By Akintunde Oyedokun
Research Analyst
Oil prices declined on Tuesday as traders awaited new U.S. tariffs from President Trump, raising concerns about a potential global trade war. Brent crude fell to $74.49, while WTI dropped to $71.20 after recent highs.
Trump’s threats of secondary tariffs on Russian oil and possible military action against Iran heightened supply concerns. Meanwhile, Russia ordered Kazakhstan to cut oil exports, which could tighten supply, but fears of slower global demand kept prices under pressure.
China’s Factory Activity Expands, But Trade Risks Loom
China’s manufacturing sector grew at its fastest pace in four months in March, with the Caixin/S&P Global PMI rising to 51.2. Stronger demand and a surge in export orders drove the expansion.
Factories added jobs for the first time since August 2023, and businesses increased raw material inventories. However, weak domestic demand and deflationary pressures persist, while escalating U.S. tariffs pose a risk to future growth.
U.S. Job Openings Decline Amid Economic Uncertainty and Tariffs
U.S. job openings fell by 194,000 to 7.568 million in February as economic uncertainty, fueled by rising tariffs, weakened labor demand. Layoffs increased to 1.79 million, while business and consumer sentiment declined. Economists warn that tariffs, including those on steel, aluminum, and imported vehicles, could drive inflation, disrupt supply chains, and increase recession risks. The Trump administration’s hiring freeze and federal job cuts may further strain the labor market.
South Africa’s Tax Revenue Rises Over 6% To R1.855tr
South Africa’s tax revenue for the fiscal year ending March 31 reached 1.855 trillion rand ($101.02 billion), marking a 6% increase from the previous year, according to preliminary data. The South African Revenue Service (SARS) attributed the growth to strong collections from the finance, community, wholesale, and construction sectors, along with gains in personal income tax, partly driven by pension withdrawals under the “two-pot” reform.
Nigeria’s Forex Inflow Reaches $17.39bn in Q4 2024
Nigeria’s net foreign exchange inflow rose 14.99% to $17.39 billion in Q4 2024, driven by a 47.55% increase in autonomous inflows. CBN inflows declined slightly by 4.05%.
Outflows also grew by 31.37% to $10.42 billion. However, higher inflows boosted forex liquidity, while foreign reserves rose by $2.35 billion, helping stabilize the naira. Remittances jumped 130% to $553 million.
