In this week's edition:
· Global Equity Markets Closed Last Week in the Red, Amid Escalating Geopolitical Tensions and Weak U.S. Payroll Data.
· Gold Slipped by 2.03% w/w, Partly Recovering from Earlier ~5% Losses as Investors Favoured the U.S. Dollar Amid Escalating Geopolitical Tensions.
· Ghana’s Treasury Auction Records 8.08% Oversubscription as Yields Continue to Decline Across the Curve.
· Financials and GOIL Drive Market Surge as GSE-CI Jumps 10.91% w/w; Last week’s performance pushes YTD Return on GSE-CI and GSE-FSI to 62.74% and 92.62%, respectively.
Kindly click to view the full report: Global Market Update - March 09, 2026
AROUND THE GLOBE
· United States Economy Loses 92K Jobs in February
o The U.S. economy lost 92,000 jobs in February 2026, the largest decline in four months and far worse than forecasts for a 59,000 gain. The drop was partly driven by strike-related losses in healthcare, particularly in physicians’ offices. Employment also fell in manufacturing, information, transportation, and the federal government, while social assistance added modest jobs. Revisions showed weaker earlier data, with December and January payrolls 69,000 lower than previously reported, indicating stagnant overall job growth in 2025.
· China Inflation Jumps to Highest in Over 3 Years
o China’s annual inflation rose sharply to 1.3% in February 2026, up from 0.2% in January and above expectations, marking the highest level since January 2023. The surge was largely driven by Lunar New Year-related spending, which boosted food prices, particularly fresh vegetables, while the decline in pork prices eased. Non-food inflation also strengthened, with higher costs for clothing, healthcare, and education. Core inflation climbed to 1.8%, its strongest since 2019, while monthly CPI increased by 1.0%, the largest rise in a year.
· Eurozone Growth Slows to 0.2% in Q4 2025
o The euro area economy expanded by 0.2% in Q4 2025, revised down from 0.3% and slower than the previous quarter, signaling modest momentum despite easing inflation and lower interest rates. Household consumption strengthened to 0.4%, but growth in fixed investment and public spending slowed. Both inventory changes and net trade slightly dragged on overall GDP. Among major economies, Spain led with 0.8% growth, followed by the Netherlands (0.5%), while Germany and Italy each grew by 0.3% and France 0.2%. For 2025 overall, GDP rose by 1.4%, up from 0.9% in 2024.
· United States Composite PMI Falls to 10-Month Low
o The U.S. S&P Global Composite PMI fell to 51.9 in February from 53 in January, marking a 10-month low and coming in below preliminary estimates. The slowdown reflected weaker growth in both manufacturing and services, alongside softer new business expansion early in the first quarter. Companies continued hiring, but only marginally as confidence in the economic outlook remained subdued. Meanwhile, costs and selling prices remained elevated, with price increases largely unchanged and still above long-term averages.
· Japan Current Account Surplus Rises but Misses Forecasts
o Japan’s current account surplus rose to JPY 942.6 billion in January 2026, up sharply from JPY 344.6 billion a year earlier but slightly below market expectations. The improvement was mainly driven by a smaller goods trade deficit, as exports surged by 20.5% while imports fell by 7.7% due to lower energy costs. However, the primary income surplus declined, while the services deficit widened, partly reflecting increased outbound travel and payments for foreign services. The secondary income deficit also widened slightly.
- GHANA
· Ghana Inflation Falls to Near Three-Decade Low
o Ghana’s annual inflation rate declined to 3.3% in February 2026, down from 3.8% in January, marking the 14th consecutive month of disinflation and the lowest level since August 1999. The decline was largely driven by easing food inflation, which dropped to 2.4% from 3.9%, while non-food inflation edged up slightly to 4.0%. On a monthly basis, consumer prices rose by 0.8%, accelerating from the 0.2% increase recorded in January.
- AFRICA
· South Africa’s Forex Reserves Climb to Fresh Record
o South Africa’s gross foreign exchange reserves rose to a new record of $81.06 billion in February 2026, up from $80.19 billion in January. The increase was driven mainly by higher gold reserves and foreign currency holdings, reflecting stronger external buffers. Meanwhile, the central bank’s forward position, which represents unsettled or swap transactions, edged up slightly. In contrast, SDR holdings declined marginally during the month.
· Nigeria’s Money Supply Falls Slightly to N123 Trillion
o Nigeria’s broad money supply (M2) declined by 0.8% month-on-month to N123.4 trillion in January 2026 from N124.4 trillion in December, signaling tight liquidity in the banking system despite lower interest rates. Quasi-money fell by 1.2% to N81 trillion, and currency outside banks dropped by 3.7% to N5.2 trillion, while demand deposits rose by 1.1% to N37.1 trillion. The decline in M2 was mirrored by a reduction in net domestic credit, with both government and private sector lending contracting.
Sources: Bloomberg, Reuters, Trading Economics
