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EnglishپارسیEnglishپارسیTurkey’s net FX reserves fell to 47.03%, down from the previous 52.12%. The decline signals weaker reserve coverage and may keep investors cautious toward Turkey’s external stability.
Importance Level: Low
Possible Market Effect:
The weaker reserve reading is negative for TRY sentiment, especially if markets interpret it as a sign of lower external buffers.
Overall Market Sentiment:
TRY: Neutral-to-Sell
Turkish equities: Neutral
Turkey external-risk outlook: Neutral-to-Sell
Q&A
Did Turkey’s net FX reserves fall in the latest 2026 reading?
Yes. Net FX reserves dropped to 47.03%, from 52.12% previously.
Is Turkey’s weaker reserve data negative for TRY?
Yes, mildly. Lower reserves can increase caution toward the lira.
Source: Central Bank of the Republic of Türkiye.
Saudi Arabia’s M3 Money Supply grew 10.00% YoY in April 2026, accelerating from the previous 8.20%. However, private sector loans rose 7.20% YoY, slightly slower than the previous 7.40%.
The data show stronger liquidity growth in the Saudi economy, while private-sector credit expansion moderated slightly. This creates a mixed signal: money supply is expanding quickly, but loan growth is not accelerating.
Importance Level: Low
Possible Market Effect:
Stronger money-supply growth can support domestic liquidity and Saudi equities, but slower private-sector loan growth may limit the positive signal for banks and credit-sensitive sectors.
Overall Market Sentiment:
Saudi equities: Neutral-to-Buy
Saudi banks: Neutral
SAR: Neutral
Q&A
Did Saudi Arabia’s M3 money supply grow faster in April 2026?
Yes. M3 growth increased to 10.00% YoY, from 8.20% previously.
Did Saudi private-sector loan growth slow in April 2026?
Yes. Private-sector loans rose 7.20% YoY, slightly below the previous 7.40%.
Source: Saudi Central Bank.
South Africa’s Manufacturing PMI fell to 50.8 in May 2026, down from the previous 52.6 reading.
The index remained just above the 50 expansion line, showing that manufacturing activity continued to grow, but at a slower pace. The decline suggests factory momentum softened during the month.
Importance Level: Low
Possible Market Effect:
The data are slightly negative for South African industrial sentiment because manufacturing growth slowed. However, the index staying above 50 limits the downside signal.
Overall Market Sentiment:
ZAR: Neutral
South African equities: Neutral
South African manufacturing sector: Neutral-to-Buy, but cooling
Q&A
Did South Africa’s Manufacturing PMI slow in May 2026?
Yes. South Africa’s Manufacturing PMI fell to 50.8, from 52.6 previously.
Is South Africa’s Manufacturing PMI still positive in May 2026?
Yes. The index remained above 50, meaning the sector was still in expansion.
Source: S&P Global / local PMI survey.
Turkey’s GDP grew 2.5% YoY in Q1 2026, below the 2.7% forecast and slower than the previous 3.4% increase.
The data show that Turkey’s economy continued to expand, but the pace of growth weakened. This may reflect tighter financial conditions, inflation pressure, and softer domestic momentum.
Importance Level: Medium
Possible Market Effect:
The weaker-than-expected GDP reading is mildly negative for Turkish equities and the lira. However, slower growth may also support expectations that inflation pressure could gradually ease if domestic demand cools.
Overall Market Sentiment:
TRY: Neutral-to-Sell
Turkish equities: Neutral-to-Sell
Turkey growth outlook: Neutral-to-Sell
Q&A
Did Turkey’s GDP growth slow in Q1 2026?
Yes. GDP growth slowed to 2.5% YoY, from 3.4% previously.
Was Turkey’s Q1 2026 GDP weaker than expected?
Yes. The 2.5% reading was below the 2.7% forecast.
Source: Turkish Statistical Institute.
Vietnam’s S&P Global Manufacturing PMI rose to 52.8 in May 2026, up from 50.5 previously. The reading moved further above the 50 expansion line, showing stronger factory activity.
The improvement suggests Vietnam’s manufacturing sector gained momentum, supported by better production conditions and stronger demand.
Importance Level: Low
Possible Market Effect:
The data are positive for Vietnamese equities and export-linked sectors. A stronger manufacturing PMI can also support sentiment toward Vietnam as a regional production hub.
Overall Market Sentiment:
Vietnam equities: Neutral-to-Buy
Vietnam manufacturing sector: Buy / Positive sentiment
VND: Neutral
Q&A
Did Vietnam’s manufacturing PMI rise in May 2026?
Yes. Vietnam’s manufacturing PMI increased to 52.8, from 50.5 previously.
Is Vietnam’s May 2026 manufacturing PMI positive for the economy?
Yes. The move further above 50 shows stronger expansion in factory activity.
Source: S&P Global.
Taiwan’s S&P Global Manufacturing PMI rose to 56.10 in May 2026, up from 55.30 previously. The reading remained firmly in expansion and showed stronger manufacturing momentum.
The data are positive for Taiwan’s export-driven economy, especially given the country’s deep role in the global semiconductor and electronics supply chain.
Importance Level: Low
Possible Market Effect:
The stronger PMI is supportive for Taiwanese equities, technology shares, and semiconductor-linked assets. It also reinforces the broader Asian AI and chip-cycle recovery theme.
Overall Market Sentiment:
Taiwan equities: Buy / Positive sentiment
Taiwan technology stocks: Buy / Positive sentiment
TWD: Neutral-to-Buy
Q&A
Did Taiwan’s manufacturing PMI improve in May 2026?
Yes. Taiwan’s manufacturing PMI rose to 56.10, from 55.30 previously.
