Akintunde Oyedokun
Research Analyst
Oil prices climbed on Wednesday after Yemen’s Houthi rebels claimed an attack on a Saudi oil tanker, renewing concerns over Middle East supply disruptions.
Brent rose 0.93% to $80.10 a barrel, while WTI gained 0.21% to $75.93. The attack also dampened hopes of a quick end to the Iran conflict, keeping supply risks in focus.
Germany Services Sector Nears Stabilisation
Germany’s services PMI rose to 49.8 in July from 48.6, nearing the 50-point growth threshold as new business returned to growth and job losses eased. The broader composite PMI also climbed to 51.3, driven by stronger manufacturing output.
However, rising input costs added pressure on businesses, while Middle East tensions continued to cloud the outlook. Export orders also declined, although at the slowest pace in five months.
Italy’s Service Sector Growth Picks Up
Italy’s service sector strengthened in July, with the PMI rising to 52.5 from 50.2 in June, beating the 51.3 forecast.
New business and employment increased, while cost pressures eased for a second month. The composite PMI also rose to 52.5, its highest since November, signalling continued economic expansion.
Kenya’s Private Sector Growth Improves in July
Kenya’s private sector expanded in July as the Stanbic Bank PMI rose to 51.3 from 50.0 in June, signalling stronger business activity despite persistent inflation and supply chain challenges.
The government forecasts economic growth of 5.0% this year, while annual inflation edged up to 6.5% in July from 6.4% in June.
Nigerian Govt Tightens 2026 Capital Budget Guidelines
The Office of the Accountant-General of the Federation has introduced stricter rules for the 2026 capital budget, requiring MDAs to secure funding approvals before awarding contracts and follow approved cash plans to improve fiscal discipline, accountability and budget implementation.
