Weekly Market Update - Monday, August 3, 2026

In this week's edition:

  • U.S. Stocks Closed Higher Last Week as Gains in Major Technology Stocks Lifted the Market in a Volatile Week.
  • Ghana’s Treasury Auction Oversubscribed by 47.48% as Demand Stays Skewed to the Long End Despite Mixed Yield Movements.
  • Broader Market Extends Gains as GSE-CI Rises 0.68% w/w to 75.99% YTD Despite Continued Pullback in Financial Stocks. 
Kindly click to view the full report: Global Market Update - August 03, 2026

AROUND THE GLOBE   

  • U.S GDP Growth Slows in Q2 2026
    • The U.S. economy expanded at an annualized 1.50% in Q2 2026, slowing from 2.10% in Q1 2026 and falling short of market expectations of 2.10%, according to the advance estimate from the Bureau of Economic Analysis. The moderation reflected slower growth in non-residential fixed investment (8.40% in Q2 vs. 10.60% Q1), a deeper drag from net exports (-1.01pp in Q1 vs. -0.37pp in Q2) due to weaker export growth (4.50% in Q2 vs. 10.90% in Q1), and a decline in government spending (-0.80% in Q2 vs. 4.40% in Q1). However, consumer spending accelerated sharply to 3.20% (vs. 0.50% in Q2), supported by stronger spending on vehicles, healthcare, furniture, and hospitality services, while residential investment rose 1.50%, marking its first increase in six quarters.
  • Fed Holds Rates Steady, Signals Potential for Further Tightening
    • The Federal Reserve left the federal funds rate unchanged at 3.50%–3.75% on July 29, 2026, marking a fifth consecutive meeting without a rate change and aligning with market expectations. However, three FOMC members dissented in favor of a 25bp rate hike, signaling that policymakers remain concerned about inflation and leaving the door open to a possible rate increase in September. While acknowledging the economy's resilience, policymakers stressed that inflation remains above the 2.00% target, partly reflecting energy-related supply shocks, and reaffirmed their commitment to restoring price stability.
  • BoE Holds Rates Steady, Warns of Upside Inflation Risks
    • The Bank of England left its Bank Rate unchanged at 3.75% on July 30, 2026, with a 6–3 vote split, as policymakers balanced easing inflation against persistent risks from higher energy prices and geopolitical uncertainty. While headline inflation slowed to 2.60%, the Bank cautioned that price pressures could re-emerge later this year as elevated energy costs feed through to households and businesses, prompting three MPC members to vote for a 25bp hike to 4.00%.
  • Eurozone Inflation Rises to 2.90% in July
    • The Eurozone annual inflation accelerated to 2.90% in July 2026, up from 2.80% in June 2026 and in line with market expectations, remaining well above the ECB’s 2.0% target. The increase was driven mainly by a renewed pickup in energy inflation (10.00% vs. 8.50% in June) following the resumption of hostilities between the US and Iran, while services inflation edged higher to 3.30% (vs. 3.20% in June) and non-energy industrial goods inflation rose to 0.90% (vs. 0.70% in June). Meanwhile, food, alcohol, and tobacco inflation eased to 1.20% (vs. 1.50% in June), but core inflation increased to 2.50% (vs. 2.40% in June), signalling firmer underlying price pressures.
  • Eurozone Growth Beats Expectations in Q2 2026
    • The Eurozone economy expanded by 1.00% y/y in Q2 2026, accelerating from an upwardly revised 0.50% in Q1 2026 and comfortably surpassing market expectations of 0.50%, according to preliminary estimates. Growth was supported by strong AI-related investment, resilient government spending, and temporary one-off factors, which helped offset the impact of the Iran conflict and higher energy prices. Among the bloc’s largest economies, Spain (2.70%) remained the strongest performer, followed by the Netherlands (1.30%), Italy (1.00%), Germany (0.90%), and France (0.70%). On a quarterly basis, GDP grew 0.40% q/q, accelerating from 0.2% in Q1 2026 and doubling market expectations, marking the strongest expansion since Q1 2025.
  • IMF Completes Final ECF Review, Unlocks US$371mn for Ghana

