Akintunde Oyedokun

Research Analyst

Brent crude rose to $72.56, and WTI reached $68.70, both up 0.4% on Thursday, supported by a steep decline in U.S. fuel stocks. Gains were limited by a crude inventory build and oversupply fears.

Weekly losses persisted as the IEA predicted a global supply surplus by 2025, despite OPEC+ production cuts.

Australia’s employment growth slowed to 15,900 in October, with the jobless rate steady at 4.1%. Despite the slowdown, annual job growth remains strong at 2.7%. National Australia Bank now expects rate cuts to start in May, as the labor market remains resilient, while the Reserve Bank of Australia is likely to keep rates unchanged due to ongoing inflation concerns.

Unemployment claims fell by 4,000 to 217,000 for the week ending Nov. 9, indicating the labor market remains robust despite an October slowdown. The decline in claims, along with a drop in continuing claims, suggests the economy is stabilizing after disruptions from hurricanes and the Boeing strike. This trend may prompt the Federal Reserve to implement another interest rate cut.

South Africa’s rand strengthened 0.1% on Thursday, trading at 18.2275 to the dollar after days of losses following Trump’s U.S. election win. Despite a 4.7% rise in mining output for September, market volatility remains high. The Top-40 index on Johannesburg’s stock market closed flat, and the benchmark 2030 bond yield stayed at 9.145%.

Budget Minister Atiku Bagudu has presented the 2025 budget framework, which includes a projected deficit of 3.87% relative to the estimated GDP, an exchange rate target of 1,400 naira per dollar, and an oil benchmark price of $73 per barrel. This framework underscores Nigeria’s commitment to fiscal stability by focusing on robust non-oil revenue growth alongside strategic oil revenue management.