S&P 5007,650.50+0.17%

NASDAQ 10029,644+0.67%

Shanghai Composite3,936.40+0.63%

Hang Seng24,906+0.63%

Nikkei 22565,019+1.38%

NIFTY 5023,402+0.24%

IDX Composite6,423.51-0.27%

DAX25,304-1.60%

FTSE 10010,659-1.45%

CAC 408,065.02-1.49%

S&P/TSX Composite35,807-0.19%

KOSPI6,991.66+1.41%

TAIEX47,719+1.14%

Brent Crude$98.12-5.54%

WTI Crude$94.63-5.65%

Gold$4,389-0.81%

Silver$66.52-0.06%

Copper$6.72+1.58%

Aluminum$3,446.75+0.42%

Iron Ore$97.57+0.15%

Soybeans$1,311.50+0.61%

Natural Gas$2.89-0.93%

S&P 5007,650.50+0.17%

NASDAQ 10029,644+0.67%

Shanghai Composite3,936.40+0.63%

Hang Seng24,906+0.63%

Nikkei 22565,019+1.38%

NIFTY 5023,402+0.24%

IDX Composite6,423.51-0.27%

DAX25,304-1.60%

FTSE 10010,659-1.45%

CAC 408,065.02-1.49%

S&P/TSX Composite35,807-0.19%

KOSPI6,991.66+1.41%

TAIEX47,719+1.14%

Brent Crude$98.12-5.54%

WTI Crude$94.63-5.65%

Gold$4,389-0.81%

Silver$66.52-0.06%

Copper$6.72+1.58%

Aluminum$3,446.75+0.42%

Iron Ore$97.57+0.15%

Soybeans$1,311.50+0.61%

Natural Gas$2.89-0.93%

Global economyIndependent weekly intelligence

The macro story, organized.

Growth, inflation, employment, business activity, and energy indicators in one evidence-led view—so you can separate the current signal from the prevailing narrative.

Last updated: Sep 20, 2026

Pillars

Macro categories

Format

2–3Y

Historical context

Read

Fast

Notes included

Global Macro Snapshot

LATEST AVAILABLE

1.5%

GDP

US QoQ

49.8

China Mfg PMI

NBS · Jul 2026

3.71%

Inflation

US CPI YoY

4.1%

Unemployment

US Rate

196K

Initial Claims

US Weekly

$98.12

Oil

Brent $/bbl

🌐

PMI

🇨🇳

China Manufacturing PMI

Aug 2026 · China

49.8 Index

▲ 0.6 vs prev 49.2 Index

NBS official manufacturing PMI registered 49.8 in August versus 49.2 in July. A reading above 50 signals expansion and below 50 contraction. Source: National Bureau of Statistics of China.

🇮🇳

India Manufacturing PMI

Aug 2026 · India

52.8 Index

▼ 0.7 vs prev 53.5 Index

India manufacturing PMI registered 52.8 in August, versus 53.5 in July, remaining above the 50 expansion threshold. Source: S&P Global via Trading Economics, August 2026 final release.

🇹🇼

Taiwan Manufacturing PMI

Aug 2026 · Taiwan

54.7 Index

▼ 0.4 vs prev 55.1 Index

Taiwan manufacturing PMI registered 54.7 in August, versus 55.1 in July, remaining above the 50 expansion threshold. Source: S&P Global via Trading Economics, August 2026 final release.

🇰🇷

South Korea Manufacturing PMI

Aug 2026 · South Korea

52.3 Index

▼ 0.8 vs prev 53.1 Index

South Korea manufacturing PMI registered 52.3 in August, versus 53.1 in July, remaining above the 50 expansion threshold. Source: S&P Global via Trading Economics, August 2026 final release.

🇮🇳

India Services PMI

Aug 2026 · India

54.1 Index

▲ 0.8 vs prev 53.3 Index

India services PMI registered 54.1 in August, versus 53.3 in July, remaining above the 50 expansion threshold. Source: S&P Global via Trading Economics, August 2026 final release.

📈

Growth

🇺🇸

US GDP Growth

Apr 2026 · United States

1.5 % QoQ

▼ 0.6 vs prev 2.1 % QoQ

US real GDP grew at a 1.5% annualised pace in Q2 2026, following 2.1% in Q1. Quarterly estimates remain subject to revision. Source: BEA via FRED (A191RL1Q225SBEA).

🇪🇺

Euro Area GDP Growth

Apr 2026 · Euro Area

0.6 % QoQ

▲ 0.6 vs prev 0 % QoQ

Euro-area real GDP grew 0.6% quarter over quarter in Q2 2026 after a flat Q1, in the September 18 Eurostat update. This rate is not annualised, unlike the US GDP measure. Source: Eurostat (namq_10_gdp, chain-linked volumes, seasonally and calendar adjusted, EA21).

🇨🇳

China GDP Growth

Q2 2026 · China

4.3 % YoY

▼ 0.7 vs prev 5 % YoY

China's real GDP expanded 4.3% YoY in Q2 2026, slowing from 5.0% in Q1. Source: National Bureau of Statistics of China, released July 17, 2026.

