Wolf Money(world market review 18-24 May 2026)
Market Summary 18-24 May 2026
*USA*
-US consumer sentiment index plunged 10% MoM in May at 44.8, hitting all time low; cost of living pressures as main concern
-US year-ahead inflation expectations rose to 4.8% from 4.7% in Apr; Long-run inflation expectations at 3.9% from Apr’s 3.5%
-Fed Apr meeting highlighted heightened inflation concerns among policymakers; further policy firming could be appropriate if inflation persistently above 2% target
+ Trump said “an agreement has been largely negotiated, subject to finalisation” between US, Iran n regional powers, including reopening of Hormuz
+ US S&P Global Composite PMI at 51.7 in May, same as in Apr
+ US S&P Global Manufacturing PMI rose to 55.3 in May, highest in 4 yrs
± US S&P Global Services PMI eased to 50.9 in May at 2-mth low
+ US initial jobless claims down 3000 to 209,000 in wk ending May 16
± Kevin Warsh sown in as chair of the US Federal Reserve
+ Down Jones closed to all-time high, S&P 500 rising for 8th consecutive wk, longest winning streak since 2023
-US average rate on 30-year fixed-mortgage rose by 15bps to 6.51%, highest in 9 mths
-US Housing Market Index up 3 pts to 37 in May, below neutral level of 50 for 25th consecutive mth; pending home sales up 1.4% in Apr
± US housing starts down 2.8% MoM to annual rate of 1.465m in Apr, vs 1.507 in Mar
+ US building permits up 5.8% MoM to annual rate of 1.442m in Apr, vs 1.363m in Mar
-Trump postpones signing an executive order on AI, cites need to compete with China
+ US to invest US$2bn in IBM, other quantum computing firms
+ Anthropic nears US$30bn funding round to top OpenAI as most valuable AI startup
*CHINA*
+ China’s industrial output rose 4.1% YoY in Apr, vs 5.7% in Mar
± China’s retail sales up 0.2% YoY vs 1.5% pts in Mar, weakest growth since late 2022
+ China’s fiscal spending up 1.3% YoY to ¥9.48 trillion in first 4 mths, fastest pace in 5 yrs
+ PBOC maintained LPR rates at 3% and 5-year LPR at 3.5%in May, unchanged for 12th consecutive mth
+ Chinese households owe lenders fell by ¥786.9bn (US$115.6bn) in Apr, steepest decline since records started
+ China-US reached preliminary consensus on tariffs, agricultural trade, rare earth export controls n aircraft procurement during trade consultations held in Seoul: MOFCOM
+ China-Russia signed >40 agreements covering trade, energy, technology n media cooperation, reaffirming longstanding strategic partnership on Putin’s visit
+ China overtakes US as Germany’s main foreign investor for the 1st time in 8 yrs; initiated 228 projects in 2025, up 15% YoY
-China vowed countermeasures if EU introduces new trade tool
-China raised concerns over EU cybersecurity act revision n industrial accelerator act to WTO
-Chinese regulator to impose severe penalties on Tiger Broker, Futu n Longbridge due to illegal cross-border business activities
+ China’s shipbuilding industry has secured >90% of global new orders for very large crude carriers (VLCC) this year
+ Macau tourist arrivals rose 11.3% YoY to 3,441.4m in Apr
*EUROPE*
+ Eurozone S&P Global Manufacturing PMI at 51.4 in May vs 52.2 in Apr, vs expectations of 51.8
-EU revised down Eurozone GDP forecast; projected to grow by 0.9% this year, vs 1.2 previously forecast
-EU updated 2026 inflation forecast to 3%, up from 1.9% previously expected
± Eurozone trade surplus at €7.8bn in Mar, vs €34.1bn same mth 2025; shipments to US down 38.8%
-Eurozone S&P Global Services PMI at 46.4 in May vs 47.6 in Apr, lowest since early 2021
+ EU reportedly proposed temporary lift of ban on Chinese chipmaker as early as this wk
-Germany’s GDP likely to see stagnation in Q2 due to Iran war: Deutsche Bundesbank
-German producer price inflation hit 1.7% in Apr, highest level since May 2023
+ Germany's top executive BASF, Thyssenkrupp n Simens Energy will join Economy Minister’s visit to China next wk
-UK manufacturing order books balance fell to -41 in May from -38 in Apr, weakest since Sept 2020
-France Composite PMI index fell to 43.5 in May from 47.6 in Apr, at 66-m6h low; manufacturing at 48.9, services at 42.9
-Swiss industrial production declined 7.1% YoY in Q1, largest decline since Q2 2020
*ASIA*
+ Japan Q1 GDP data released showed GDP expanded at annualised 2.1%, vs consensus forecast of 1.7%
± Japan’s S&P Global Composite PMI at 5.1 in May to 5-mth low; services at 50, lowest in 14 mths, manufacturing at 54.5
+ Japan’s exports up 14.8% to near record high of ¥10.507.3bn in Apr, imports up 9.7% to ¥10.205.4bn, trader surplus at ¥301.9bn
+ Japan core CPI at 1.4% YoY in Apr, hitting 4-year low, below BoJ 2% target for 3rd consecutive mth
-Japan 10-year govt bond yield held around 2.78% at near 30-year high
-Japan’s core machinery orders down 9.45 MoM to ¥1,010.9bn in Mar, vs 13.6% rise in Feb
+ Saudi Arabia posted largest trade surplus of SAR57.4bn in Mar, largest amt since Oct 2022
-Australia’s jobless rate increased to 4.5% in Apr, highest since Nov 2021
+ Indonesia govt will inject Rp2 trillion (US$113.2m) per day into domestic bond market to stabilise the rupiah: FM
-Bank Indonesia raised its policy rate by 50bps to 5.25%, first rate increased since 2024
+ Malaysia’s trade grew at fastest pace in 43 mths to RM336.73bn in Apr, driven by record exports on strong E&E: MTI
+ Sg NODX rose 24.5% YoY in Apr, strongest growth since Feb 2012; AI demand seen staying strong
+ Sg has emerged as SEA largest stock market with total market capitalisation to about US$644bn, overtaking Indonesia
+ Sg can gain from China’s growing markets, must ‘embrace’ AI as the Chinese have: SM Lee
+ Sg will undertake a review in 2027 on its ability to make and informed decision on nuclear power: PM
Contribution by Derek@valueinvestments chat group. Thank you.
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