In this week’s edition:
· Major Global Equity Markets Ended in the Red as Investors Paused Ahead of Upcoming Earnings
· Gold Prices Jumped by 8.52% W/W To Close at a Record High
· Ghana’s Treasury Extends Oversubscription (30.32%) Streak to Nine Weeks as Long-End Demand Persists
· Ghanaian Equities Ended the Week Strongly as the GSE-CI Rose 1.88% W/W, Lifting YTD Returns To 2.35%
Kindly click to view the full report: Global Markets Update - January 26, 2026
AROUND THE GLOBE
· US Q3 2025 GDP Growth Revised Up to 4.4%
o US GDP expanded at an annualized 4.4% in Q3 2025, slightly above the initial estimate and the fastest pace since Q3 2023. The revision reflected stronger exports and a smaller drag from inventories. Growth was driven by robust consumer spending, higher government outlays, and a rebound in exports. Consumer spending rose by 3.5%, exports surged by 9.6%, and inventory drag eased sharply, while fixed investment slowed to 0.8%.
· US Manufacturing Shows Mild Momentum in January
o US manufacturing activity remained in modest expansion in January 2026, with the S&P Global Manufacturing PMI edging up to 51.9 from 51.8 in December, broadly in line with expectations. While overall improvement stayed subdued, output growth strengthened, while new orders rebounded after a prior-month decline. Employment growth slowed to a six-month low, supplier delivery times lengthened modestly, and input inventories were largely unchanged, pointing to cautious but steady factory momentum.
· Eurozone Inflation Slips Below ECB Target
o Eurozone inflation eased to 1.9% in December 2025, falling below the ECB’s 2% target. The slowdown was driven by softer services and non-energy goods inflation, alongside a sharper decline in energy prices. Food inflation edged slightly higher, while core inflation fell to 2.3%, a four-month low. Inflation cooled across Germany, France, and Spain, though Italy recorded a modest uptick, reinforcing expectations of a prolonged ECB policy pause.
· China FDI Declines for Third Straight Year
o Foreign Direct Investment (FDI) into China fell by 9.5% to CNY 747.77 billion in 2025, extending the contraction for a third consecutive year after a steep drop in 2024. Despite the overall decline, inflows from Switzerland, the UAE, and the UK rose sharply. Manufacturing and services remained the main recipients, while high-tech sectors saw strong growth, particularly e-commerce, medical equipment, and aerospace. Notably, the number of newly established foreign-invested enterprises increased by 19.1% year-on-year.
GHANA
· Bank of Ghana MPC Convenes First Meeting of 2026
o The Bank of Ghana’s Monetary Policy Committee (MPC) will hold its 128th meeting from today, January 26 to 28, 2026. The Committee will review recent economic and inflation developments to determine the appropriate monetary policy stance. With inflation easing to 5.4% in December 2025, well below the Bank’s target band, market expectations are tilted toward a possible policy rate cut to support economic activity. The outcome of the meeting will be announced through an official press release on Wednesday, January 28, 2026.
· Ghana Secures $152.1m in Foreign Direct Investment in 2025 – GIPC
o Ghana attracted $152.1 million in foreign direct investment in 2025 across 26 projects spanning oil and gas, petroleum, agriculture, and road infrastructure, according to the Ghana Investment Promotion Centre (GIPC). The disclosure followed a Japanese business forum held after President John Mahama’s official visit to Japan. GIPC said the engagement underscores Ghana’s commitment to deepening bilateral ties with Japan and boosting FDI inflows.
AFRICA
· South Africa Inflation Edges Up to 3.6% in December
o South Africa’s annual inflation rate rose slightly to 3.6% in December 2025 from 3.5% in November, in line with expectations and within the SARB’s 3% target tolerance band. The uptick was driven by housing and utilities, food and non-alcoholic beverages, and insurance services. Core inflation increased to a ten-month high of 3.3%. Average inflation for 2025 fell to a 21-year low of 3.2%.
Sources: Bloomberg, Reuters, Trading Economics
