Akintunde Oyedokun
Research Analyst
Oil prices surged over 6% on Monday after reports that Iran suspended communications with the U.S., raising concerns about potential disruptions to crude shipments through the Strait of Hormuz.
Brent crude rose to $97.14 per barrel, while WTI climbed to $94.04, as geopolitical tensions outweighed worries over slowing global demand.
France Factory Activity Falls Into Contraction in May
France’s manufacturing sector contracted in May as rising energy costs and supply chain disruptions weighed on business activity. The S&P Global Manufacturing PMI fell to 49.7 from 52.8 in April, its lowest level since November and below the 50-point growth threshold. Higher input costs and delivery delays continued to pressure manufacturers across the country.
Spain Manufacturing Growth Slows on Higher Costs
Spain’s manufacturing sector expanded modestly in May, with the PMI easing to 51.2 from 51.7 in April as rising costs and supply disruptions weighed on demand.
New orders and exports remained weak, while input costs reached a four-year high. Despite the challenges, business confidence improved slightly.
The sector still stayed in expansion territory above the 50-point threshold, signaling continued but fragile growth.
Morocco’s Trade Deficit Widens 18% to $13.8bn
Morocco’s trade deficit rose 18.4% to 127 billion dirhams ($13.8bn) in January–April as imports outpaced exports.
Imports grew 12.7% to 296 billion dirhams, while exports rose 8.7% to 169 billion. Energy and wheat imports increased, while autos remained the top export sector. Phosphate exports dipped slightly amid output cuts.
Tourism and remittances rose, but foreign direct investment fell 19.6%.
Nigerian Workers Reject N100,000 Minimum Wage, Says Inadequate
The Federal Workers Forum (FWF) has rejected the proposed N100,000 minimum wage, saying it is not enough to cope with Nigeria’s rising cost of living.
The group cited inflation, unpaid entitlements, low wages, and insecurity, adding that workers are still struggling despite recent wage adjustments.
It called on the government to urgently address hardship and improve workers’ welfare.
