In this week’s edition:
· U.S. stocks Closed Near Fresh Highs, supported by Economic Growth Outlook and Accommodative Monetary Policy
· Gold Prices Rose 4.48%, Driven by Strong Safe-Haven Demand Amid Geopolitical Tensions and Anticipation of US Interest Rate Cuts
· Ghana’s Treasury Marks Fifth Consecutive Week of Oversubscription at 16.67%, With Mixed Yield Movements Across the Curve
· GSE Ends Flat in a Christmas-Shortened Week, Dragged by a Single Financial Counter
Kindly click to view the full report: Global Markets Update - December 29, 2025
AROUND THE GLOBE
· US GDP Growth Hits Two-Year High
o The US economy expanded at an annualized 4.3% in Q3 2025, the strongest pace in two years and well above forecasts, accelerating from 3.8% in Q2. Growth was driven by a sharp pickup in consumer spending, solid export growth, and a rebound in government spending. Household demand strengthened across both goods and services, while fixed investment rose modestly despite continued weakness in residential and structures investment.
· US Jobless Claims Drop to Near-Year Lows
o Initial jobless claims in the US fell by 10,000 to 214,000 in the week ended December 20, well below expectations and the lowest level this year outside the holiday-affected Thanksgiving period. The decline points to continued labor market resilience despite subdued hiring. However, continuing claims edged up to 1.92 million, suggesting workers are taking longer to find new jobs. Claims filed by federal employees also fell, easing shutdown-related concerns.
· Japan Industrial Output Contracts Sharply
o Japan’s industrial production fell by 2.6% m/m in November 2025, a sharp reversal from October’s growth and steeper than market expectations. The decline—the largest since January 2024—reflected weakening external demand and continued inventory adjustments. Major drags came from electrical machinery, motor vehicles, and fabricated metals. On an annual basis, output declined by 2.1%, ending a three-month expansion and marking the steepest y/y contraction since May.
· Russia Manufacturing Remains in Contraction
o Russia’s Manufacturing PMI edged down to 48.1 in December 2025, marking a seventh consecutive month of contraction. Output fell at its fastest pace since March 2022, driven by weak domestic demand and persistently declining new and export orders. Firms responded by cutting employment and scaling back input purchases as outlooks softened. Meanwhile, input cost inflation hit a nine-month high, pushing output prices higher. Business sentiment weakened to its lowest level since May 2022.
GHANA
· Ghana’s GoldBod Surpasses 100-Ton Export Target in 2025
o Ghana’s Ghana Gold Board (GoldBod) has exceeded its 2025 small-scale gold export target of 100 tonnes, generating over $10 billion in foreign exchange revenues, according to its CEO, highlighting strong performance under the government’s gold reforms. The milestone reflects accelerated exports from the artisanal and small-scale mining sector following the establishment of GoldBod to centralise purchases, improve traceability, and boost official foreign exchange inflows, reinforcing support for the Cedi and macroeconomic stability.
AFRICA
· Egypt Cuts Interest Rates by 100bps
o The Central Bank of Egypt cut its key policy rate by 100bps to 20% on December 25, 2025, marking the first easing since early 2024 as inflationary pressures continue to moderate. The move follows a slowdown in urban inflation to 12.3% in November, driven mainly by softer food prices. Authorities expect real GDP growth of around 5% for 2026 and aim to steer inflation toward the 5–9% target range by Q4 2026, signaling improved macroeconomic confidence.
· Nigeria Secures $1.2 Billion UAE Loan for Lagos–Calabar Coastal Highway
o Nigeria obtained $1.2 billion in funding from the UAE to finance a 56-kilometer section of the Lagos–Calabar Coastal Highway, part of a planned 700-kilometer route linking major economic hubs. Fully underwritten by First Abu Dhabi Bank and insured by the Islamic Corporation for the Insurance of Investment and Export Credit, the loan ensures continued progress on one of Nigeria’s largest infrastructure projects. President Bola Tinubu emphasized ongoing efforts to secure innovative financing for national development.
Sources: Bloomberg, Reuters, Trading Economics
