Akintunde Oyedokun
Research Analyst
Oil prices were little changed on Wednesday, supported by optimism over an upcoming meeting between U.S. President Donald Trump and China’s Xi Jinping, which could ease trade tensions. Brent crude rose to $64.51 a barrel, while WTI edged up to $60.21. Expectations of higher OPEC+ output limited gains, but data from the American Petroleum Institute showing sharp declines in U.S. crude and fuel inventories helped stabilize prices.
Spain Maintains Strong Growth Despite Slight Slowdown in Q3
Spain’s economy expanded by 0.6% in the third quarter, down from 0.8% in the previous period, but continued to outperform most eurozone countries. Growth was fueled by solid domestic demand, tourism, and a resilient labour market supported by immigration and EU funds. The government expects Spain to remain one of the top-performing advanced economies in 2025, with annual GDP up 2.8%, just below projections.
Australia’s Inflation Spike Ends Hopes of Near-Term Rate Cuts
Australia’s inflation jumped 1.3% in the September quarter, the biggest rise in over two years, fueled by higher electricity and travel costs. Annual inflation climbed to 3.2%, exceeding the Reserve Bank of Australia’s target, while core inflation rose sharply by 1%.
The hotter-than-expected data crushed market hopes for a near-term rate cut, with investors now expecting rates to stay on hold until mid-2026. Major banks, including Commonwealth Bank and Westpac, now forecast the RBA will maintain a cautious, hawkish stance to keep inflation in check.
Uganda’s Coffee Exports Jump 59% in September
Uganda’s coffee exports rose 59% in September to 844,949 bags, up from 532,212 a year earlier, boosted by strong harvests in Central and Eastern regions. The agriculture ministry said earnings hit $2.2 billion in the year to September, a 57% increase, with production expected to grow 15% in the new crop year. Coffee remains a key driver of Uganda’s foreign exchange earnings and rural livelihoods.
Nigeria’s State-Oil Giant Begins Overhaul of Major Refineries
NNPC Ltd. has launched a technical and commercial review of its Port Harcourt, Warri, and Kaduna refineries to assess their operational and financial viability. The exercise aims to modernize or repurpose the plants, improve efficiency, and make them globally competitive. Both local and international experts are involved, with plans to engage Technical Equity Partners for upgrades. The move aligns with Nigeria’s National Energy Strategy and the Petroleum Industry Act, focusing on energy security, profitability, and meeting domestic fuel demand. Despite decades of investment, the refineries’ combined 445,000 barrels-per-day capacity has been largely idle for over ten years.
