In this week’s edition:
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U.S. Equities Closed Mixed, as Chipmaker Volatility Offset Support from Declining Treasury Yields.
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Gold Prices Fell 2.49% W/W, as Rising Oil Prices and Escalating U.S.-Iran Tensions Strengthened Expectations of Prolonged Tight Fed Policy.
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Ghana’s Treasury Auction Oversubscribed by 35.55% as Long-Term Demand Remains Strong and 364-Day Yield Edges Higher.
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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
U.S. Inflation Falls More Than Expected in June
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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
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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
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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
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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