    • The IMF Executive Board has approved the final review of Ghana’s US$3.00 billion Extended Credit Facility (ECF) programme, unlocking a final disbursement of about US$371.00 million and bringing the three-year bailout arrangement to a successful conclusion. The programme, launched in 2023, supported fiscal reforms, macroeconomic stabilization, and debt sustainability efforts following Ghana’s economic crisis. Following the ECF’s completion, Ghana will transition to a 36-month Policy Coordination Instrument (PCI), a non-financing arrangement aimed at sustaining reforms, maintaining policy credibility, and consolidating recent economic gains.
  • Ghana Targets GH¢16.30bn in First Cocoa Bill Sale Since Debt Default
     
    • Ghana is seeking to raise GH¢16.30 billion (about US$1.40 billion) through its first cocoa bill issuance since the country’s 2022 debt default, with the 270-day instrument expected to be offered to domestic institutional investors in early August. The proceeds will be used by COCOBOD to finance cocoa purchases from farmers during the 2026/27 crop season, marking the regulator’s largest cedi-denominated fundraising transaction to date. The issuance forms part of efforts to reduce reliance on external borrowing, with the bills to be issued through a special purpose vehicle, Cocoa Notes and Bonds Plc, listed on the Ghana Stock Exchange and supported by a sinking fund backed by cocoa export revenues to facilitate repayment and future issuances.
  • Kenya Inflation Edges Higher in July
  • Kenya’s annual inflation rate rose slightly to 6.50% in July 2026, from 6.40% in June 2026, remaining above the midpoint of the central bank’s 2.50%-7.50% target range for a third consecutive month. The increase was driven mainly by transport inflation (15.6% ), reflecting the lingering pass-through effects of earlier fuel price hikes, while food and non-alcoholic beverage inflation remained elevated at 9.0% (vs. 8.6% in June). Similarly, core inflation edged up to 3.2% (vs. 3.1% in June), signaling a modest build-up in underlying price pressures.
  • South Africa Producer Inflation Eases in June
  • South Africa’s producer price inflation slowed to 7.5% y/y in June 2026, down from an over three-year high of 7.8% in May 2026, as price pressures moderated across several manufacturing categories. The deceleration was driven by softer inflation in food, beverages and tobacco (1.3% vs. 2.1% in May), paper and printed products (8.5% vs. 8.7% in May), electrical machinery and communication equipment (6.2% vs. 6.9% in May), transport equipment (0.6% vs. 0.7% in May), and furniture (4.6% vs. 8.2% in May). On a monthly basis, producer prices fell 0.1%, reversing a 2.6% increase in May.

Weekly Market Update - Monday, July 27, 2026

In this week’s edition:

  • U.S. Equities Declined at Week Close as Escalating Middle East Tensions and Rising Oil Prices Fuel Inflation Concerns and Reinforce Expectations of a More Hawkish Federal Reserve.

  • Gold Gained 0.88% W/W, Supported by a Strong Safe-haven Demand Amid Geopolitical Uncertainty and Red Sea Supply Disruptions.

  • Ghana’s Treasury Auction Oversubscribed by 21.63% as Long-Term Demand Remains Strong.

  • GSE Glides in Positive Territory as Broad-Based Gains Lift Market; GSE-CI Up 2.63% w/w to 74.80% YTD, While GSE‑FI Rose 0.19% W/W to 78.20% YTD.

Kindly click to view the full report: Global Market Updates - July 27, 2026

 

AROUND THE GLOBE   

  • U.S Business Activity Growth Accelerates to Eight‑Month High

    • US private‑sector activity strengthened in July 2026, with the S&P Global Composite PMI rising to 53.6 from 51.9 in June, marking the strongest expansion since November 2025. The improvement was driven by the services sector, where activity accelerated to an eight‑month high, while manufacturing output continued to grow but at a slower pace, recording its weakest increase since March. Hiring increased for the first time in three months and business confidence climbed to an eight‑month high, although supplier delivery times deteriorated to their worst level in nearly four years amid Middle East-related disruptions.

  • ECB Holds Rates Steady as Energy Risks Persist

    • The European Central Bank left its key interest rates unchanged in July 2026, following a 25bp increase in June, as policymakers adopted a more cautious stance amid easing inflationary pressures and softer economic momentum. The ECB noted that while energy prices remain volatile, the outlook is broadly consistent with its June projections, though uncertainty remains elevated and the full impact of the recent energy shock has yet to be reflected in inflation data. 

