EconoTicker

★ Importance: Low

Mexico’s economic activity declined 0.30% month-on-month in May 2026, slightly better than the forecast contraction of 0.40% but reversing April’s 1.40% expansion. Activity increased 1.10% year-on-year, matching forecasts but slowing from 2.60%.

Possible Market Effect: The monthly contraction indicates uneven economic momentum and may encourage a more accommodative monetary-policy outlook.

MXN Market Condition: Sell — Slightly Bearish

Q: How did Mexico’s economic activity perform in May 2026?

A: Activity contracted 0.30% month-on-month but increased 1.10% year-on-year.

Source: Mexico’s National Institute of Statistics and Geography

★ Importance: Low

Mexico’s consumer prices increased 0.07% during the first half of July 2026, below the 0.10% forecast but above the previous 0.11% decline. Core prices rose 0.16%, matching expectations and slowing from 0.19%.

Annual headline inflation eased to 3.10%, while core inflation returned to the Bank of Mexico’s target range at approximately 3.95%.

Possible Market Effect: Softer headline inflation strengthens the case for future monetary easing, potentially limiting support for the Mexican peso.

MXN Market Condition: Neutral — Slightly Bearish

Q: How much did Mexican consumer prices rise in the first half of July 2026?

A: Headline prices increased 0.07%, while core prices rose 0.16%.

Source: Mexico’s National Institute of Statistics and Geography

★ Importance: Low

Türkiye’s gross foreign-exchange reserves declined to $65.43 billion, from $67.12 billion previously. Net foreign-exchange reserves also fell to approximately $51.17 billion, compared with $56.28 billion in the preceding period.

Possible Market Effect: The weekly decline weakens Türkiye’s external-liquidity buffer and represents a mildly negative signal for the lira, although one weekly movement does not establish a lasting trend.

TRY Market Condition: Neutral — Slightly Bearish

Q: How did Türkiye’s foreign-exchange reserves change in July 2026?

A: Gross reserves declined to $65.43 billion, while net reserves fell to approximately $51.17 billion.

Source: Central Bank of the Republic of Türkiye

★★ Importance: Medium

The Central Bank of the Republic of Türkiye kept its one-week repo rate at 37.00% in July 2026, matching forecasts and the previous decision. The overnight lending and borrowing rates were also unchanged at 40.00% and 35.50%, respectively.

Possible Market Effect: Maintaining tight monetary policy supports the disinflation process and may help stabilize the lira. However, persistent inflation and geopolitical energy risks limit the currency’s upside.

TRY Market Condition: Neutral — Slightly Bullish

Q: What was Türkiye’s policy rate in July 2026?

A: The one-week repo rate remained at 37.00%, while the overnight lending and borrowing rates stayed at 40.00% and 35.50%.

Source: Central Bank of the Republic of Türkiye

Argentina's retail sales experienced a remarkable year-on-year increase of 33.1% in July 2026, significantly surpassing the forecast of 8.0% and the previous figure of 12.7%. This surge indicates strong consumer demand and a potential recovery in the retail sector, reflecting positive economic sentiment among consumers. The data was released on Thursday, July 23, 2026, at 7:00 PM, showcasing a robust performance in the retail market despite previous expectations.

Possible Market Effect: Positive sentiment in the retail sector may lead to increased investment and consumer confidence.

Q&A:

Q: What was the year-on-year increase in Argentina's retail sales in July 2026?

A: The year-on-year increase in Argentina's retail sales was 33.1% in July 2026.

Q: How did the actual retail sales compare to the forecast for July 2026?

A: The actual retail sales of 33.1% significantly exceeded the forecast of 8.0% for July 2026.

Market Sentiment: Buy - The strong retail sales figures suggest a positive outlook for the Argentine economy.

Argentina's consumer confidence index fell to 40.67 in July 2026, down from the previous month's reading of 42.71. This decline was also below the market forecast of 42, indicating a decrease in consumer sentiment. The data, released on Thursday, July 23, at 2:15 PM, reflects growing concerns among consumers regarding economic conditions in the country.

Possible Market Effect: The decline in consumer confidence may lead to reduced consumer spending, potentially impacting economic growth.

Q&A:

Q: What was Argentina's consumer confidence index in July 2026?

A: Argentina's consumer confidence index was 40.67 in July 2026.

Q: How does the July 2026 consumer confidence compare to the previous month?

A: The July 2026 consumer confidence index decreased from 42.71 in June 2026 to 40.67.

Market Sentiment: Neutral - The decline in consumer confidence suggests caution among consumers, but the overall market sentiment remains stable.

On Thursday, July 23, 2026, South Africa's central bank announced its interest rate decision, maintaining the rate at 7%, which was in line with the previous rate and below the forecast of 7.25%. Additionally, the Prime Overdraft Rate also remained unchanged at 10.50%, matching the previous figure but falling short of the anticipated 10.75%. These decisions reflect the bank's cautious approach amid current economic conditions.

Possible Market Effect: Limited impact on the market due to the unchanged rates.

