Weekly Market Update - Monday, October 19, 2026

In this week's edition:

• U.S. Stocks Closed Mixed as Chipmakers Extended Their Losing Streak to Eight Sessions, the Longest Since 2008.
• Gold Prices Fell by 0.68% w/w, as Stronger-Than-Expected U.S. Inflation Prompted Markets to Reassess the Fed’s Rate Outlook.
• Ghana’s Treasury Auction Undersubscribed by 30.62% as Yields Record Mixed Movements Across the Curve.
• Ghanaian Equities Market Rebounded Last Week, with the GSE-CI Rising by 2.43% w/w to 64.13% YTD as MTNGH and Select Financials Support Gains.

AROUND THE GLOBE   

• U.S. Core Inflation Rebounds to 2.6% in September
  • U.S. core inflation accelerated to 2.6% y/y in September 2026, up from 2.4% in August and above the 2.5% forecast. Shelter costs rose by 3.2% over the year, while airline fares surged by 22.4%. Education and recreation prices increased by 3.8% and 2.8%, respectively. Monthly core CPI rose by 0.3%, matching August’s pace but exceeding the 0.2% expected. The stronger-than-anticipated reading signals persistent underlying price pressures, potentially limiting the Federal Reserve’s scope for monetary easing.
• China GDP Growth Accelerates to 4.5% in Q3
  • China’s economy grew by 4.5% y/y in Q3 2026, up from 4.3% in Q2 and above the 4.4% forecast. Growth was supported by policy easing and resilient exports, particularly AI-related components, high-tech goods and electric vehicles. September industrial production and retail sales also recorded their fastest growth in six months. GDP has expanded by 4.6% in the first nine months of 2026, within the government’s 4.5%–5.0% annual target. However, weak domestic demand and global uncertainty continue to threaten the outlook.
• Eurozone Inflation Holds at Three-Year High of 3.8%
  • Eurozone annual inflation accelerated for a third consecutive month to 3.8% in September 2026, up from 3.2% in August, confirming its highest level since September 2023. Energy inflation surged to 18.9% from 14.3%, while services and food, alcohol and tobacco prices also increased at faster rates. Core inflation edged up to 2.5% from 2.4%, while monthly CPI rose by 0.6%. Inflation strengthened across major economies, including Germany, France, Italy and Spain, complicating the European Central Bank’s efforts to contain price pressures.
• UK Economy Grows Unexpectedly in August
  • The UK economy expanded by 0.1% m/m in August 2026, slowing from 0.4% growth in June and July but outperforming expectations of a 0.1% contraction. Growth was driven by a 0.8% rise in production output, including gains in manufacturing and mining, while services stagnated and construction contracted for a fourth consecutive month. On an annual basis, GDP growth accelerated to 2.1%, its strongest since October 2022, from 1.8% in July, exceeding forecasts of 1.7%.

GHANA

• Ghana Economic Activity Accelerates to 7.4% in July
  • Ghana’s economic activity grew by 7.4% year-on-year in July 2026, up from 4.9% a year earlier, driven by stronger services and a recovery in industry. The services sector expanded by 12.2%, contributing 63.8% of overall growth and led by information and communication. Industry grew by 5.4%, supported by mining and quarrying, while agriculture expanded by 3.7%, slowing from 8.2% a year earlier. The figures indicate improving economic momentum, although the concentration of growth in services and weaker agricultural expansion remain key considerations.

REST OF AFRICA

• Nigeria Inflation Falls to Six-Year Low of 14.63%
  • Nigeria’s annual inflation rate eased for a fourth consecutive month to 14.63% in September 2026, down from 15.39% in August, its lowest level since October 2020. The moderation was supported by relative Naira stability and slower price increases across several categories. Over the same period, monthly CPI growth slowed sharply to 0.06% from 0.71%. Core inflation also declined to 12.95%, its lowest since January 2021. However, food inflation remained elevated at 19.59%, highlighting persistent pressure on household purchasing power.
• South Africa Mining Output Suffers Sharpest Decline Since 2022
  • South Africa’s mining production contracted by 12.7% y/y in August 2026, following a revised 7.0% decline in July, marking the fourth consecutive month of contraction and the steepest annual fall since October 2022. Output was weighed down by sharp declines in platinum-group metals (22.5%), iron ore (16.2%) and coal (11.7%). On a monthly basis, seasonally adjusted production fell by 5.4%, while output declined 5.2% over the three months to August, highlighting persistent weakness in the mining sector.

Sources: Bloomberg, Reuters, Trading Economics