EconoTicker

Argentina’s tax revenue totaled ARS 15,598B in November, slightly below the previous month’s ARS 16,166B. The decline reflects weakening economic activity, softer consumption, and persistent inflation-driven distortions. Although tax intake remains historically high in nominal terms, real revenues continue to suffer under intense price pressures and tightening domestic conditions.

Market impact: Bearish for ARS; weaker revenue signals slowing economic momentum and rising fiscal challenges.

Mexico’s S&P Global Manufacturing PMI fell to 47.30 in November, down from the previous 49.50, marking a sharper contraction in factory activity. The decline reflects weakening demand, slower output, and softer new orders as businesses face tighter financial conditions and a cooling global backdrop. The deterioration indicates increasing pressure on Mexico’s industrial sector heading into year-end.

Market impact: Bearish for MXN; deeper contraction in manufacturing weighs on growth expectations and investor sentiment.

Brazil’s S&P Global Manufacturing PMI edged up to 48.8 in November, improving from the previous 48.2, signalling a mild recovery in factory conditions. Despite the uptick, the index remains below the 50 threshold, indicating continued contraction as demand stays soft and production levels remain subdued. The slight improvement suggests stabilization, but momentum is still limited.

Market impact: Neutral to mildly bullish for BRL; gradual PMI improvement helps sentiment though contraction persists.

South Africa’s auto market lost some momentum in November. Total Vehicle Sales grew 12.50% year-on-year, slower than the previous 16.00%, indicating moderating demand. Monthly sales also eased to 54.90K, slightly below the prior 55.97K, though overall activity remains relatively solid given challenging economic conditions. The slowdown reflects softer consumer confidence and tighter financing conditions.

Market impact: Slightly bearish for ZAR; softer vehicle sales hint at cooling consumer demand.

India’s latest industrial data pointed to a clear loss of momentum in October. Cumulative Industrial Production slowed to 2.70%, down from 3.00%, signalling a broader easing in output. Industrial Production grew just 0.4% year-on-year, far below expectations of 3.6% and sharply down from the previous 4.6%, marking one of the softest prints this year. Manufacturing Output rose 1.8% month-on-month, but this was significantly weaker than the previous 5.6%, indicating cooling demand and fading production strength.

Market impact: Bearish for INR; weaker industrial output signals slowing economic momentum and may dampen investor sentiment.

South Africa’s Manufacturing PMI fell sharply to 42.0 in November, a steep drop from the previous 49.2, marking one of the sector’s weakest readings this year. The decline highlights significant strain on industrial activity as businesses face weak demand, persistent power disruptions, and rising operating pressures. The deep contraction raises concerns about South Africa’s near-term growth trajectory.

Market impact: Bearish for ZAR; a sharp deterioration in manufacturing activity weighs on economic sentiment and growth expectations.

Turkey’s Istanbul Chamber of Industry Manufacturing PMI increased to 48.0 in November, up from the previous 46.5, marking a notable improvement in factory conditions. Despite the rebound, the index remains below the 50 threshold, indicating continued contraction. The data points to easing pressures on production and new orders, but overall demand remains subdued as firms navigate tight financial conditions and elevated costs.

Market impact: Neutral to mildly bullish for TRY; improving PMI reduces downside concerns, though still-contractionary levels limit optimism.

Turkey’s economy grew 3.7% year-on-year in the third quarter, missing expectations of 4.2% and easing from the previous 4.9%. The slowdown reflects softer household consumption, tighter financial conditions, and the impact of the Central Bank’s aggressive rate-hike cycle aimed at restoring price stability. While growth remains positive, the deceleration signals that the economy is adjusting to a more restrictive policy environment.

Market impact: Mildly bearish for TRY; slower-than-expected growth may weigh on sentiment but reinforces the case for sustained disinflation.

India’s S&P Global Manufacturing PMI slipped to 56.6 in November, below expectations of 57.4 and down from the previous 59.2, but the reading still signals robust expansion. Despite the deceleration, factory activity remains one of the strongest globally, supported by resilient domestic demand, rising output, and healthy new order flows. The moderation suggests growth is normalizing after several months of exceptionally strong momentum.

Market impact: Neutral to mildly bearish for INR; still-strong PMI supports India’s growth outlook but softer momentum may temper bullish sentiment.

South Korea’s manufacturing sector showed no change in November, with the S&P Global Manufacturing PMI holding steady at 49.4, matching the previous reading. The indicator remains below the 50 threshold, pointing to continued mild contraction as weak domestic demand and softer new orders weigh on factory activity. Still, stabilization at this level suggests conditions are not worsening despite global uncertainties.

Market impact: Slightly bearish for KRW and Korean equities; steady but contractionary PMI signals ongoing industrial softness.

South Korea posted a stronger-than-expected trade performance in November, with exports rising 8.4% year-on-year, beating expectations of 5.7% and improving sharply from 3.5% previously. Imports grew only 1.2%, below expectations of 3.4%, helping widen the trade surplus to $9.74B, well above both the expected $8.40B and the previous $6.00B. The export rebound was driven by semiconductors, autos, and petrochemicals, signaling strengthening global demand and a solid tailwind for Q4 economic momentum.

Market impact: Bullish for KRW and Korean equities; stronger exports and a wider surplus support risk sentiment and growth outlook.

Brazil created 85.15K net formal payroll jobs in October, missing expectations of 105K and sharply lower than the 213K positions added previously.

The slowdown points to cooling labor momentum, though job creation remains positive heading into year-end.

Market impact: Mildly bearish for BRL; weaker-than-expected hiring softens economic sentiment.