In this week's edition:
· U.S. Stocks Closed Last Week Slightly Higher as PCE Inflation Print Lighter
· Gold Prices Dropped by 0.98% as U.S. Economic Data Strengthened Expectations for a Near-Term Fed Rate Cut
· Ghana’s Treasury Auction Posts 19.82% Oversubscription with Mixed Yield Movements
· Ghanaian Equities Stay in the Green: GSE-CI Climbs 0.15% w/w to 76.39% YTD Despite Mixed Sentiment
Kindly click to view the full report: Global Market Update - December 8, 2025
AROUND THE GLOBE
· US PCE Inflation Edges Higher in September
o The US PCE price index rose 0.3% in September 2025, matching August’s pace and expectations. Goods prices jumped 0.5%, while services inflation slowed to 0.2%. Core PCE increased 0.2%, unchanged from August. Food prices rose 0.4% and energy costs surged 1.7%. Annually, headline PCE accelerated to 2.8%, the highest since April 2024, while core PCE eased slightly to 2.8%. The report, delayed by the government shutdown, reinforced the Fed’s cautious inflation outlook.
· US Private Employers Cut Jobs for First Time in Over a Year
o US private-sector payrolls fell by 32,000 in November, the largest decline since March 2023 and well below expectations for a gain. The drop was driven by a steep 120,000 loss at small firms, while medium and large companies added jobs. Manufacturing, professional services, information, construction, and finance all posted declines, partly offset by gains in health, leisure, mining, and trade. Wage growth continued to cool, with pay rising by 4.4% for job-stayers.
· Eurozone Annual Growth Confirmed at 1.4%
o Eurozone GDP grew by 1.4% year-on-year in Q3 2025, easing from 1.6% in the first half but aligning with earlier estimates. Household spending and investment slowed, while government expenditure and trade volumes strengthened. Among major economies, Spain remained the fastest growing, followed by the Netherlands and France, with Italy accelerating slightly and Germany steady at 0.3%. On a quarterly basis, the economy expanded by 0.3%, an upward revision from the initial 0.2% estimate.
· India Cuts Policy Rate and Lifts Growth Outlook
o The Reserve Bank of India cut its repo rate by 25 bps to 5.25% in December 2025, marking 125 bps of easing year-to-date and the lowest rate since mid-2022. To support liquidity, the RBI announced INR 1 trillion in bond purchases and USD 5 billion in forex swaps. It also upgraded FY2025/26 GDP growth to 7.3% and lowered its inflation forecast to 2.0%, keeping price pressures well within target.
- GHANA
· Inflation Continues Its Steady Decline
o Ghana’s annual inflation continued its downward trajectory, falling for the 11th consecutive month to 6.3% in November 2025 from 8% in October, aided by a stronger cedi supported by rising cocoa and gold prices. Food inflation eased to 6.6% from 9.5%, while non-food inflation slowed to 6.1% from 6.9%. On a monthly basis, the consumer price index rose by 0.9% in November after a 0.4% decline in October.
- AFRICA
· Nigeria GDP Growth Slows but Remains Resilient
o Nigeria’s economy grew by 3.98% year-on-year in Q3 2025, easing from 4.23% in Q2 but maintaining a solid pace. The non-oil sector, accounting for 96.6% of GDP, expanded by 3.91%, supported by agriculture, finance and insurance, construction, trade, and real estate. The oil sector grew by 5.84%, sharply down from 20.46% previously. Average daily crude production reached 1.64 million barrels, slightly below Q2 levels but above the same period in 2024.
· South Africa’s Forex Reserves Hit Record High in November
o South Africa’s gross foreign exchange reserves rose to a historic high of $72.07 billion in November 2025, up from $71.55 billion in October. The increase was driven mainly by higher gold reserves, which climbed to $16.84 billion, and marginally higher SDR holdings. Foreign currency reserves, however, dipped to $48.73 billion, while the central bank’s forward position declined to $0.55 billion, reflecting reduced unsettled swap transactions.
Sources: Bloomberg, Reuters, Trading Economics
