Akintunde Oyedokun
Research Analyst
Brent crude settled at $76.92 a barrel, while WTI reached $73.92 on Thursday, as freezing temperatures across the U.S. and Europe drove higher heating fuel demand.
Analysts pointed to rising consumption of heating oil and propane, alongside risks of supply disruptions. Brent futures reflected tightening market conditions amid increased demand.
Upcoming U.S. sanctions on Russia and expectations of Chinese economic stimulus add to market uncertainty, with WTI forecasted to trade between $67.55 and $77.95.
Germany’s Exports, Industrial Output Exceed Forecasts, Economic Outlook Remains Weak
Germany’s exports grew 2.1% in November, beating the 2.0% forecast, with non-EU exports up 6.9%, including strong gains to the U.S. (14.5%) and U.K. (8.6%). Exports to the EU dropped 1.7%. Imports fell 3.3%, raising the trade surplus to €19.7 billion.
Industrial production rose 1.5%, but remains 8% below pre-2022 levels, while industrial orders dropped 5.4%, showing weak demand. Despite the positive numbers, experts warn of continued economic stagnation or contraction in the coming months.
Rachel Reeves Faces Market Test as UK Borrowing Costs Surge
Rachel Reeves is under pressure as UK borrowing costs rise and the pound weakens, sparking fears of higher government debt and economic stagnation. Despite calls for intervention, the Treasury maintains there’s no need for emergency measures. A surge in long-term bond yields, partly linked to Donald Trump’s impending presidency, has raised concerns, but markets are not yet facing the extreme strain seen in 2022. Critics have accused Reeves of inaction, while bond investors remain cautious but optimistic about UK debt, citing global market shifts as a major factor.
Morocco Attracts Record 17.4m Tourists In 2024, Exceeding Targets
Morocco welcomed a record 17.4 million tourists in 2024, a 20% increase from the previous year, with nearly half of them being Moroccans living abroad. Tourism, which contributes 7% to the GDP, continues to drive jobs and foreign currency. The country is on track to reach 26 million tourists by 2030, ahead of its World Cup co-hosting with Spain and Portugal. With expanded air routes, new destinations, and hotel renovations, tourism revenue surged by 7.2% to 104 billion dirhams.
Nigeria, China Strengthen Ties in Clean Energy, Defence, Finance
Nigeria and China aim to enhance cooperation in clean energy, defense, and finance, with China offering support for Nigeria’s Panda bond issuance for infrastructure funding. Foreign Ministers Yusuf Tuggar and Wang Yi also discussed regional security challenges. Wang’s visit to Nigeria is part of his African tour to deepen China’s influence, following high-level talks and the elevation of bilateral relations to a “comprehensive strategic partnership.” China is open to expanding a currency swap agreement and will continue supporting Africa’s peace and stability through development.
