.S. Treasury is expected to announce an expansion of secondary sanctions targeting countries and entities that conduct commercial transactions with Iran.