Is Taiwan’s May 2026 PMI positive for semiconductor stocks?
Yes. The strong expansion reading supports sentiment toward Taiwan’s technology and semiconductor sector.
Source: S&P Global.
The Philippines’ S&P Global Manufacturing PMI rose to 50.8 in May 2026, improving from 48.3 previously and moving back above the 50 expansion line.
The rebound suggests manufacturing activity improved after contractionary conditions in the previous month, giving a positive signal for domestic production and business activity.
Importance Level: Low
Possible Market Effect:
The data are mildly positive for Philippine equities and the peso, especially if future PMI readings confirm that manufacturing momentum is stabilizing.
Overall Market Sentiment:
Philippine equities: Neutral-to-Buy
PHP: Neutral-to-Buy
Philippine manufacturing sector: Neutral-to-Buy
Q&A
Did the Philippines manufacturing PMI improve in May 2026?
Yes. The Philippines manufacturing PMI rose to 50.8, from 48.3 previously.
Is the Philippines May 2026 PMI back in expansion?
Yes. The reading moved above the 50 expansion threshold.
Source: S&P Global.
South Korea’s S&P Global Manufacturing PMI rose to 54.8 in May 2026, up from 53.6 previously. The reading stayed clearly above the 50 expansion line, signaling stronger factory activity.
The improvement supports the view that South Korea’s manufacturing sector remains resilient, helped by technology, electronics, and semiconductor demand.
Importance Level: Low
Possible Market Effect:
The PMI improvement is positive for South Korean industrial and technology shares. It also supports the broader AI and semiconductor supply-chain theme across Asia.
Overall Market Sentiment:
South Korean manufacturing: Buy / Positive sentiment
South Korean technology stocks: Neutral-to-Buy
KRW: Neutral-to-Buy
Q&A
Did South Korea’s manufacturing PMI improve in May 2026?
Yes. South Korea’s manufacturing PMI increased to 54.8, from 53.6 previously.
Is South Korea’s May 2026 manufacturing PMI positive for Korean equities?
Yes. The reading supports Korean industrial, technology, and semiconductor-linked stocks.
Source: S&P Global.
South Korea’s trade data showed strong external momentum in May 2026. Exports rose 53.2% YoY, beating the 48.4% forecast and improving from 48.0% previously. Imports increased 20.8% YoY, below the 21.5% forecast but higher than the previous 16.7%.
The trade balance widened to 26.95B, above the 24.30B forecast and stronger than the previous 23.76B. The data suggest South Korea’s export engine remained strong, likely supported by technology, semiconductors, and global electronics demand.
Importance Level: Low
Possible Market Effect:
The stronger export and trade-surplus figures are supportive for South Korean equities, exporters, and the Korean won. However, softer-than-expected imports may also point to uneven domestic demand.
Overall Market Sentiment:
KRW: Neutral-to-Buy
South Korean equities: Neutral-to-Buy
South Korean exporters: Buy / Positive sentiment
Q&A
Did South Korea’s exports beat expectations in May 2026?
Yes. South Korea’s exports rose 53.2% YoY, above the 48.4% forecast.
Is South Korea’s May 2026 trade balance positive for Korean markets?
Yes. The wider 26.95B surplus is positive for export-linked stocks and can support sentiment toward the Korean won.
Source: Korea Customs Service.
South Africa’s trade balance surplus fell to 15.16B in April, down from 30.21B previously. At the same time, the budget balance deteriorated to -63.57B, compared with the previous -45.61B.
The data points to weaker external and fiscal positions, even as South Africa’s earlier credit and money-supply data showed stronger domestic liquidity.
Importance Level: Low
Possible Market Effect: A smaller trade surplus and wider budget deficit may weigh on ZAR sentiment and local bond confidence.
Market Sentiment: ZAR: Neutral-to-Sell | South African bonds: Neutral-to-Sell
Source: South African Revenue Service, South African Reserve Bank, National Treasury South Africa
Q&A
Did South Africa’s trade surplus improve?
No. It narrowed from 30.21B to 15.16B.
Brazil’s economy grew 1.1% QoQ in Q1, beating the 1.0% forecast and accelerating from 0.3% previously. On a yearly basis, GDP rose 1.8%, matching both the forecast and previous reading.
Importance Level: Medium
Possible Market Effect: Stronger quarterly GDP supports Brazilian growth sentiment and may help BRL, but the fiscal debt ratio remains a constraint.
Market Sentiment: Brazilian real / BRL: Neutral-to-Buy | Brazil equities: Neutral-to-Buy
Source: Brazilian Institute of Geography and Statistics
Q&A
Did Brazil GDP beat expectations?
Yes. Brazil’s GDP grew 1.1% QoQ, above the 1.0% forecast.
Brazil’s April fiscal data showed a smaller budget deficit compared with the previous reading, but debt metrics continued to edge higher. The Budget Balance came in at -60.139B, weaker than the -50.700B forecast but far better than the previous -199.539B. The Budget Surplus was 24.624B, improving sharply from the previous -80.676B.
However, Brazil’s Net Debt-to-GDP ratio rose to 67.4% from 66.8%, keeping fiscal sustainability concerns alive.
Importance Level: Low
Possible Market Effect: The improved fiscal balance is supportive for Brazilian assets, but the higher debt-to-GDP ratio limits the positive impact.
Market Sentiment: Brazilian real / BRL: Neutral | Brazil bonds: Neutral
Source: Central Bank of Brazil, Brazil National Treasury
Q&A
Did Brazil’s budget balance improve?
Yes. The deficit narrowed sharply from -199.539B to -60.139B, although it was still worse than the -50.700B forecast.