The European Central Bank’s reduction, the fifth consecutive cut since last summer, came a day after the U.S. Federal Reserve held interest rates.

Consumer spending, which comprises the largest share of economic activity, advanced at a 4.2% pace — the first time since late 2021 that outlays have exceeded 3% in consecutive quarters.

The South African Reserve Bank has cut the repo rate by yet another 25 basis points, bringing it down to 7.5%.