Akintunde Oyedokun
Research Analyst
Oil prices declined on Tuesday after Donald Trump’s 50-day ultimatum for Russia to end the Ukraine war reduced fears of immediate sanctions. Brent crude dropped 0.4% to $68.92, and WTI fell 0.5% to $66.63.
The market had earlier surged on sanction fears but reversed as traders saw the delay as a possible off-ramp. Analysts warned that if tariffs and sanctions proceed, they could disrupt supplies and impact demand. Despite this, OPEC expects strong demand through Q3, and Goldman Sachs raised its H2 2025 price forecast due to tighter global supply.
China’s Exports Surge In June Amid Tariff Truce Push
China’s exports rose 5.8% in June as firms rushed to meet orders before a potential reimposition of U.S. tariffs in August. Shipments to Southeast Asia were particularly strong, reflecting trade rerouting and frontloading strategies. Exports to the U.S. jumped 32.4% month-on-month, marking the first full month of tariff relief, though year-on-year growth remained negative. Imports also rebounded slightly, up 1.1%. The data boosted market confidence, with Chinese indexes gaining at mid-trade.
BOJ To Lift 2025 Inflation Outlook As Food Price Surge, Keep Future Forecasts Unchanged.
The Bank of Japan is expected to raise its inflation forecast for the current fiscal year due to persistent food price increases, especially rice, sources say. However, it will likely keep forecasts for 2026 and 2027 steady, reflecting expectations that cost pressures will ease and growth could slow from U.S. tariffs.
Despite core inflation hitting 3.7% in May, well above the BOJ’s 2% target, underlying inflation is still below 2%. The central bank is also expected to hold interest rates at 0.5% during its July 30–31 policy meeting.
Trump Tariffs Crush South African Auto Exports To U.S., Jobs At Risk
South Africa’s car exports to the U.S. dropped 73% in Q1 2025 and over 80% in April and May after tariffs imposed by President Trump disrupted trade. The U.S., a key market under AGOA, now imposes a 25% duty on vehicles and parts, with an additional 30% tariff starting August. Industry group naamsa warns of severe job losses and economic fallout in auto-dependent regions like East London. Despite offering a trade package, local automakers face rising costs, shrinking production, and uncertain future investment.
Nigeria’s Data Use Soars To Record High As Internet Subscriptions Fall
Data consumption in Nigeria surged to 1.04 million terabytes in May 2025—the highest monthly usage since early 2023—despite a drop in internet subscriptions. The decline, linked to a recent 50% price hike by telecom operators, saw subscriptions fall from 141.9 million in April to 141.5 million in May.
Mobile subscriptions also dipped to 172.4 million, with losses mainly from MTN and 9mobile. Airtel recorded subscriber growth, while Globacom’s numbers remained steady. Teledensity dropped slightly to 79.65%, reflecting reduced active connections across networks.
