The data show that, over the period, Egypt managed to slightly strengthen its reserve position, potentially enhancing its capacity to meet external obligations and support currency and financial stability. While the move represents only a small change in absolute terms, it keeps the reserves on an upward trajectory as of March 2026.

Revenue performance was underpinned by tax receipts of IDR 394.8 trillion, up 20.7% from a year earlier. By contrast, customs and excise revenues fell 12.6% to IDR 67.9 trillion, and non-tax state revenues declined 3% to IDR 112.1 trillion.

Total government spending comprised central government expenditure of IDR 610.3 trillion, which rose sharply by 47.7%, and transfers to regions of IDR 204.8 trillion, a slight decrease of 1.1%.

At the same time, President Donald Trump issued a new ultimatum to Iran, threatening strikes on the country’s power plants and other civilian infrastructure if the Strait of Hormuz is not reopened. Tehran has rejected the demand and continues to target energy assets across the region.

Since the conflict began, silver has fallen more than 20%, as surging energy prices have intensified inflation concerns and reinforced expectations of interest rate hikes. The metal has also struggled to fulfill its traditional safe-haven function, facing additional downward pressure from forced liquidations as investors sold holdings to cover losses elsewhere in the market.

At the same time, President Donald Trump issued a new ultimatum to Tehran, threatening strikes on Iran’s power plants and other civilian infrastructure if the Strait of Hormuz is not reopened. Iran has rejected the latest demand and continues to target energy assets across the region.

Gold is down roughly 12% since the conflict began, as surging energy prices have intensified inflation concerns and strengthened expectations of further interest‑rate hikes. The metal has also struggled to perform its traditional safe‑haven role, pressured by forced liquidations as investors raised cash to cover losses elsewhere in the markets.

Most economists anticipate the RBI will keep the policy repo rate unchanged at 5.25%, pointing to heightened geopolitical uncertainty and supply-side energy shocks linked to the conflict involving Iran. However, despite the recent decline in yields, upward pressures persist as crude oil prices remain near $111 per barrel, reflecting ongoing disruptions in the Strait of Hormuz.

Elevated oil prices continue to threaten inflation dynamics and widen India’s current account deficit. At the same time, substantial selling by foreign portfolio investors and banks has contributed to sustained volatility in the bond market.

The March decline in jobless claims suggests renewed hiring momentum after February’s setback, signaling a potentially stronger start to the spring period. While the data do not provide details on sectoral performance or regional breakdowns, the overall shift from a positive to a negative unemployment change indicates that more people left the unemployment rolls in March than joined, easing pressure on Spain’s labor market at the close of the first quarter of 2026.

Market participants and policymakers will be watching subsequent releases closely to assess whether March’s improvement represents the beginning of a sustained trend or a one-off adjustment following February’s increase. For now, the headline figure points to a notable strengthening in Spanish employment dynamics as the country moves further into 2026.

Elevated costs are forcing farmers to revisit their planting strategies, potentially curbing fertilizer use and heightening the risk of lower yields in the coming seasons. The USDA has indicated that growers plan to reduce corn acreage to about 95.3 million acres in 2026, down from nearly 99 million acres last year, as high fertilizer prices make corn less attractive than soybeans. Analysts caution that acreage estimates may be revised even lower as the full effects of the conflict work their way through the market.

Ample supplies are also weighing on prices. U.S. corn inventories climbed to roughly 9 billion bushels as of March 1, underscoring robust stock levels following previous strong harvests and further limiting upward price pressure.

Manufacturing output fell by 1.1% year-on-year, after growing 2.9% in January, dragged down in particular by food products (-5.3%) and electrical equipment (-9.5%). Growth also slowed sharply in mining and quarrying (1.3% vs 10.7% in January) and in electricity, gas, steam and air-conditioning supply (3.1% vs 21.7%).

