Macro

ANZ, New Zealand’s largest bank, raised a range of retail interest rates, lifting its six-month term deposit rate to 3.55% and increasing its 18-month and two-year rates by 30 basis points to 4.2% and 4.3%. The bank also increased fixed mortgage rates by 10 to 26 basis points across terms from six months to three years. ANZ attributed the move to “global uncertainty,” pointing to persistently tight local monetary policy.

U.S. private residential construction spending fell 0.3% in June to a seasonally adjusted annual rate (SAAR) of $877.1 billion, down 4.7% from a year earlier, according to the U.S. Census Bureau. Remodeling spending edged up 0.1% on the month but was 7.2% lower than a year earlier, while multifamily construction outlays slipped 0.7% from May and 1.5% year over year. The data point to fading momentum in residential investment, adding pressure on related traditional assets.

Nigeria’s central bank reported net foreign exchange inflows of $20.33 billion in Q1 2026, up 33.8% from the previous quarter. Total forex inflows rose 13.26% to $31.34 billion, while outflows fell 11.78% to $11.01 billion. Inflows through autonomous sources climbed 23.90% to $21.15 billion, according to the Central Bank of Nigeria’s Q1 2026 Quarterly Economic Report.

The Bank of Japan has continued normalising interest rates, ending its negative-rate policy in March 2024 and lifting the policy rate to 1.0% by June 2026. Against that backdrop, Mitsubishi UFJ, Sumitomo Mitsui and Mizuho posted combined net profit of ¥5.26 trillion for fiscal 2026, up 34% year on year. The improvement has been driven mainly by wider net interest margins as higher rates feed through to bank earnings.

Turkey’s annual inflation extended its decline to 31.8% in July, staying well above the central bank’s 24% target and the 26% forecast in its latest inflation report. Core inflation rose to 29.9% year on year, indicating underlying price pressures have not eased. The average USD/TRY increase was 1.7% month on month in July and around 17% on an annual basis, far below inflation, reflecting the central bank’s continued exchange-rate policy to support disinflation through costs.

Ghana’s latest Treasury bill auction attracted GH¢10.51 billion in bids for the 91-day, 182-day and 364-day tenors, exceeding the GH¢5.87 billion target and resulting in a 79.2% oversubscription. The 364-day bill saw the strongest interest, with GH¢7.47 billion tendered and GH¢7.18 billion accepted. The government accepted GH¢8.65 billion overall, rejecting nearly GH¢1.86 billion, according to results released by the Bank of Ghana.

China’s outbound direct investment across all industries rose 3.8% year on year in the first half of 2026 to 5964.2 billion yuan. Nonfinancial ODI totaled 4530.6 billion yuan over the period. Investment in Belt and Road partner countries fell 11.1% to 1207.7 billion yuan, while newly signed overseas engineering contracts in those countries increased 11.8% to 5207.1 billion yuan.

Egypt’s Ministry of Electricity and Renewable Energy said it would keep the tariff unchanged for the first low-consumption household bracket of up to 50 kWh, while raising other residential tiered rates by an average of 12%. The move targets an annual subsidy gap of about 100 billion pounds ($1.9 billion) between production costs and consumer tariffs. The subsidy share declines as usage rises, from customers paying 25% of the bill at 50 kWh to full cost from 2,000 kWh, according to the ministry.

Finance adviser Khurram Shehzad said private-sector credit grew 14.8% year on year in FY26 to Rs 11.38 trillion, marking the strongest expansion in four years. Corporate borrowing rose by Rs 1.18 trillion, accounting for more than 80% of the overall increase. Manufacturing, wholesale and retail trade, and agriculture made up 89% of the additional business credit, with manufacturing alone adding Rs 657 billion. The figures point to firm domestic demand for real-economy financing, according to Shehzad.

The Central Bank of Kenya has reopened a 10-year bond first sold in November 2019 at 12.28% annual interest, with 3.2 years left to maturity, aiming to raise Sh150 billion. The offer is designed to help refinance Sh195.7 billion of 91-day Treasury bills maturing over the next three months, including Sh15 billion due on September 7. The move is also intended to support the government’s Sh987.4 billion domestic borrowing target for the 2026/2027 financial year. The issuance is set to affect duration in the local-currency bond market and the shape of the yield curve.