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South Africa’s private sector credit rose 9.20% in April, up from 8.50% previously. M3 money supply also increased 9.82% YoY, compared with 8.96% previously. The data shows stronger credit expansion and faster liquidity growth.

Importance Level: Low

Possible Market Effect: Stronger credit and liquidity can support domestic demand, but may also keep inflation and policy caution alive.

Market Sentiment: ZAR: Neutral | South African equities: Neutral-to-Buy

Source: South African Reserve Bank

Q&A

Did South Africa’s credit growth improve?

Yes. Private sector credit rose from 8.50% to 9.20%.

Taiwan’s Q1 GDP rose 14.55% YoY, beating the 13.69% forecast and accelerating from 12.95% previously. The data points to very strong growth momentum, likely supported by technology, exports, and semiconductor demand.

Importance Level: Low

Possible Market Effect: Positive for Taiwan equities and semiconductor-linked sentiment, especially while the global AI trade remains strong.

Market Sentiment: Taiwan equities: Buy | TWD: Neutral-to-Buy

Source: Directorate-General of Budget, Accounting and Statistics, Taiwan

Q&A

Did Taiwan's GDP beat expectations?

Yes. GDP grew 14.55% YoY, above the 13.69% forecast.

Thailand’s April data showed strong trade flows but weak domestic demand. Exports rose 23.30% YoY, up from 19.30%, while imports jumped 43.90% YoY, higher than the previous 37.20%. However, the trade account deteriorated sharply to -6.80B, compared with -0.10B previously, and the current account fell to -7.600B from 0.600B.

Domestic demand was also weak. Private consumption fell 2.1% MoM, deeper than the previous 0.8% decline, while private investment dropped 5.0% MoM, worse than the previous 3.5% decline. Foreign reserves were broadly stable at 285.6B, slightly above 285.4B, while currency swaps rose to 22.3B from 22.1B.

Importance Level: Low

Possible Market Effect: Strong exports are positive, but the larger trade and current-account deficits plus weak consumption and investment are negative for THB sentiment.

Market Sentiment: Thai baht / THB: Neutral-to-Sell

Source: Bank of Thailand, Ministry of Commerce Thailand

Q&A

Did Thailand exports improve in April?

Yes. Exports rose 23.30% YoY, stronger than the previous 19.30%.

Why is the Thailand report negative for THB?

Because imports rose faster, the trade deficit widened to -6.80B, the current account moved to -7.600B, and domestic demand weakened.

Malaysia’s money supply growth slowed to 5.0% YoY in April, down from 5.5% previously. The data points to softer liquidity expansion in the Malaysian economy.

Importance Level: Low

Possible Market Effect: Slower money supply growth may indicate slightly tighter liquidity conditions, but the impact on MYR should remain limited without stronger inflation or growth signals.

Market Sentiment: Malaysian ringgit / MYR: Neutral

Source: Bank Negara Malaysia

Q&A

Did Malaysia’s money supply growth improve?

No. It slowed from 5.5% to 5.0% YoY.

South Africa’s private sector credit rose 9.20% in April, up from 8.50% previously. M3 Money Supply also increased 9.82% YoY, compared with 8.96% previously. The data points to stronger credit expansion and faster liquidity growth.

Importance Level: Low

Possible Market Effect: Stronger credit and money supply growth may support domestic demand, but it can also keep inflation and policy caution alive.

Market Sentiment: ZAR: Neutral | South African Equities: Neutral-to-Buy

Source: South African Reserve Bank

Q&A

Did South Africa’s credit growth improve?

Yes. Private sector credit rose from 8.50% to 9.20%.

Singapore’s bank lending rose to 908.4B in April, up from 902.3B previously. The increase points to a mild improvement in credit activity, suggesting slightly stronger borrowing demand in the economy.

Importance Level: Low

Possible Market Effect: Mildly supportive for Singapore growth sentiment, but the impact on SGD is limited without stronger inflation or trade confirmation.

Market Sentiment: SGD: Neutral

Source: Monetary Authority of Singapore

Q&A

Did Singapore bank lending improve in April?

Yes. Bank lending increased from 902.3B to 908.4B.

The Philippines’ PPI rose 2.4% YoY in April, slowing from 2.6% previously. The data shows producer-level inflation eased slightly, suggesting some moderation in upstream price pressure.

Importance Level: Low

Possible Market Effect: Softer PPI may reduce some inflation concern, but the impact on PHP and local markets is likely limited because the trade deficit remains the more important signal in this data set.

Market Sentiment: PHP: Neutral

Source: Philippine Statistics Authority

Q&A

Did Philippines PPI inflation rise or fall?

Producer inflation eased from 2.6% to 2.4% YoY.

Is Philippines PPI data positive for inflation outlook?

Mildly yes. Lower PPI suggests some easing in producer-level price pressure.

South Korea’s April data showed broad weakness in domestic activity. Retail sales fell 3.6% MoM, reversing the previous 1.9% increase. Service sector output dropped 1.0% MoM, down from the previous 1.5% rise. Industrial production also disappointed: industrial production fell 0.7% MoM, below the 0.3% forecast and previous 0.6%, while annual industrial production slowed to 1.5% YoY, below the 2.2% forecast and down from 3.9%.

Importance Level: Low

Possible Market Effect: The data is negative for KRW and domestic-demand stocks, although AI-linked chip exports may continue to cushion broader market sentiment.

Market Sentiment: KRW: Neutral-to-Sell | KOSPI: Neutral | Korean domestic stocks: Neutral-to-Sell

Source: Statistics Korea

Q&A

Did South Korea’s April activity data improve?

No. Retail sales, services output, and industrial production all weakened.

Brazil’s CAGED Net Payroll Jobs rose by 85.89K in April, slowing sharply from the previous 228.21K. The data still shows positive job creation, but the pace of hiring weakened significantly.

Importance Level: Low

Possible Market Effect:

Slower payroll growth may reduce optimism toward Brazil’s domestic-demand outlook. For the Brazilian real, the signal is mildly negative, although the market impact should remain limited unless softer labor momentum continues.

Market Sentiment:

Brazilian Real / BRL: Neutral-to-Sell

Brazilian Equities: Neutral

Source: Brazil Ministry of Labor and Employment / CAGED

Q&A

Did Brazil’s payroll jobs increase in April?

Yes. Brazil added 85.89K net payroll jobs.

Is Brazil’s labor market momentum improving?

Not in this report. Payroll growth slowed from 228.21K to 85.89K, showing weaker hiring momentum.