The ISM Manufacturing PMI for the US remained unchanged at 52.7 in April 2026, matching its highest level since August 2022 but falling short of market expectations for a rise to 53.0. New orders grew at a faster pace (54.1 vs. 53.5 in March), and supplier deliveries lengthened further (60.6 vs. 58.9), while production expanded at a slower rate (53.4 vs. 55.1), and employment levels declined at the sharpest pace in four months (46.4 vs. 48.7). Prices surged at the fastest rate since April 2022, driven by rising oil and diesel costs linked to the Middle East conflict. According to Susan Spence, Chair of the ISM Manufacturing Business Survey Committee, sentiment among panelists remained mixed in the second month of the Iran War. While 31% of comments were positive, 69% were negative, a ratio of 1 to 2.2. The war was mentioned in 47% of responses, with tariffs referenced in 18%. Some panelists addressed both issues in a single comment, often with conflicting sentiment.

US equities were higher as markets looked past the prolonged disruption of oil exports from the Middle East and focused on corporate earnings. The S&P 500 and the Nasdaq 100 rose 0.6% to new records, and the Dow was up 0.4%. Apple gained more than 3% after reporting strong earnings and outlook, supported by sales of its newest iPhone and a robust performance in China. Energy majors were also in the spotlight with both ExxonMobil and Chevron edging higher after reporting their first-quarter numbers, exceeding profit expectations. Meanwhile, Meta halted its selloff and Nvidia gained over 1% as markets continued to gauge whether signals of higher AI spending are grounded on demand growth, evidenced my a mixed earnings momentum for hyperscalers. AI investment had carried the US GDP in the first quarter, per the latest data, offsetting signs of slowing private consumption.

The S&P Global Canada Manufacturing PMI rose to 53.3 in April 2026 from 50.0 in March, marking the strongest improvement in business conditions since June 2022. Production growth reached its highest level since May 2022, while new orders expanded at the fastest pace in over four years, fueled by a sharp increase in new export orders, the strongest since early 2022. This surge was largely driven by client stockpiling due to concerns over product availability, supply chain disruptions, and price pressures linked to the Middle East conflict. Input buying also rose at the steepest rate since June 2022, while employment levels saw a slight increase and vendor delivery times lengthened at the greatest rate since March 2025. On the price front, input costs rose at the fastest pace in over three-and-a-half years, with fuel and freight transportation costs contributing to the upward pressure. Finally, business optimism improved to a 16-month high.

Net mortgage approvals for house purchases in the UK rose to 63,531 in March 2026, up from a revised 62,708 in February and surpassing market expectations of 60,000. This marked the highest level since November 2025, exceeding the six-month average of around 63,200, supported by declining borrowing costs. Remortgaging approvals, which only account for switches to a different lender, also climbed to 51,300 in March from 41,200 in February. The effective interest rate on newly drawn mortgages fell to 4.03% in March from 4.10% in February, while the rate on the outstanding stock of mortgages edged down to 3.93% from 3.95%.

The Japanese yen steadied at 156.5 per dollar on Friday after briefly strengthening to around 155.5 earlier in the session, a day after Tokyo was suspected of intervening in the currency market. Although the Finance Ministry has not formally confirmed intervention, officials issued a “final” warning on Thursday morning against selling the yen. Market participants are now assessing the likelihood of additional steps as the government typically conducts more than one round of yen purchases. Earlier in the week, the yen had weakened beyond the psychologically important 160 per dollar threshold, a level that previously triggered official action in July 2024. The currency moves come in the context of recent policy decisions by both the Bank of Japan and the Federal Reserve, which held interest rates steady, maintaining a wide US–Japan rate differential that continues to favor dollar strength and pressure the yen.

UK house prices rose 3.0% year-on-year in April, marking the fastest pace since May 2025, Nationwide data showed. The latest result topped market expectations and March’s 2.2% gain, with Chief Economist Robert Gardner noting the housing market has regained momentum despite Middle East tensions and higher energy costs. “This is somewhat surprising given that indicators of consumer confidence have weakened noticeably,” he said, adding that higher interest rates and a more uncertain backdrop remain headwinds. On a monthly basis, prices increased 0.4%, easing from a 0.9% gain in March.