Akintunde Oyedokun
Research Analyst
Oil prices climbed over $1 on Monday, with Brent settling at $61.94 and WTI at $58.08, driven by rising geopolitical tensions.
Russia’s drone attack claims against Ukraine and renewed instability in Yemen heightened supply concerns, while strong Chinese demand also supported prices.
Investors are also awaiting U.S. inventory data for further market direction.
German Businesses Expect Job Cuts in 2026 Despite Modest Confidence Uptick
Most German business groups anticipate job losses next year as economic pressures continue to weigh on key industries, especially exporters. Investment remains subdued, though defense-related sectors and services show improvement, helping lift overall business sentiment slightly for the first time in years.
However, economists warn the recovery is fragile, with the economy stabilising at a lower level rather than returning to strong growth.
Trump’s Tax Cuts to Boost U.S. Economy in 2026
Trump’s “One Big Beautiful Bill” is set to drive U.S. growth next year by increasing household income and encouraging business investment. Individuals benefit from permanent lower tax rates, bigger deductions, and temporary breaks on tipped income, overtime, and auto loan interest. Businesses gain permanent corporate rate cuts, full expensing for equipment and R&D, and expanded pass-through deductions. These measures aim to boost spending and investment, though experts debate the overall long-term growth impact.
Axis International Sues Guinea for $28.9B Over Bauxite Mine
Axis International is seeking $28.9 billion from Guinea at a World Bank tribunal after its bauxite mining permit in Boffa was revoked. Guinea has been tightening control over its mining sector, prompting several arbitration cases. Axis says the mine was fully operational, supporting thousands of jobs and contributing significantly to the economy. The company’s claim is based on proven reserves of over 800 million metric tons, with the mine producing 18 million tons of bauxite in 2024, Guinea’s second-largest output.
Tinubu Cancels $5.27 Billion NNPC Debt to Boost Transparency
President Bola Tinubu has approved the cancellation of $1.42 billion and 5.57 trillion naira ($3.85 billion) in debts owed by NNPC Ltd to the government. The write-off, covering obligations through 2024, aims to clean up NNPC’s finances and improve transparency as Nigeria faces weak oil revenues and rising debt. Outstanding debts from 2025 and a long-running $42.37 billion under-remittance dispute remain unresolved.