  • UK Inflation Eases More Than Expected in June

    • The UK’s annual inflation rate slowed to 2.6% in June 2026, down from 2.8% in May 2026 and below market expectations of 2.7%, marking the lowest reading since March 2025. The moderation was driven by softer transport inflation (5.7% vs. 6.8% in May), largely reflecting lower fuel prices, while food inflation eased to 1.7% (vs. 2.2% in May), its lowest level since August 2024. On a monthly basis, consumer prices rose 0.1% (vs. 0.2% in May), in line with market forecasts.

  • Euro Area Services Activity Returns to Expansion in July

    • The Eurozone services sector returned to growth in July 2026, with the S&P Global Services PMI rising to 51.6 from 49.4 in June, marking a five‑month high and comfortably exceeding market expectations of 49.8. The rebound reflected renewed growth in business activity, while employment improved, with service providers leading overall job creation across the private sector.

  • UK Private Sector Activity Rebounds in July

    • The S&P Global UK Composite PMI rose to 52.1 in July 2026, up from 49.3 in June and well above market expectations of 49.7, marking a return to expansion after two consecutive months of contraction. The improvement was supported by stronger activity in both manufacturing (53.6 vs. 52.6 in June) and services (51.8 vs. 48.8 in June), with the latter recovering from second-quarter weakness caused by the Iran conflict, which had pushed up energy costs and weighed on consumer demand.

 

GHANA 

  • BoG Keeps Policy Rate Unchanged at 14%

    • The Bank of Ghana (BoG) maintained its benchmark interest rate at 14.0% during its July 2026 meeting, extending a pause in its easing cycle after five consecutive rate cuts. The decision reflects a cautious policy stance amid heightened geopolitical uncertainty and renewed inflation risks, with Governor Johnson Asiama noting that policymakers need more time to assess incoming data and its implications for the domestic economy. Meanwhile, headline inflation accelerated to 5.3% in June from 3.7% in May, driven largely by higher fertilizer and energy-related costs following the earlier surge in global oil prices.

 

AFRICA 

Nigeria Holds Policy Rate at 26.5% Amid Persistent Inflation Risks

  • The Central Bank of Nigeria (CBN) kept its benchmark interest rate unchanged at 26.5% at its July 2026 meeting, maintaining a cautious stance amid persistent inflationary pressures and heightened uncertainty stemming from renewed tensions in the Middle East. Governor Olayemi Cardoso noted that the Nigerian economy has remained relatively resilient to external shocks, supported in part by expanding domestic refining capacity, while policymakers opted to hold rates steady to assess incoming economic data.

    South Africa Unexpectedly Holds Rates Steady

  • The South African Reserve Bank (SARB) left its benchmark repo rate unchanged at 7.0% in July 2026, surprising markets that had widely expected a 25bp rate increase, as policymakers sought to balance persistent inflation risks against a fragile economic recovery. The Monetary Policy Committee voted 4–2 in favor of holding rates, citing a more favorable inflation outlook and weaker growth conditions, while reaffirming its commitment to gradually steering inflation toward its 3.0% target.

 

Sources: Bloomberg, Reuters, Trading Economic

Weekly Market Update - Monday, July 13, 2026

In this week's edition:

  • U.S. Equities Closed Mixed, as Chipmaker Volatility Offset Support from Declining Treasury Yields.
  • Gold Prices Fell 1.36% W/W, as Rising Oil Prices and Escalating U.S.-Iran Tensions Strengthened Expectations of Prolonged Tight Fed Policy.
  • Ghana’s Treasury Auction Oversubscribed by 30.24% as Long-Term Demand Remains Strong and 364-Day Yield Edges Higher.
  • GSE Returns to Positive Territory as Broad-Based Gains Lift Market; GSE-CI Up 0.80% w/w to 68.33% YTD, While GSE‑FI Rose 0.40% W/W to 77.06% YTD.
 
