In this week's edition:
· U.S. equities Closed Lower Last Week as Investors Recalibrated Ahead of Delayed Macroeconomic Releases
· Gold Prices Slip by 0.46% Amid Mixed US Economic Data and Dovish Fed Signals
· Ghana’s Treasury Auction Undersubscribed by 24.62% as Yields Saw Mixed Move Across the Curve
· Ghanaian Equities Market Extended Its Positive Momentum Last Week, GSE-CI Up by 1.2% w/w to 74.31% YTD
Kindly click to view the full report: Global Market Update - November 24, 2025
AROUND THE GLOBE
· Eurozone Inflation Steady at 2.1% in October
o Eurozone inflation held at 2.1% in October, staying close to the ECB’s 2% target. Food and industrial goods inflation eased, while energy prices fell further. However, services inflation rose to 3.4%, signaling persistent underlying pressures. Core inflation was unchanged at 2.4%. Among major economies, price growth slowed in Germany, France, and Italy but ticked up in Spain.
· US Consumer Sentiment Remains Near Record Low in November
o US consumer sentiment edged down to 51.0 in November from 53.6 in October, remaining near historic lows amid persistent price pressures and weakening incomes. Current conditions plunged to a record low, driven by sharp declines in personal finance assessments and durable-goods buying conditions. Expectations improved only slightly. Year-ahead inflation expectations eased to 4.5%, while long-term expectations fell to 3.4%, signaling modestly softer inflation outlooks despite subdued sentiment.
· US Manufacturing PMI Slips to 4-Month Low in November
o The S&P Global US Manufacturing PMI fell to 51.9 in November 2025 from 52.5 in October, hitting a four-month low but still signaling expansion. Production growth eased slightly, while new order growth softened from October’s strong pace. Employment rose at the fastest rate since August, and longer supplier lead times provided a modest boost to the headline reading. Input inventories were little changed, pointing to stable supply-chain dynamics.
· Euro Area Manufacturing PMI Falls to 5-Month Low
o The Eurozone Manufacturing PMI slipped to 49.7 in November, a five-month low, down from 50 in October and below forecasts. New orders and employment continued to decline, while output rose only slightly. Input costs increased for the first time in three months, though selling prices were unchanged. Business confidence improved, but economists note that deeper inventory cuts signal the sector is still months—possibly quarters—away from a sustained recovery.
· China FDI Decline Eases but Remains in Contraction
o Foreign Direct Investment (FDI) into China fell 10.3% y/y to CNY 621.93 billion in the year to October 2025, marking the 30th consecutive month of contraction but the mildest drop since late 2023. Manufacturing attracted CNY 161.91 billion, services CNY 445.82 billion, and technology industries CNY 192.52 billion. The UAE accounted for nearly half of all inflows, with the UK and Switzerland also contributing meaningful investments.
- GHANA
· BoG MPC Convenes Amid Market Expectation of Another Rate Cut
o The Bank of Ghana’s Monetary Policy Committee (MPC) begins its 127th meeting today, November 24, 2025, to review macroeconomic developments and signal policy direction in what is expected to be the committee’s last meeting for 2025. The Ghana Cedi has been relatively stable, though slight depreciation is emerging ahead of the holiday season. Consumer inflation fell to 8% in October, below the 11.9% year-end target, while economic growth for the first half of the year averaged 6.3%, fueling expectations of possible monetary easing.
· US Lifts 15% Tariff on Ghanaian Cocoa
o The United States has formally removed the 15% tariff on Ghana’s cocoa and select agricultural exports, effective November 13, 2025, according to Foreign Affairs Minister Samuel Okudzeto Ablakwa. The move, following an Executive Order by US President Donald Trump, provides relief to Ghanaian farmers and exporters and is projected to generate around US$60 million in additional revenue. Ghana’s cocoa and other crops are now exempt from the US reciprocal tariff policy.
- AFRICA
· South Africa Cuts Benchmark Rate Amid Favorable Outlook
o On November 20, 2025, the South African Reserve Bank lowered its key repo rate by 25 bps to 6.75%, following a unanimous decision. The move reflects a more favorable inflation outlook, despite October’s inflation rising slightly to 3.6%. SARB revised 2025–2026 inflation forecasts marginally lower and lifted 2025 growth to 1.3%. Officials indicated that gradual rate cuts could continue as inflation trends toward the 3% medium-term target, supporting balanced economic growth.
· Nigeria Inflation Falls to 3½-Year Low
o Nigeria’s annual inflation eased to 16.05% in October 2025, the lowest since March 2022, down from 18.02% in September, marking the seventh consecutive month of slowing price growth. Food inflation fell sharply to 13.12%, aided by the harvest and a stronger naira, while core inflation eased to 18.7%, the lowest since February 2023. Monthly CPI rose 0.9% in October, slightly higher than September’s 0.7% increase.
Sources: Bloomberg, Reuters, Trading Economics