🇮🇳

India GDP Growth

Q1 FY2026-27 · India

7.8 % YoY

▲ 0 vs prev 7.8 % YoY

India's real GDP grew 7.8% year over year in April-June 2026, using the 2022-23 base-year series. Earlier quarters remain shown at their previously published vintages and are subject to revision. Source: MoSPI, August 31, 2026.

👷

Employment

🇺🇸

US Initial Jobless Claims

Sep 12, 2026 · United States

196 K

▼ 10 vs prev 206 K

US initial jobless claims fell to 196K in the week ended September 12 from 206K the week before. Source: US Department of Labor via FRED (ICSA).

🇺🇸

US Unemployment Rate

Aug 2026 · United States

4.1 %

▲ 0 vs prev 4.1 %

The US unemployment rate held at 4.1% in August, unchanged from July, as payroll growth rebounded. Source: BLS via FRED (UNRATE).

💹

Inflation

🇺🇸

US CPI (SA Index)

Aug 2026 · United States

3.71 % YoY

▲ 0.17 vs prev 3.54 % YoY

The seasonally adjusted CPI index rose 3.71% year over year in August, up from 3.54% in July. This calculation uses FRED CPIAUCSL and can differ from the BLS headline rate based on unadjusted prices. Source: BLS via FRED (CPIAUCSL).

🇪🇺

Euro Area HICP Inflation

Aug 2026 · Euro Area

3.2 % YoY

▲ 0.2 vs prev 3 % YoY

Euro-area headline inflation rose to 3.2% year over year in August from 3.0% in July, remaining above the ECB's 2% target. This is the harmonised measure (HICP), which is what the ECB targets. Source: Eurostat (prc_hicp_minr, all-items annual rate, euro area EA21).

🇺🇸

US PPI Inflation

Aug 2026 · United States

5.41 % YoY

▲ 0.61 vs prev 4.8 % YoY

US producer prices for final demand increased 5.41% year over year in August, up from a revised 4.80% in July. Source: BLS via FRED (PPIFIS).

⚡

Energy

🌍

Brent Crude Oil

Sep 21, 2026 · Global

98.12 USD/bbl

▼ 7.56 vs prev 105.68 USD/bbl

The latest September 21 observation for Brent crude was $98.12/bbl, down 7.15% against its weekly anchor. The current session may be incomplete. Source: Yahoo Finance (BZ=F).

🔥

Natural Gas (Henry Hub)

Sep 21, 2026 · United States

2.89 USD/MMBtu

▼ 0.02 vs prev 2.9 USD/MMBtu

The latest September 21 observation for Henry Hub natural gas was $2.885/MMBtu, down 0.38% against its weekly anchor. The current session may be incomplete. Source: Yahoo Finance (NG=F).

Economic Commentary

Auto-generated macro notes · latest available data

AUTO

🇺🇸

US GDP Growth softened to 1.5 % QoQ in Apr 2026, retreating from 2.1 — momentum warranted monitoring.

🇪🇺

Euro Area GDP Growth improved to 0.6 % QoQ in Apr 2026, up from 0 — a firmer reading than before.

🇨🇳

China GDP Growth softened to 4.3 % YoY in Q2 2026, retreating from 5 — momentum warranted monitoring.

🇮🇳

India GDP Growth held steady at 7.8 % YoY in Q1 FY2026-27.

🇺🇸

US Initial Jobless Claims declined to 196 K in Sep 12, 2026, easing from 206 — a positive macro development.

🇺🇸

US Unemployment Rate held steady at 4.1 % in Aug 2026.

🇨🇳

China Manufacturing PMI improved to 49.8 Index in Aug 2026, up from 49.2 — a firmer reading than before.

🇮🇳

India Manufacturing PMI softened to 52.8 Index in Aug 2026, retreating from 53.5 — momentum warranted monitoring.

🇹🇼

Taiwan Manufacturing PMI softened to 54.7 Index in Aug 2026, retreating from 55.1 — momentum warranted monitoring.

🇰🇷

South Korea Manufacturing PMI softened to 52.3 Index in Aug 2026, retreating from 53.1 — momentum warranted monitoring.

🇮🇳

India Services PMI improved to 54.1 Index in Aug 2026, up from 53.3 — a firmer reading than before.

🇺🇸

US CPI (SA Index) climbed to 3.71 % YoY in Aug 2026, up 0.17 from 3.54 — a headwind to watch.

🇪🇺

Euro Area HICP Inflation climbed to 3.2 % YoY in Aug 2026, up 0.2 from 3 — a headwind to watch.

🇺🇸

US PPI Inflation climbed to 5.41 % YoY in Aug 2026, up 0.61 from 4.8 — a headwind to watch.

🌍

Brent Crude Oil declined to 98.12 USD/bbl in Sep 21, 2026, easing from 105.68 — a positive macro development.

🔥

Natural Gas (Henry Hub) declined to 2.89 USD/MMBtu in Sep 21, 2026, easing from 2.9 — a positive macro development.

Commentary is auto-generated from data. Replace with your own analysis in the Blog section.