Global consumer confidence reached its highest level since the start of the Iran War, though weakening momentum across dozens of countries suggests the economic recovery is losing speed.
According to tracking data from Morning Consult, the global four-week moving average rose to 99.5 for the week ending July 26, 2026. That marks the highest reading since February 22, just prior to the outbreak of the Iran War on February 28. However, the weekly increase of 0.2 points was the smallest gain logged since April 26, shortly after sentiment bottomed out at a trough of 93.2 on April 19.
Breadth across individual economies is also narrowing. Out of 42 tracked markets, 17 recorded a decline in their four-week average this week. That figure has risen steadily over three consecutive weeks, up from 14 last week and 12 two weeks prior.
While the current spread of decliners remains well below the peak of 35 to 38 markets seen during the height of the conflict in March and April, it signals a shift from early July’s broader stabilization. The slowdown comes despite a pull-back in crude oil and European natural gas prices from their mid-July highs.
In the Americas, consumer sentiment remained largely static across North America. The U.S. sat virtually flat at 90.4 (up 0.3 points), with Canada at 78.5 and Mexico at 109.7 showing minimal movement. South America showed sharper contrasts.
Commodity-exporting nations like Brazil (119.2) and Colombia (120.8) held steady as regional outperformers above their January baselines. Conversely, Chile remained the hemisphere’s furthest behind at 83.2—down 18.9 percent from January—while Argentina stood at 86.5, down 11.6 percent over the same period.
European markets displayed mixed results. Germany led regional gains with a 0.8-point increase to 76.6, supported by advances in Spain (up 1.1 points to 87.8) and the U.K. (up 1.0 point to 73.7). On the losing end, the Netherlands posted the global dataset’s largest four-week average drop, falling 3.3 points to 87.2 following an 8.5-point raw weekly drop.
Austria fell 1.8 points to 70.8 after an 8.8-point raw weekly decline, placing it 11.8 percent below its January start. Turkey remained a major outlier, rising 19.3 percent above its January baseline to 70.5—the largest positive gap among all tracked nations.
Across the Asia-Pacific, high liquefied natural gas (LNG) prices tied to Strait of Hormuz supply risks continued to weigh on energy-importing economies. Japan dipped 0.7 points to 64.0 and South Korea slipped 0.9 points to 90.5. China fell 1.0 point to 164.0, extending a drop from its June peak, though access to Russian pipeline oil helped cushion the decline. Australia proved to be a rare bright spot for the region, jumping 2.0 points to 87.9, while Singapore held at 107.3, still 12.2 percent beneath its January baseline.
In the Middle East and Africa, oil-exporting nations continued to benefit from elevated energy revenues. Saudi Arabia (152.3) and the UAE (147.6) held near recent high levels. In contrast, Israel dropped 0.8 points to 107.5 as renewed tanker attacks in the Strait of Hormuz unwound gains made during an earlier ceasefire. In Africa, Nigeria stood at 113.8 (down 10.3 percent from January), while South Africa remained flat relative to January at 103.3.
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