Akintunde Oyedokun
Research Analyst
Oil prices climbed more than 3% on Tuesday, with Brent closing at $72.51 and WTI at $69.21. The rally came after President Trump gave Russia a 10-day deadline to act on ending the Ukraine war or face new tariffs, and warned China over continued purchases of Russian oil.
A trade deal between the U.S. and EU also lifted market mood by easing tensions and boosting energy cooperation. Despite a small rise in U.S. oil stockpiles, focus remained on global political moves and the Federal Reserve’s policy outlook.
U.S. Trade Deficit Narrows Sharply in June, Hinting At Q2 Growth Amid Weak Domestic Demand
The U.S. goods trade deficit fell to $86.0 billion in June — the lowest in nearly two years — driven by a sharp 4.2% drop in imports, especially consumer goods. The decline supports expectations of a Q2 GDP rebound, with some forecasts now above 2.9%. However, falling imports and weak labor data suggest domestic demand is cooling. While recent trade agreements may reduce uncertainty, economists caution that the economy remains on shaky ground.
Taiwan’s Q2 GDP Growth Likely Accelerated On Tech Demand, But U.S. Tariffs Cloud Outlook
Taiwan’s economy likely expanded faster in Q2 2025, with GDP expected to grow 5.7% year-on-year, up from 5.48% in Q1, driven by strong global demand for semiconductors and AI-related tech, a Reuters poll showed. However, uncertainty looms as U.S. tariff threats—paused for now—could hit Taiwan’s trade-dependent economy later in the year. Economists forecast growth ranging from 4.1% to 8%, while the government cut its full-year projection slightly due to ongoing trade risks.
Morocco’s Trade Deficit Widens 18.4% To $17.8bn In H1 2025
Morocco’s trade deficit rose 18.4% year-on-year to 162 billion dirhams ($17.8 billion) in the first half of 2025, driven by an 8.9% increase in imports to 398 billion dirhams, outpacing exports, which rose 3% to 236 billion dirhams. While energy and wheat imports declined, the automotive sector led exports at 77 billion dirhams despite a slight drop. Phosphate exports jumped 19% to 46.5 billion dirhams. Remittances dipped 2.6%, tourism revenues rose 9.6%, and FDI surged by 59% to 16.8 billion dirhams.
FG Saves ₦173bn In 6 Months As BPP, NASENI Partner To Boost Local Products
The Bureau of Public Procurement (BPP) says the federal government saved over ₦173 billion in the first half of 2025 through the Nigeria Open Contracting Portal (NOCOPO), which improved transparency in public spending.
BPP signed a deal with NASENI to support the use of locally made products—like drones, solar panels, and tractors—in government contracts. This supports the Nigeria First Policy, which encourages MDAs to buy Nigerian-made goods instead of imports.
