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Turkey’s treasury cash balance showed a deficit of TRY 195.9 billion in October, improving from the previous month. The result reflects stronger revenue collection and controlled expenditure levels, suggesting ongoing fiscal discipline amid a challenging inflation environment. Market impact: Neutral for TRY; improved cash balance supports fiscal stability and maintains investor confidence in government finances.
Argentina’s industrial production fell 0.7% year-on-year in September, showing a milder contraction than before. The data indicate continued weakness in manufacturing activity, as high inflation and tight financial conditions weigh on domestic demand. Market impact: Neutral for ARS; ongoing industrial softness reflects a constrained economic environment but no new market shock.
Turkey’s industrial production dropped 2.2% month-on-month in September, reversing a 0.6% gain in August, as manufacturing activity weakened across key sectors. On a yearly basis, output grew 2.9%, down sharply from 7.3% in the previous month, indicating that economic momentum is losing steam amid tight monetary conditions and weaker external demand. Market impact: Negative for TRY; the slowdown in industrial activity may weigh on growth expectations and reinforce concerns over the impact of high interest rates.
Israel’s fiscal balance showed a deficit of 15 billion shekels in October, compared with a 10 billion deficit in September. The widening gap reflects higher defense and emergency spending amid the ongoing Gaza conflict, alongside softer tax revenues due to slower economic activity. The government’s cumulative deficit continues to expand as wartime expenditures pressure public finances. Market impact: Negative for ILS; rising fiscal pressures may raise concerns over debt sustainability and could weigh on investor sentiment toward Israeli assets.
Turkey’s retail sales grew 2.2% month-on-month in September, accelerating from a 0.9% increase in August. On an annual basis, sales rose 14.3%, reflecting strong household spending despite tight monetary conditions and elevated inflation. The data highlights the resilience of domestic consumption as a key driver of Turkey’s economic growth. Market impact: Mildly positive for TRY; stronger retail momentum supports the growth outlook and may ease pressure on policymakers amid ongoing monetary tightening.
South Africa’s unemployment rate declined to 31.9% in the third quarter, down from 33.2% in the previous quarter. The number of unemployed fell to 8.007 million from 8.367 million, reflecting modest labor market improvement as hiring picked up in services, trade, and manufacturing sectors. However, unemployment remains among the highest globally, underscoring persistent structural challenges. Market impact: Mildly positive for ZAR; improving labor data support economic sentiment, though sustained reforms are needed for stronger long-term growth.
Mexico’s industrial production contracted 2.4% in September compared with a year earlier, following a 3.3% decline previously. On a monthly basis, output slipped 0.4%, missing expectations of no change. The weakness was led by lower manufacturing and construction activity, reflecting softer external demand and the impact of tighter financing conditions. Market impact: Mildly negative for MXN; continued weakness in industrial production could weigh on growth expectations and investor sentiment.
Brazil’s annual CPI slowed to 4.68% in October from 5.17% in September, slightly below expectations of 4.75%. On a monthly basis, consumer prices rose just 0.09%, while the seasonally adjusted IPCA inflation index increased 0.07%, both signaling a clear moderation in price pressures. The data support the view that disinflation remains on track, allowing the central bank to maintain its gradual rate-cutting cycle. Market impact: Mildly positive for BRL; easing inflation reinforces confidence in Brazil’s monetary path and supports the currency through improved policy stability.
Argentina’s consumer price index (CPI) rose 2.4% month-on-month in October, slightly above expectations of 2.1%, while annual inflation reached 32.0% , up from 31.8% in September. The uptick reflects renewed price pressures in food, housing, and transportation, highlighting persistent inflationary challenges despite policy tightening and currency controls. Market impact: Negative for ARS; rising inflation may erode purchasing power and increase pressure on the central bank to sustain tight monetary policy.
Turkey’s Thomson Reuters/Ipsos Primary Consumer Sentiment Index (PCSI) rose slightly to 35.2 in November from 34.9 previously. The modest improvement comes despite ongoing economic strains, including high inflation, elevated borrowing costs, and weak purchasing power. Sentiment remains deeply subdued compared with global peers. Market impact: Neutral for TRY; while sentiment improved marginally, overall weakness limits any meaningful support for the currency.