Akintunde Oyedokun
Research Analyst
Oil prices held near three-week highs on Wednesday as uncertainty over Strait of Hormuz shipping supported prices.
Brent rose 0.2% to $91.20 a barrel, while WTI gained 0.19% to $85.10. Reduced shipping through Hormuz and disruptions to Russian exports continue to raise supply concerns.
U.S. Debt Hits $40 Trillion
U.S. government debt has surpassed $40 trillion, reaching a record $40.047 trillion as spending, interest costs and budget deficits continue to rise.
The government posted a $432 billion deficit in July, while annual interest payments have topped $1 trillion.
Fiscal watchdogs warn that without spending cuts or higher revenues, the growing debt could increase borrowing costs and deepen economic risks
UK Pay Awards Hit 10-Month Low
UK employers cut median pay awards to 3.2% in the three months to July, down from 3.3%, signaling a softer labour market.
Brightmine said 35% of settlements were lower than a year earlier, while 35% were unchanged. Most awards ranged between 2% and 3.99%.
The survey covered 36 settlements affecting about 762,000 workers, while official data also showed slight labour-market weakness in the second quarter.
South Africa Inflation Slows to 4.3%
South Africa’s inflation eased to 4.3% in July from 5.0% in June, beating the 4.5% forecast, helped by lower food, fuel and municipal costs.
However, rising global oil prices could push inflation higher again, keeping it above the central bank’s 3% target.
Nigeria Borrows N11.9tn In 30 Months Despite Reform Gains
The Federal Government borrowed N11.9 trillion between June 2023 and December 2025, Finance Minister Taiwo Oyedele said, adding that economic reforms helped limit further borrowing.
He said subsidy savings and other reforms generated N20.4 trillion, while fuel subsidy reforms alone contributed N15.8 trillion to the Federation.
However, CFG Advisory said debt servicing has absorbed much of the savings, leaving limited funds for development.