Kindly click to view the full report: Global Market Update - July 13, 2026

 

AROUND THE GLOBE   

  • U.S. Trade Deficit Widens to Highest Level in Over a Year
    • The U.S. trade deficit widened sharply to $77.6 billion in May 2026, up from a revised $54.6 billion in April and broadly in line with market expectations of a $78.5 billion shortfall, marking the largest gap since March 2025. The deterioration was driven by a 3.3% increase in imports to $395.3 billion last month, the highest level in more than a year, led by stronger purchases of consumer goods, crude oil, and passenger vehicles, while exports fell 3.2% to $317.7 billion due to weaker shipments of non-monetary gold, computers, and pharmaceutical products.
  • ECB Signals Data-Dependent Neutrality Amid Geopolitical Volatility
    • According to the latest meeting minutes released on July 9, 2026, ECB policymakers agreed to maintain a neutral, data-dependent approach without signaling a pre-set path for future interest rates due to elevated economic uncertainty. However, markets are currently pricing in a 70% chance of a September rate hike as a recent surge in oil prices, triggered by renewed US-Iran military strikes, heightens concerns over broader inflation.
  • China Inflation Eases Slightly Below Forecasts
    • China’s annual inflation rate slowed to 1.0% in June 2026, from 1.2% in May, coming in slightly below market expectations of 1.1% and marking the softest increase in three months. Non-food inflation eased to 1.5% (vs. 1.9% in May), driven by a moderation in transport costs (4.1% vs. 5.4% in May) following cuts in domestic gasoline and diesel prices amid lower energy costs as Middle East tensions eased. Meanwhile, core inflation, which excludes food and energy, rose by 1.0% y/y (vs. 1.1% in May), while on a monthly basis consumer prices fell by 0.3% (vs. -0.1% in May), a steeper decline than the 0.2% drop expected by markets.
  • Japan Bank Lending Growth Holds Near Five‑Year High
    • Japan’s bank lending increased 5.7% y/y in June 2026, unchanged from May’s 5.7% pace but slightly below market expectations of 5.8%, remaining the strongest growth rate since March 2021. Outstanding loans at major, regional, and shinkin banks rose to JPY 676.1 trillion, from JPY 670.8 trillion in May, with lending by major and regional banks accelerating to 6.3% (vs. 6.2% in May), driven by stronger demand for M&A financing, real estate investment, and business expansion.

GHANA

World Bank Downgrades Ghana Energy Recovery Programme to ‘Unsatisfactory’

    • The World Bank has downgraded Ghana’s Energy Sector Recovery Programme (ESRP) from “Moderately Satisfactory” to “Unsatisfactory”, citing financing constraints, election-related disruptions, procurement restrictions, and delays in approvals from the Ministry of Finance. Progress across key reform targets has been mixed, with ECG meeting its audited financial statement requirement but lagging in energy accounting, customer service reforms, and clean cooking initiatives. The Bank also raised concerns over declining collection efficiency and rising sector losses, with the combined financial losses of ECG and NEDCo reaching about US$1.5 billion, well above the programme’s long-term target.

AFRICA

Egypt Inflation Falls to Four‑Month Low in June

  • Egypt’s annual urban inflation eased for a third consecutive month to 14.3% in June 2026, down from 14.6% in May and below market expectations of 15.1%, marking the lowest reading since February. The slowdown was driven by softer increases in transport costs (24.4% vs 24.7% in May), food and beverages (5.4% vs 7.6% in May), clothing and footwear (13.6% vs 14.2% in May), and health (4.0% vs 4.1% in May), although housing and utility inflation accelerated to 41.2% (vs 40.4% in May) on higher electricity costs. On a monthly basis, CPI fell by 0.4%, reversing a 1.6% increase in May and marking the first monthly decline since July 2025.

Egypt Central Bank Holds Rates Steady for Third Consecutive Meeting

  • The Central Bank of Egypt left its benchmark interest rate unchanged at 19.0% in July 2026, in line with expectations, marking a third consecutive meeting without a rate change as policymakers remain cautious amid geopolitical uncertainties and regional tensions. The decision came as headline inflation eased to 14.3% in June from 14.6% in May, its lowest level since before the Middle East conflict, while GDP growth slowed to 5.0% from 5.3% in the first quarter of 2026. Looking ahead, the central bank expects inflation to rise through Q3 2026 before gradually easing toward its 7±2% target range by the second half of 2027, with economic growth projected to average 5.0% in FY2025/26.

