Akintunde Oyedokun
Research Analyst
Oil prices rose on Thursday as fresh Houthi attacks in Yemen raised concerns over supply disruptions. Brent crude climbed 2.2% to $81.19 per barrel, while U.S. WTI gained 1.9% to $76.62.
However, gains were capped by hopes that Iran-Oman talks could ease shipping risks in the Strait of Hormuz. Investors also remained cautious as geopolitical tensions continued to cloud the global energy supply outlook.
Canada Services Sector Remains in Contraction
Canada’s services sector contracted for a second straight month in July, with the S&P Global Services PMI improving to 49.1 from 47.1 but remaining below the 50-point growth mark. Weak demand, tariffs and rising costs continued to weigh on business activity, while manufacturing expanded at its fastest pace in over four years.
China’s July Export Growth Seen Slowing
China’s export growth likely slowed in July but remained strong, driven by AI-related demand and early shipments ahead of higher U.S. tariffs. Exports are forecast to rise 22.2% year-on-year, down from 27% in June, while imports are expected to increase 27.9%. China’s trade surplus is projected to ease to $107 billion from $125.62 billion, as weaker domestic demand and weather-related port disruptions weighed on trade.
Egypt’s Inflation Seen Rising To 15.6% in July
Egypt’s annual inflation is expected to rise to 15.6% in July from 14.3% in June, driven by higher food prices and base effects, according to a Reuters poll.
Analysts expect inflation to remain elevated in August due to higher electricity tariffs before easing later in the year. Core inflation is forecast at 14.9%, with official data due on August 10.
Nigeria’s Private Sector Growth Extends In July
Nigeria’s private sector expanded for a second straight month in July, with the CBN’s Composite PMI rising to 51.1 from 50.1 in June, driven by a rebound in services and resilient agricultural activity. Industry remained in contraction at 49.6, highlighting the need for a broader recovery. Analysts expect growth to continue but say stronger industrial output will be key to sustaining the momentum.
