Akintunde Oyedokun
Research Analyst
Oil prices declined Thursday as trade tensions resurfaced ahead of President Trump’s tariff deadline. Brent crude fell 71 cents to $72.53, while WTI lost 74 cents to $69.26.
Investors grew cautious amid uncertainty for countries yet to finalize trade deals with the U.S. A temporary extension with Mexico offered little relief, as tariffs remain in place. Adding pressure, U.S. crude output hit a record 13.49 million bpd in May, and inventories unexpectedly rose by 7.7 million barrels, overshadowing a drop in gasoline stocks and dampening market sentiment.
U.S. Jobless Claims Edge Up, Labor Market Shows Signs of Cooling
U.S. unemployment claims rose slightly by 1,000 to 218,000 last week, signaling a stable but cooling labor market. While layoffs persist, workers are taking longer to find new jobs amid reduced hiring and fewer openings—1.06 per jobless person in June, down from 1.33 in January. The Fed held rates steady at 4.25%–4.50%, citing a balanced labor market but flagged downside risks as both demand and supply shrink. The unemployment rate is expected to tick up to 4.2% in July.
German Inflation Falls to 1.8% in July, Signals Easing Price Pressure
Germany’s annual inflation slowed to 1.8% in July, below the 1.9% forecast, driven by a 3.4% drop in energy prices. Food prices rose by 2.2%, while core inflation held steady at 2.7%.
Services inflation eased to 3.1%, down from 3.3%, as wage and cost pressures softened. Analysts say inflation is now aligning with the ECB’s target of “below but close to 2%.”
However, recent U.S. tariffs on EU goods could lead European firms to raise local prices to offset weaker sales abroad. Euro zone inflation data, expected to drop to 1.9%, is due Friday.
Mozambique Cuts Key Rate to 10.25% Amid Easing Inflation, Political Risks Loom
Mozambique’s central bank slashed its benchmark interest rate by 75 basis points to 10.25%, continuing its year-long easing cycle. The bank cited a stable inflation outlook, supported by favorable global commodity prices, though inflation ticked up to 4.15% in June. Political tensions persist after a contested 2024 election, with the opposition leader facing prosecution for alleged unrest incitement.
Lilypond Export Value Rises 36% to $1.586bn, Container Volume Triples in H1 2025
The Lilypond Export Command of the Nigeria Customs Service recorded exports worth $1.586 billion between January and June 2025, a 36% increase from $1.165 billion in H1 2024. Container throughput rose by 200% to 27,721 units, up from 9,438.
Comptroller Ajibola Odusanya said agricultural exports led with $966.73 million, while manufactured goods surged to ₦2.083 trillion from just ₦170 million a year earlier. Revenue from the Nigeria Export Supervision Scheme jumped to ₦12 billion, supported by better compliance, digital innovation, and agency collaboration.