Kenya Economic Growth Accelerates in Q1 2026

  • Kenya’s economy expanded by 5.3% y/y in Q1 2026, up from 4.0% in Q4 2025, marking the strongest growth since Q4 2024 and reflecting broad-based improvements across all major sectors. The rebound was led by agriculture, which grew 4.9% (vs. -1.3% in Q4 2025) amid favorable weather conditions, alongside strong performances in accommodation and food services (14.7%), mining and quarrying (9.1%), construction (6.6%), financial services (6.3%), information and communication (5.0%), and manufacturing (4.4%). On a seasonally adjusted basis, GDP increased by 1.3% q/q, unchanged from the pace recorded in Q4 2025, underscoring sustained economic momentum.

South Africa FX Reserves Fall to Seven‑Month Low

  • South Africa’s gross foreign exchange reserves declined to $74.12 billion in June 2026, from $76.58 billion in May, marking the lowest level since November 2025. The decline was mainly driven by a drop in the value of gold reserves ($16.26 billion vs. $18.27 billion in May), lower foreign currency reserves ($51.22 billion vs. $51.66 billion), valuation adjustments, and government-related foreign exchange payments.

    Sources: Bloomberg, Reuters, Trading Economics

Weekly Market Update - Monday, July 20, 2026

In this week’s edition: 

  • U.S. Equities Closed Mixed, as Chipmaker Volatility Offset Support from Declining Treasury Yields.

  • Gold Prices Fell 2.49% W/W, as Rising Oil Prices and Escalating U.S.-Iran Tensions Strengthened Expectations of Prolonged Tight Fed Policy. 

  • Ghana’s Treasury Auction Oversubscribed by 35.55% as Long-Term Demand Remains Strong and 364-Day Yield Edges Higher.

  • GSE Glides In Positive Territory as Broad-Based Gains Lift Market; GSE-CI Up 0.89% w/w to 70.32% YTD, While GSE‑FI Rose 0.30% W/W to 77.86% YTD.

Kindly click to view the full report: Global Market Updates - July 20, 2026

 
AROUND THE GLOBE   

U.S. Inflation Falls More Than Expected in June

  • The U.S. annual inflation rate slowed to 3.5% in June 2026, down from 4.2% in May 2026 and below market expectations of 3.8%, marking the first decline in five months. The moderation was driven largely by easing energy pressures, with energy inflation slowing to 15.7% (vs. 23.5% in May), including softer increases in gasoline prices (26.7% vs. 40.5% in May) and fuel oil (42.9% vs. 58.9% in May), following the US-Iran ceasefire. Inflation also eased for shelter (3.3% vs. 3.4% in May) and food (3.0% vs. 3.1% in May), while core inflation slowed to 2.6% (vs. 2.9% in May), below expectations of 2.8%. On a monthly basis, CPI fell by 0.4% (vs. +0.5% in May), marking the largest decline since April 2020 and exceeding forecasts for a 0.1% drop, as energy prices fell by 5.7% (vs. +3.9% in May), including a 9.7% decline in gasoline prices. Meanwhile, core CPI was unchanged (vs. +0.2% in May), undershooting expectations for a 0.2% increase.

Eurozone Inflation Confirmed at Four‑Month Low in June

  • Eurozone annual inflation was confirmed at 2.8% in June 2026, down from 3.2% in May 2026 and marking its lowest level since February, although it remained above the ECB’s 2.0% target. The slowdown was driven by softer energy inflation (8.5% vs. 10.8% in May), alongside moderating price growth in services, non‑energy industrial goods, and food, alcohol and tobacco. Meanwhile, core inflation eased to 2.4% (vs. 2.6% in May), while inflation slowed across major economies including Germany, France, Italy, and the Netherlands, and held steady at 3.6% in Spain.

    China’s Economy Expands 0.9% in Q2 2026

  • China’s economy grew by 0.9% q/q in Q2 2026, matching market expectations but slowing from 1.3% in Q1, marking the weakest quarterly expansion since Q2 2024. Growth was constrained by soft domestic demand and the lingering impact of the Iran war-induced oil shock, which offset the resilience of exports and manufacturing activity, while household consumption and private investment remained subdued amid the prolonged property sector downturn. The data has strengthened expectations for additional policy support ahead of the late-July Politburo meeting, with authorities likely to rely more on fiscal stimulus to sustain growth as the scope for further monetary easing remains limited.

