Akintunde Oyedokun
Research Analyst
Oil prices increased Wednesday as U.S. crude inventories fell and the Federal Reserve cut interest rates. Brent settled at $73.39, up 20 cents, while WTI gained 50 cents to $70.58.
However, gains were limited as the Fed signaled a slower pace of future cuts, strengthening the dollar and reducing global oil demand. U.S. crude demand climbed to 20.8 million barrels per day, reflecting improving market sentiment.
Japan’s November Exports Beat Expectations but Face Uncertain Outlook
Japan’s exports grew 3.8% in November, surpassing forecasts, driven by strong chipmaking equipment sales and a weaker yen. However, export volumes fell slightly, highlighting the impact of yen depreciation. Concerns over U.S. protectionist policies and a potential economic slowdown weigh on future growth. Japan posted a trade deficit of 117.6 billion yen, while the Bank of Japan plans to maintain steady interest rates amid global uncertainties.
China’s Youth Jobless Rate Falls Amid Economic Struggles
China’s urban youth unemployment dropped to 16.1% in November from 17.1% in October, marking three months of decline, according to the National Bureau of Statistics. The overall jobless rate stood at 5%, while unemployment for 25-29-year-olds eased to 6.7%.
Youth jobless data, paused earlier this year, resumed in December with adjustments to exclude students. The figures omit rural unemployment and those who have stopped job searching.
Despite weak demand and a property slump, China targets 5% growth for 2024, with calls for fiscal stimulus to counter potential U.S. tariff hikes under the Trump administration.
Kenya Endures Six-Hour Power Outage, Affects Internet and Tanzania
A widespread power outage hit Kenya early Wednesday, leaving much of the country without electricity for about six hours. The blackout, which began at 1:28 a.m. local time (1028 GMT), was restored by 7:35 a.m. (0435 GMT), according to Kenya Power.
The cause of the outage is still unknown, with investigations ongoing. This marks the latest in a series of power disruptions over the past year. The outage also led to reduced internet connectivity across Kenya and affected neighboring Tanzania, reports global observatory Netblocks.
Nigeria Targets N34.8tr Revenue O N47.9tr In 2025 Budget
President Bola Tinubu announced that Nigeria aims to generate N34.8 trillion in revenue in 2025, presenting a N47.9 trillion budget to the National Assembly. The country’s 2024 revenue target was N18.32 trillion, with N14.55 trillion achieved by Q3. The government expects a 4.6% economic growth in 2025, along with inflation reduction and measures to address food insecurity. The budget includes a N13 trillion deficit, to be financed through borrowing, and projections for crude oil production to rise to 2.06 million barrels per day. The President also emphasized security, infrastructure, health, and education priorities.
