Akintunde Oyedokun
Research Analyst
Oil prices fell on Monday as rising Middle Eastern exports and a planned G7 release of 100 million barrels eased supply concerns.
Brent dropped 1.08% to $101.15 a barrel, while WTI fell 0.98% to $90.22. However, Middle East tensions and low US strategic reserves continued to support prices.
Canada Services Sector Contracts Again
Canada’s services sector contracted for a fourth straight month in September as tariffs and Middle East tensions weighed on business activity.
The Services PMI rose to 48.3 from 46.8 but remained below 50, while new business declined for a fifth month. However, business confidence improved to a five-month high.
US Services Growth Slows as Prices Surge
US services activity eased in September, but higher fuel costs and supply pressures pushed business input prices to their highest level in over four years.
The ISM services PMI fell to 54.9 from 55.4 in August, while the prices-paid index rose to 74.0, its highest since July 2022. Businesses cited rising fuel costs, tariffs and shortages as major concerns, keeping inflation risks elevated.
South Africa Private Sector Contracts
South Africa’s private sector contracted at its fastest pace since December, with the S&P Global PMI falling to 49.0 in September from 50.5 in August.
Weak demand, higher fuel costs and supply disruptions dragged activity lower, while new orders recorded their sharpest decline in two and a half years. However, business confidence improved as firms expected conditions to ease.
Nigeria Rises To Eighth In Bloomberg Investment Risk Ranking
Nigeria climbed four places to eighth in Bloomberg’s 2026 Investment Risk-O-Meter, overtaking Rwanda, Tanzania, Kenya and Namibia.
The improvement reflected stronger economic, fiscal and external positions, supported by reforms including fuel subsidy removal, FX liberalisation and electricity tariff changes.
GDP growth reached 3.85% in 2025 and 3.89% in Q1 2026, although rising public debt remains a major concern.