    UK Economy Returns to Growth in May

  • The UK economy expanded by 0.1% m/m in May 2026, rebounding from a 0.1% contraction in April 2026 and matching market expectations, with growth driven entirely by a 0.3% increase in services output. Gains in professional, scientific and technical activities, alongside advances in administrative and support services and healthcare, offset declines in production (-0.5%) and construction (-0.8%). On an annual basis, GDP grew by 1.3%, marking the strongest expansion since July 2025, while growth over the three months to May remained solid at 0.7%, supported by services (0.7%), construction (1.6%), and production (0.1%).

GHANA 

COCOBOD Settles GH¢162mn Outstanding Cocoa Bill Obligations

  • The Ghana Cocoa Board (COCOBOD) has fully settled GH¢162 million in outstanding obligations owed to Cocoa Bill holders who did not participate in the Domestic Debt Exchange Programme (DDEP), bringing closure to a long-standing debt issue that has remained unresolved since the debt restructuring exercise began in 2023. The repayment clears one of COCOBOD’s remaining legacy liabilities from the restructuring period and forms part of efforts to restore investor confidence and strengthen its financial position. The obligations stem from COCOBOD’s 2023 exchange of GH¢7.93 billion in short-term Cocoa Bills, under which many investors participated, while a portion of holders opted out and retained their original claims, which have now been fully settled.

AFRICA 

Nigeria Inflation Remains Largely Stable in June

  • Nigeria’s annual inflation rate was broadly unchanged at 15.91% in June 2026, compared with 15.93% in May 2026, as relative stability in the naira helped offset inflationary pressures stemming from the Middle East conflict. Food inflation accelerated to 17.52% (vs. 16.96% in May) and housing and utilities inflation rose to 11.19% (vs. 9.79% in May), while price pressures eased across several categories, including transportation (15.62% vs. 17.09% in May), clothing and footwear (6.39% vs. 6.79% in May), restaurants and hotels (23.63% vs. 24.04% in May), and alcoholic beverages and tobacco (2.94% vs. 3.89% in May). Meanwhile, core inflation slowed to 15.92% (vs. 16.82% in May), while monthly CPI growth eased to 1.66% (vs. 1.75% in May), marking the slowest increase in five months.

Sources: Bloomberg, Reuters, Trading Economics

Weekly Market Update - Monday, July 6, 2026

In this week's edition:

  • U.S. Equities Advanced, as Weaker-Than-Expected Jobs Data Reduced Expectations of Further Federal Reserve Tightening.
  • Gold Prices Rose 2.16% W/W, Supported by Weak U.S. Jobs Data that Boosted Expectations for a More Accommodative Fed.
  • Ghana’s Treasury Auction Misses Target by 6.16% as Yields Extend Upward Momentum Across the Curve.
  • GSE Extends Pullback as Profit-Taking Continues; GSE-CI Falls 0.53% w/w to 67.49% YTD, While GSE‑FI Dropped 0.57% W/W to 76.63% YTD.
     
Kindly click to view the full report: Global Market Update - July 06, 2026

 

