In this week's edition:
· U.S. Equities Gained Last Week, Amid Lower Geopolitical Tensions.
· Gold Advanced by 1.56% w/w, Diverging from Oil Prices, Which Declined Following U.S.-Iran Ceasefire Announcement.
· Ghana’s Treasury Auction Undersubscribed for Fifth Consecutive Week as Yields Continue to Climb Across the Curve.
· GSE Recovers After Sharp Sell‑Off; GSE‑CI Edges Up By 0.83% w/w to 49.93% YTD, With GSE‑FI Advancing By 0.67% w/w to 70.99% YTD.
Kindly click to view the full report: Global Market Update - April 13, 2026
AROUND THE GLOBE
· U.S. Core Inflation Edges Higher but Undershoots Forecasts
o Core inflation in the United States, which excludes food and energy prices, increased to 2.6% year-on-year in March 2026 from 2.5% in the prior two months, coming in slightly below market expectations of 2.7%. Price pressures remained elevated across service categories excluding energy, with services inflation at 3%, driven by shelter costs (3%), transportation services (4.1%), and medical care services (3.7%). Meanwhile, inflation for goods excluding food and energy stood at 2.6%, as higher apparel prices (3.4%) more than offset falling prices for used cars and trucks (-3.2%).
· U.S. Q4 Growth Cut Again on Weaker Investment and Spending
o U.S. economic growth in the fourth quarter of 2025 was revised lower to an annualized 0.5%, down from 0.7% in the second estimate and 1.4% in the advance reading, largely reflecting a sharper downgrade to investment. Consumer spending decelerated more than previously expected, rising by 1.9% versus 2.0% earlier, as both goods consumption (0.3%) and services spending (2.7%) softened. On the external side, exports dropped by 3.2%, close to the prior estimate of a 3.3% decline and the steepest fall since Q2 2023, while imports fell slightly less than initially reported (-1.0% vs -1.1%). Government spending and investment contracted notably (-5.6% vs -5.8%), subtracting nearly one percentage point from growth due to the government shutdown.
· Euro Area Producer Prices Record Sharpest Monthly Drop in Nearly a Year
o Producer prices across the euro area fell by 0.7% month-on-month in February 2026, marking the steepest decline since April 2025, after rising by 0.8% in January and in line with market expectations. The drop was driven mainly by energy prices, which declined by 2.4% following a 1.3% increase, while prices for non-durable consumer goods slipped by 0.2%, unchanged from the previous month. Price growth also eased for intermediate goods (0.3% vs 1.0%), capital goods (0.3% vs 0.6%), and durable consumer goods (0.2% vs 0.8%). At the country level, producer prices fell most sharply in Spain (-3.1%) and Ireland (-2.6%). Germany saw a modest decline of 0.5%, while prices in France decreased by 0.2%. On an annual basis, producer prices were down by 3%, the largest year-on-year drop since October 2024, following declines of 2% in each of the prior two months and matching forecasts.
· China Inflation Cools More Than Expected in March
o China’s annual inflation rate slowed to 1.0% in March 2026, down from February’s more than three-year high of 1.3% and below market expectations of 1.2%. The moderation was largely driven by food prices, which rose at a much slower pace (0.3% versus 1.7% previously), reflecting sharp decelerations in fresh vegetable and fruit prices alongside a steeper decline in pork prices. Non-food inflation was broadly stable at 1.2%, only slightly lower than February’s 1.3%, with continued price increases in clothing (1.6%), healthcare (1.9%), and education (1.1%). Transport costs rebounded strongly (0.9% vs -0.7%), while housing costs continued to fall (-0.2%). Core inflation, excluding food and energy, eased to 1.1% year-on-year from 1.8% in February, which had marked the strongest increase since March 2019.
- GHANA
· Moody’s Revises Ghana Outlook to Positive, Affirms Caa1 Ratings
o Moody’s Ratings has revised Ghana’s outlook to positive from stable while affirming the country’s long-term foreign and local currency debt ratings at Caa1. The outlook upgrade reflects a growing likelihood of sustained improvement in domestic financing conditions, which is expected to support better debt affordability and strengthen government liquidity over time. Separately, S&P Global Ratings has affirmed Ghana’s sovereign rating at B-.
- AFRICA
· Egypt Inflation Jumps to 10‑Month High Following Fuel Price Increases
o Egypt’s annual urban inflation jumped to a 10‑month high of 15.2% in March 2026 from 13.4% in February, well above expectations, following higher global oil prices and a 14%–17% increase in domestic fuel prices earlier in the month. Price pressures intensified across most sectors, led by transport, housing and utilities, food, and consumer services, while inflation eased slightly in health and recreation and remained stable in communications. On a monthly basis, consumer prices rose by 3.2%, the fastest increase since February 2024 (11.3%).
· Kenya Pauses Easing Cycle After Extended Rate Cuts
o The Central Bank of Kenya kept its benchmark interest rate unchanged at 8.75% on April 8, 2026, halting an easing cycle that saw ten consecutive cuts since August 2024, totalling 425 basis points. Policymakers said the current stance remains suitable to anchor inflation expectations and support exchange rate stability, while highlighting upside risks from higher global oil prices linked to the Middle East conflict, which Governor Kamau Thugge noted has disrupted supply chains and raised energy costs. Kenya’s annual inflation edged up to 4.4% in March from 4.3% in February but remains below the 5% midpoint of the central bank’s target range and is expected to stay within it in the near term, while the growth outlook was revised down slightly to 5.3% from 5.5% due to emerging external risks.
· South Africa’s Forex Reserves Decline in March
o South Africa’s gross foreign exchange reserves fell to $77.76 billion in March 2026 from a record high of $81.01 billion in February. The decline reflected a lower US dollar gold price, valuation effects from currency and asset price movements, and foreign exchange payments made on behalf of the government. Gold reserves dropped to $18.50 billion from $20.93 billion, SDR holdings edged down to $6.59 billion, and foreign exchange reserves declined to $52.67 billion, while the central bank’s forward position rose slightly to $0.59 billion. Despite the monthly drop, reserves remained well above their level of $67.45 billion recorded in March 2025.
Sources: Bloomberg, Reuters, Trading Economics
