View:
May 22, 2026
Europe: Anti-Immigration Vs More Negative Demographics
May 22, 2026 8:12 AM UTC
A significant demographic tremor is gaining speed and breadth - globally. Just as politics – certainly in the west - is framed around ending or at least reducing and controlling immigration, it seems that the populists at the helm of such thinking are not considering the ramifications of such a
May 21, 2026
U.S. May S&P PMIs - Manufacturing stronger still, Services still subdued
May 21, 2026 1:59 PM UTC
May’s preliminary S and P PMIs show increasing strength in manufacturing at 55.3 from an already significantly improved 54.5 in April, reaching its highest since May 2022. Services at 50.9 are however marginally softer from April’s 51.0, but still holding above March’s dip below neutral to 49.
South Africa MPC Preview: Close Call on May 28
May 21, 2026 1:15 PM UTC
Bottom Line: Taking into account that annual inflation increased to 4.0% y/y in April due to higher energy and transportation prices, we think South African Reserve Bank (SARB) will likely consider hiking the rate by 25 bps to 7.0% during the next MPC scheduled on May 28 given plenty of upside risks
U.S. Initial Claims, May Philly Fed, April Housing Starts and Permits - Mixed data gives no clear signals of strength or weakness
May 21, 2026 1:15 PM UTC
The latest data is mixed, initial claims in line with expectations and showing signs of stabilizing at a still low level. May’s Philly Fed manufacturing survey is weaker than expected but with positive 6-month expectations, both on activity and prices. April housing starts and permits are on the