Within the energy sector, electricity production fell by 3.8% in volume terms, measured in megawatt-hours, while heat production increased by 10.2% year-on-year in February, supported by lower-than-normal winter temperatures.

On a monthly basis, industrial output decreased by 0.7% in February, following a revised 1.0% decline in the previous month.

Excluding motor vehicles, parts and accessories, total retail sales also recovered, increasing by 11.2% after a 2.9% decline in January. In contrast, turnover for motor vehicles, parts and accessories fell by 7.8% (vs. +15.8% previously), while sales of optical goods and books contracted by 4.3% (vs. +12% previously).

On a seasonally adjusted month-on-month basis, overall retail trade declined by 4.1% in February, the sharpest fall since May 2021, reversing a downwardly revised 6% increase in the preceding month.

Total new orders increased at their slowest pace since November 2023, indicating a cooling in domestic demand, even as export orders rose at the fastest rate in seven months. Input cost pressures intensified, reaching their highest level in almost four years.

Pricing dynamics diverged between sectors: service providers implemented more aggressive increases in selling prices, whereas manufacturers recorded the smallest rise in output charges in two years. Overall, composite inflation was broadly unchanged from February.

While gains in new business continued to underpin overall activity, output was tempered by the impact of the Middle East conflict on demand and tourism. Employment rose, with job creation accelerating to its strongest pace since mid‑2025.

On the price front, input cost inflation quickened to near its highest level in almost four years, reflecting increased prices for chicken, cooking oil, eggs, electricity, fish, fruit, fuel, labor, meat, and vegetables. In turn, output price inflation climbed to a seven‑month high. Business sentiment also improved, supported by ongoing employment gains.

The figures highlight a sharp month-to-month swing in the annual growth rate: while January’s reading showed robust expansion versus January a year earlier, February’s result indicates that production was slightly below its level of February a year ago. The data are based on year-over-year comparisons, meaning each month is measured against the same month in the previous year.

This turnaround suggests that Estonia’s industrial sector entered 2026 on strong footing but faced a quick loss of momentum by February. Market participants and policymakers will be watching upcoming releases closely to determine whether February’s decline is a temporary setback or an early signal of a more sustained slowdown in industrial activity.

The data, updated on 6 April 2026, show that while the sector remains in negative territory, the pace of contraction has slowed. On a month-over-month basis, February’s figure reflects a smaller drop compared with January’s decline relative to the previous month, suggesting that the industrial slump may be losing momentum rather than deepening. Investors and policymakers will now be watching future releases closely to see whether this easing trend continues or proves temporary.

The latest print suggests that both factory output and services activity continued to expand at a solid pace, with March showing a slight acceleration compared with the previous month. The improvement from 56.50 to 57.00 highlights sustained demand and resilient business conditions across the economy during the period.

On a month-over-month comparison, the “actual” March reading reflects a stronger expansion than the previous month’s movement, underlining a gradual firming in growth momentum. While the increase is incremental, the continued rise in the PMI underscores ongoing confidence in India’s private sector as the first quarter of 2026 draws to a close.

The month-on-month comparison shows that February’s contraction followed a period of strong momentum at the start of the year, underscoring volatility in consumer spending patterns. While January’s growth suggested robust demand, the February drop indicates a cooling in retail activity as the market corrected from the prior month’s surge.

These figures are based on a month-over-month assessment, where the current reading measures the change in February sales relative to January, and the previous reading captured the change in January sales versus December. Investors and policymakers will be watching upcoming releases closely to gauge whether February’s weakness is a temporary adjustment or the start of a softer trend in consumer demand.

The sharp swing from negative to robust positive growth on a year-over-year basis suggests a notable improvement in consumer spending momentum during February. The figures compare changes in each month against the same month a year earlier, with January’s -0.5% and February’s 8.3% both measured on this annual basis.

The acceleration in retail sales will be closely watched by market participants as a gauge of domestic demand and overall economic resilience in Singapore, following the soft patch seen at the start of the year.