In this week's edition:
- US Equity Markets Closed Mixed, with Sectoral Dynamics in Focus as a Tech-Led Selloff Weighed on Performance.
- Gold Prices Partially Recovered, Rising by 1.43% w/w Amid Heightened Volatility Following Recent Selling Pressure.
- Ghana’s Treasury Rejects 66.21% of Bids at Auction, Yet the Offer was 17.08% Oversubscribed as Yields Decline Further Across the Curve.
- Ghanaian Equities Recorded Twelve Gainers, with the GSE-CI Advancing by 1.62% w/w to Lift YTD Returns to 4.36%, While the FSI Strengthened to 8.39% YTD.
Kindly click to view the full report: Global Market Update - February 09, 2026
AROUND THE GLOBE
· US Job Openings Drop to Post-Pandemic Low
o US job openings fell sharply by 386,000 to 6.54 million in December 2025, the lowest level since September 2020 (6.51 million) and well below market expectations. Declines were broad-based, led by professional and business services, retail trade, and finance and insurance. Regionally, openings fell across all major areas. Despite softer labour demand, hiring and separations remained steady at 5.3 million, with quits and layoffs largely unchanged, pointing to cooling but orderly labour market conditions.
· ECB Holds Rates, Flags Elevated Uncertainty
o The European Central Bank kept interest rates unchanged at its first meeting of 2026, maintaining the main refinancing rate at 2.15%, with the deposit and marginal lending rates at 2.0% and 2.4%. The ECB reaffirmed that inflation is expected to stabilize around its 2% target and noted continued economic resilience. However, policymakers cautioned that the outlook remains highly uncertain amid global trade risks and geopolitical tensions, stressing a data-dependent approach to future decisions.
· Bank of England Holds Rates, Signals Gradual Easing Ahead
o The Bank of England kept the Bank Rate unchanged at 3.75% in February, with a close 5–4 vote highlighting growing divisions within the MPC. While inflation remains above target, easing pay growth, softer services inflation, and a cooling labour market suggest diminishing persistence risks. With economic growth subdued and downside risks rising, policymakers signalled that further rate cuts are likely but emphasized that future decisions will remain finely balanced and guided by incoming inflation data.
· World Food Prices Extend Decline to Fifth Month
o The Food and Agriculture Organization (FAO) Food Price Index fell by 0.4% to 123.9 points in January 2026, marking a fifth straight monthly decline and its lowest level since August 2024 (121.7 points). Sugar prices dropped on expectations of higher global supply, led by a production rebound in India and favourable prospects in Thailand. Dairy prices slid sharply, while meat prices eased modestly. In contrast, cereal prices edged higher, led by rice, and vegetable oil prices jumped on gains in palm, soy, and sunflower oils.
· US Manufacturing Activity Rebounds Sharply in January
o US manufacturing activity returned to expansion in January 2026, with the ISM Manufacturing PMI surging to 52.6 from 47.9 in December, well above expectations. The rebound was driven by sharp improvements in new orders, production, supplier deliveries, and employment, though jobs and inventories remained in contraction. Price pressures were broadly stable. ISM noted that part of the strength reflects seasonal restocking after the holidays and some front-loading of purchases ahead of potential tariff-related price increases.
- GHANA
· Ghana Inflation Falls to 3.8% in January 2026
o Ghana’s headline inflation declined sharply to 3.8% in January 2026, down from 5.4% in December, marking an almost three-decade low. Monthly inflation eased to 0.2%, while both food and non-food inflation slowed to 3.9%. The disinflation trend reflects improved fiscal conditions, a stronger Cedi, up about 40% year-on-year, and record gold prices. With inflation expected to stay within the 6%–10% target band, analysts see scope for further rate cuts in March and May.
- AFRICA
· South Africa’s Forex Reserves Reach Record High
o South Africa’s gross foreign exchange reserves surged to a record $80.2 billion in January 2026, the highest level since records began in 1998, up from $75.9 billion in December. The increase was driven by stronger gold reserves, higher SDR holdings, and a rise in foreign currency reserves. Meanwhile, the central bank’s forward position narrowed sharply, indicating fewer unsettled or swap transactions during the.
Sources: Bloomberg, Reuters, Trading Economics
