In this week's edition:
· U.S. Stocks Ended the Past Week Mixed as Investors Bought Back Major Tech Names and Reassessed the Likelihood of a December Rate Cut.
· Gold Prices Advanced by 2.07% w/w, Snapping a Two-Week Losing Streak.
· Ghana’s Treasury Auction Records Undersubscription for the Fifth Consecutive Week as Interest Rates Inch Higher.
· Ghanaian Equities Market Closed the Week in Positive Territory, Raising Year-to-Date performance to 72.07%
- Kindly click to view the full report: Global Market Update - November 17, 2025
AROUND THE GLOBE
· Trump Signs Bill Ending Record 43-Day Government Shutdown
o President Donald Trump signed a government funding bill, officially ending the 43-day shutdown, the longest in U.S. history. The House approved the measure 222-209 after Senate passage. The legislation reopens federal operations but sets a new funding deadline of January 30 2026, requiring lawmakers to resume negotiations to avoid another shutdown.
· Eurozone GDP Growth Revised Up to 1.4%
o The Eurozone economy grew by 1.4% year-on-year in Q3 2025, slightly above the initial 1.3% estimate, following a 1.5% outturn in Q2. Spain led major economies with growth of 2.8% growth, followed by the Netherlands (1.6%) and France (0.9%). Italy and Germany remained steady at 0.4% and 0.3%, while Ireland (12.3%), Portugal (2.4%), and Slovenia (1.6%) recorded relatively faster growth. Finland contracted by 0.9%, and growth in Lithuania slowed to 1.9%. Quarter-on-quarter, the Eurozone expanded by 0.2%, up from 0.1% in Q2, in line with the initial estimate.
· UK GDP Growth Below Forecasts
o The UK economy grew by 0.1% quarter-on-quarter in the three months to September 2025, below the 0.2% forecast and down from 0.2% in the prior period. By sector, services and construction rose by 0.2% and 0.1% respectively, while production fell by 0.5%. In September alone, GDP contracted by 0.1% month-on-month versus an expected growth outturn of 0.1%.
· China Industrial Output Growth Hits 14-Month Low
o China’s industrial production grew by 4.9% year-on-year in October 2025, down from 6.5% in September and below the 5.5% forecast, marking the slowest increase since August 2024. Slower growth reflected weaker manufacturing (4.9% vs 7.3%) and mining (4.5% vs 6.4%), partly due to the Golden Week holiday, while electricity, heat, gas, and water production accelerated to 5.4%. Among manufacturing sectors, 29 of 41 industries expanded, including automotive (16.8%), computers & communications (8.9%), and railway & shipbuilding (15.2%). Year-to-date, industrial output rose 6.1%, with 0.17% monthly growth in October.
· Q3 GDP Shrinks Less than Expected
o Japan’s economy shrank 0.4% quarter-on-quarter in Q3 2025, its first decline since early 2024, as weak private consumption and falling exports—hit by new U.S. tariffs—offset gains in government spending and business investment. The drop was smaller than the expected 0.6% fall and comes ahead of a planned stimulus to ease cost pressures and support exporters.
- GHANA
· Ghana Eyes 4.8% Growth in 2026 as Economy Rebounds
o Ghana’s economy has bounced back from its deepest crisis in a generation and is set for sustained growth in 2026, Finance Minister Cassiel Ato Forson told parliament during the budget presentation. Forson attributed the recovery to fiscal reforms and prudent policies, projecting real GDP growth of at least 4.8% next year. The government also targets a fiscal deficit of 4.0% of GDP and a primary surplus of around 1.5%, signalling a stronger macroeconomic footing. Other key targets for 2026 include a budget deficit of 2.0% of GDP on a commitment basis, a primary balance surplus of 1.5% of GDP and capital expenditure of 3.6% of GDP.
- AFRICA
· S&P Upgrades South Africa’s Credit Rating to BB
o Standard & Poor’s raised South Africa’s foreign currency long-term sovereign rating to BB from BB‑ on November 14, 2025, with a positive outlook—the country’s first upgrade since 2005. The upgrade reflects improving growth, a stronger fiscal trajectory, and reduced financial risks from state-owned enterprises, particularly Eskom. S&P noted that continued fiscal consolidation and accelerated economic reforms could further stabilise government debt and support stronger growth, despite trade and tariff challenges.
· Egypt Unemployment Rises to 6.4% in Q3
o Egypt’s jobless rate increased to 6.4% in Q3 2025, up from 6.1% in Q2. Male unemployment rose to 4.0% (from 3.5%), while female unemployment fell to 15.0% (from 15.8%). The labour force expanded by 3.3% to 34.73 million, up from 33.61 million in the previous quarter.
Sources: Bloomberg, Reuters, Trading Economics