Q&A:

Q: What was the actual interest rate set by South Africa on July 23, 2026?

A: The actual interest rate was set at 7%.

Q: How did the Prime Overdraft Rate change on July 23, 2026?

A: The Prime Overdraft Rate remained unchanged at 10.50%.

Market Sentiment: Neutral - The market sentiment remains stable as there were no changes to the rates.

Turkey's consumer confidence index showed a notable increase in July 2026, reaching 89.8, up from a previous reading of 87.9. This figure surpassed analysts' expectations, which had forecasted a more modest rise to 88. The improvement in consumer sentiment suggests a growing optimism among the Turkish populace regarding economic conditions. The data was released on Thursday, July 23, 2026, at 07:00 AM.

Possible Market Effect: The rise in consumer confidence may lead to increased consumer spending, positively impacting economic growth.

Q&A:

Q: What was the actual consumer confidence index for Turkey in July 2026?

A: The actual consumer confidence index for Turkey in July 2026 was 89.8.

Q: How did the July 2026 consumer confidence index compare to the forecast?

A: The July 2026 consumer confidence index of 89.8 exceeded the forecast of 88.

Market Sentiment: Neutral - The increase in consumer confidence is a positive sign, but the overall market sentiment remains cautious due to broader economic uncertainties.

On Thursday, July 23, 2026, Singapore released several key economic indicators. The 1-Year T-Bill Auction yielded an interest rate of 1.68%, up from the previous rate of 1.46%. In terms of inflation, the Core Inflation Rate year-on-year stood at 1.6%, matching the forecast and showing an increase from 1.4% previously. However, the monthly Inflation Rate recorded stagnation at 0%, falling short of the expected 0.2% and down from 0.7% in the prior month. Additionally, the year-on-year Inflation Rate was reported at 1.9%, below the forecast of 2.1% and slightly higher than the previous rate of 1.8%. These figures reflect a mixed economic environment as Singapore navigates its inflation landscape.

Possible Market Effect: Limited impact expected due to low importance of the indicators.

Q&A:

Q: What was the yield of the 1-Year T-Bill Auction in Singapore on July 23, 2026?

A: The yield was 1.68%.

Q: How did the Core Inflation Rate in Singapore change in June 2026?

A: The Core Inflation Rate increased to 1.6% from 1.4%.

Market Sentiment: Neutral - The mixed results indicate stability but lack significant market-moving potential.

South Korea's economy displayed mixed signals in the second quarter of 2026, as the GDP Growth Rate for the quarter-on-quarter (QoQ) advanced at 0.6%, slightly below the forecast of 0.7% and a significant drop from the previous quarter's growth of 1.8%. In contrast, the year-on-year (YoY) GDP Growth Rate advanced to 3.7%, surpassing the forecast of 3.5% and remaining close to the previous year's growth of 3.8%. These figures indicate a slowing momentum in the short term, while the annual growth remains robust.

Possible Market Effect: Neutral

Q&A:

Q: What was South Korea's GDP Growth Rate QoQ for Q2 2026?

A: The GDP Growth Rate QoQ for Q2 2026 was 0.6%.

Q: How did the YoY GDP Growth Rate for South Korea compare to forecasts in Q2 2026?

A: The YoY GDP Growth Rate was 3.7%, exceeding the forecast of 3.5%.

Market Sentiment: Neutral - The mixed results suggest cautious optimism, with annual growth remaining strong despite quarterly slowdown.

Argentina's economic activity year-on-year growth has slowed down to 0.2% in May 2026, significantly below the forecasted 2.3% and the previous month's growth of 1.6%. This disappointing figure raises concerns about the country's economic momentum as it fails to meet expectations. The leading indicator for June also showed a modest increase of 0.09%, slightly above the previous month’s 0.08% but still below the forecast of 0.2%. These indicators suggest a challenging economic environment for Argentina moving forward.

Possible Market Effect: The underwhelming economic data may lead to a bearish sentiment in the Argentine market, indicating potential sell-offs.

Q&A:

Q: What was Argentina's economic activity growth rate in May 2026?

A: Argentina's economic activity growth rate in May 2026 was 0.2%.

Q: Did the leading indicator for Argentina in June meet the forecast?

A: No, the leading indicator for June was 0.09%, below the forecast of 0.2%.

Market Sentiment: Sell - The disappointing economic indicators suggest a weakening economic outlook for Argentina.

★ Importance: Low

Argentina’s economic activity increased 0.2% year-on-year in May 2026, slowing sharply from 1.6% previously. The weak reading indicates that economic growth lost momentum.

Possible Market Effect: Slower activity may weaken Argentina’s growth outlook and create limited pressure on domestic assets and the peso.

ARS Market Condition: Sell — Slightly Bearish

Q: How much did Argentina’s economic activity grow in May 2026?

A: Economic activity increased 0.2% year-on-year, down from 1.6% previously.

Source: National Institute of Statistics and Censuses of Argentina (INDEC)