By Akintunde Oyedokun
Research Analyst
Oil prices jumped more than 4% on Wednesday after the U.S. raised tariffs on China to 125% and delayed new tariffs for other countries. Brent crude settled at $65.48, while WTI closed at $62.35, recovering from steep losses earlier in the day.
The market reacted to the shift in U.S. trade policy, which isolates China while signaling openness to deals with other nations. China responded with an 84% tariff on U.S. goods, escalating trade tensions.
Despite the gains, oil markets remain under pressure from fears of weaker demand, rising global supply, and new countermeasures from Canada and the European Union.
UK Bond Yields Hit 26-Year Peak Amid US Tariffs, Fiscal Worries
UK 30-year bond yields jumped to 5.649% on Wednesday, the highest level since 1998, after U.S. Treasury yields spiked due to President Trump’s 104% tariffs on China. The sharp rise raised concerns over the UK’s fiscal position and market liquidity.
The Bank of England warned of financial risks linked to rising hedge fund borrowing. With rates now expected to fall soon, markets have priced in 83 basis points of cuts this year, with a potential rate reduction in May.
S’Korea May Cut Rates Sooner On Trade War, Economic Struggles
South Korea’s central bank may cut interest rates earlier or more deeply because of the economic impact of the U.S. trade war. The bank had planned two small rate cuts this year, but now a cut could happen as soon as next week. The 25% U.S. tariff on South Korean exports is hurting the economy, and political instability is making things worse. Central banks worldwide are focusing on boosting economic growth, with several planning rate cuts.
Mali’s Gold Mining Revenue Up 52.5% In 2024 Amid Tax Changes
Mali’s gold mining revenue soared by 52.5% in 2024, reaching 835.1 billion CFA francs ($1.4 billion), fueled by increased tax rates and dividend payments following a new mining code. The growth occurred despite a 23% drop in gold production. The new code, which allowed the government to increase its stake and eliminate tax exemptions for mining companies, played a key role. However, Barrick Gold’s operations remain suspended after the government seized its gold reserves in January 2025.
Nigeria Records $6.83bn Balance of Payments Surplus in 2024
Nigeria achieved a $6.83 billion balance of payments surplus in 2024, driven by reforms, stronger trade, and improved investor confidence, the Central Bank of Nigeria (CBN) reported. This marks a turnaround from deficits in 2022 and 2023. The surplus was boosted by a $13.17 billion trade surplus and an 8.9% rise in remittances. Gas and non-oil exports grew, while fuel and non-oil imports dropped. Nigeria’s foreign exchange reserves increased to $40.19 billion.