AROUND THE GLOBE   

  • U.S. Unemployment Falls as Labour Force Participation Declines
    • The U.S. unemployment rate eased to 4.2% in June 2026, down from 4.3% in May and below market expectations, largely reflecting a sharp contraction in the labour force. The number of unemployed declined by 213,000 to 7.09 million, but total employment also fell by 507,000, while the labour force shrank by 720,000 to 169.36 million, pushing the participation rate down to 61.5%, its lowest level since March 2021. The employment-to-population ratio slipped to 59.0%, the lowest level in over four years, while the broader U-6 unemployment rate fell to 7.9% from 8.1%, indicating a decline in overall labour market slack despite weaker workforce participation
  • U.S. Manufacturing Growth Moderates in June
    • The ISM Manufacturing PMI for the U.S. eased to 53.3 in June 2026, down from 54.0 in May 2026 and slightly below expectations of 54.0, signalling a moderation of growth in manufacturing activity. Growth in output (52.2 vs 54.3 in May 2026) and new orders (56.0 vs 56.8in May 2026) slowed, while the employment index improved to 49.7 from 48.6, indicating a softer pace of job losses despite remaining in contraction territory. Meanwhile, the price index declined sharply to 73.0 from 82.1, suggesting some easing in cost pressures, although inflation remained elevated amid ongoing concerns over Middle East tensions, higher interest rates, tariffs, and global trade uncertainty.
  • Euro Area Producer Inflation Eases in May
    • Euro area producer prices rose by 0.2% m/m in May 2026, slowing from an upwardly revised 0.7% increase in April and matching market expectations, as declining energy costs helped moderate overall price pressures. Energy prices fell by 1.0%, extending April’s 0.2% decline, while producer inflation excluding energy eased to 0.7% from 0.9%, with slower increases recorded for intermediate goods (1.4% vs 1.8% in May 2026) and capital goods (0.2% vs 0.4% in May 2026). On an annual basis, producer inflation accelerated to 5.9%, the highest since March 2023.
  • China Composite PMI Eases from Three‑Month High
    • China’s RatingDog General Composite PMI edged down to 53.6 in June 2026 from a three‑month high of 54.0 in May, signaling a slight moderation in business activity while remaining among the strongest readings of the past three years. Growth continued to be supported by sustained expansion in both manufacturing and services, with new business increasing for a thirteenth consecutive month and employment rising for a second straight month, marking the first back‑to‑back increase in payrolls since mid‑2023.
  • UK Q1 GDP Growth Revised Lower
    • The UK economy expanded by 0.9% y/y in Q1 2026, revised down from the preliminary estimate of 1.1% and matching the revised growth rate recorded in the previous quarter. Growth continued to be driven by the services sector (+1.2%), while production declined by 0.1% and construction contracted by 1.6% compared to a year earlier. On the expenditure side, household consumption rose by 0.9%, government spending increased by 2.7%, and gross fixed capital formation advanced by 1.6%, while net trade weighed on growth as imports rose by 2.7%, outpacing the 0.6% increase in exports.
  • Ghana Inflation Climbs to Six‑Month High in June
     
    • Ghana’s annual inflation rate accelerated sharply to 5.3% in June 2026, up from 3.7% in May, marking its highest level since December 2025 (5.3%) and the third consecutive monthly increase. The pickup was driven mainly by stronger non‑food inflation (6.3% vs 4.1% in May 2026), led by increases in transport, housing, and education costs. At the same time, food inflation rose to 3.9% from 3.3% in May. On a monthly basis, consumer prices increased by 0.2%, moderating significantly from the 1.1% rise recorded in May.
  • Kenya Inflation Eases for the First Time in Four Months
  • Kenya’s annual inflation rate slowed to 6.4% in June 2026 from 6.7% in May, marking the first moderation since February 2026 after reaching its highest level since January 2024 in the previous month. The slowdown was driven by softer increases in transportation costs (16.1% vs 16.5% in May 2026) and food prices (8.6% vs 9.4% in May 2026), helping ease overall price pressures. On a monthly basis, CPI rose by 0.3%, significantly slower than the 1.6% increase recorded in May.
  • South Africa Private Sector Returns to Expansion in June
  • South Africa’s private‑sector activity returned to growth in June 2026, with the S&P Global PMI rising to 50.5 from 49.6 in May, moving back above the neutral 50.0 threshold. Despite the improvement, output and new orders contracted for a second consecutive month, reflecting weak domestic demand, elevated price pressures, and ongoing economic uncertainty, while the services sector remained the only segment to record growth in new business.
  • Nigeria Private Sector Growth Moderates in June
  • Nigeria’s private‑sector activity remained firmly in expansion territory in June 2026, although growth eased slightly as the Stanbic IBTC PMI declined to 53.4 from 54.1 in May. The moderation reflected slower increases in output and new orders, with manufacturing emerging as the only major sector to record a contraction, while strong consumer demand and new product launches continued to support overall business activity.
  1. Weekly Market Update - Monday, June 22, 2026
  2. Weekly Market Update - Monday, June 15, 2026
  3. Weekly Market Update - Monday, June 8, 2026
  4. Weekly Market Update - Monday, June 1, 2026

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