Weekly Market Update - Monday, October 6, 2026

In this week's edition:

• U.S. Stocks Closed Mixed, as Rising Treasury Yields Offset a Weaker-Than-Expected Jobs Report.
• Gold Prices Fell by 3.35%, as Weak Jobs Data Reinforced Expectations of Unchanged Fed Rates at the Upcoming Meeting.
• Ghana’s Treasury Auction Undersubscribed by 20.90% as Yields Decline Further Across the Curve.
• Ghanaian Equities Break Six-Week Losing Streak: GSE-CI Rises 1.33% w/w to 60.45% YTD Despite Financial Sector Weakness.

AROUND THE GLOBE   

• Global Food Prices Rise to Nearly Four-Year High
  • The FAO Food Price Index rose for a third consecutive month to 136 in September, its highest level since November 2022. Sugar prices surged 6.1% amid tightening supply prospects, while cereal prices increased 5.1%, led by a 6.3% rise in wheat due to Black Sea logistical constraints and dry weather in North America. Vegetable oil prices also rose 0.9%, reaching their highest since June 2022. Conversely, meat prices declined 1.1%, while dairy prices were broadly unchanged.
• U.S. Employment Growth Slows Sharply in September
  • The U.S. economy added just 29,000 jobs in September, well below the 90,000 forecast, signalling a marked slowdown in labour-market momentum. The August gain was revised down to 133,000, while July was revised to a 10,000 decline, leaving combined employment for the two months 60,000 below previous estimates. Health care, construction and manufacturing recorded modest gains, while financial activities declined. The weak report reinforces signs of a cooling labour market and could strengthen expectations for further monetary easing.
• Eurozone Inflation Accelerates to Three-Year High
  • Eurozone annual inflation accelerated to 3.8% in September, up from 3.2% in August and above the 3.6% forecast, reaching its highest level since September 2023. The increase was driven mainly by energy prices, with energy inflation surging to 18.8%, while services and unprocessed food inflation also strengthened. Core inflation edged up to 2.5%. Inflation accelerated across major economies, including Germany, France, Spain and Italy, reinforcing near-term challenges for the ECB’s disinflation efforts.
• Eurozone Unemployment Rate Holds at 6.4%
  • The Eurozone’s seasonally adjusted unemployment rate remained at 6.4% in August, unchanged since February and in line with expectations, indicating continued labour-market resilience despite higher energy costs and interest rates. The number of unemployed rose by 26,000 to 11.36 million, while youth unemployment edged down to 15.0%. Labour-market conditions varied across major economies, with Germany and the Netherlands at 4.0%, compared with 10.0% in Spain and 8.2% in France. The EU-wide unemployment rate also held steady at 6.1%.

GHANA

• Bank of Ghana Exits FX Intermediation as GoldBod Takes Over
  • The Bank of Ghana has exited FX intermediation, with GoldBod assuming full responsibility from October. GoldBod targets US$1.5 billion in FX generation for October, of which US$1.0 billion will be sold to commercial banks to support market stability and up to US$500 million allocated to BoG for reserve accumulation under GANRAP. The programme will operate under GoldBod’s new Spot FX Sales/Intermediation Framework. GoldBod generated US$1.87 billion in September, exceeding its US$1.4 billion target by 34%.

AFRICA

• South Africa Manufacturing Returns to Growth
  • South Africa’s Absa Manufacturing PMI rose sharply to 50.7 in September from 45.8 in August, returning to expansion territory for the first time since May. New orders rebounded to 50.8 from 40.3, while business activity improved to 49.3. However, actual activity remained marginally below the 50 threshold, with employment and order backlogs still weak. Logistics bottlenecks and elevated input costs continued to weigh on manufacturers. Meanwhile, six-month business expectations improved to 55.3, pointing to cautious optimism about the sector’s outlook.
• Senegal Economic Growth Slows to 3.1% in Q2
  • Senegal’s economy expanded 3.1% y/y in Q2 2026, easing from 4.3% growth in Q1 2026. Growth was supported by the tertiary and secondary sectors, while GDP excluding hydrocarbons increased a stronger 6.4%. On the expenditure side, fixed investment and final consumption rose 8.0% and 5.5%, respectively. However, exports declined 2.7% as imports increased 4.8%, weighing on net trade. On a seasonally adjusted basis, GDP grew 0.1% q/q.

Sources: Bloomberg, Reuters, Trading Economics