Akintunde Oyedokun
Research Analyst
Oil prices dropped sharply on Friday, with U.S. West Texas Intermediate closing at $70.38 per barrel and Brent crude falling to $73.87, as worries over Hurricane Rafael’s impact on U.S. Gulf oil production eased. The storm’s projected path poses reduced risks, while China’s latest fiscal stimulus measures fell short of market expectations, failing to bolster oil demand.
Canada’s Job Growth Slows As Unemployment Holds Steady Amid High Immigration
Canada added only 14,500 jobs in October, falling short of the expected 25,000, while wages rose, according to Statistics Canada. The unemployment rate remained at 6.5%, near a 34-month high, as the labor force expanded due to record immigration. The employment rate dropped to 60.6%, its sixth consecutive monthly decline, as demand slowed despite recent interest rate cuts. Youth unemployment fell slightly, but overall job growth remains modest amid economic pressures.
Japan’s Household Spending Drops Again, Inflation Bites
In September, Japanese household spending dropped by 1.1% year-on-year, surpassing forecasts, as inflation pressures dampened consumer appetite. Month-over-month, seasonally adjusted spending also fell by 1.3%. With households increasingly cutting back on essentials like food, favoring cheaper options, the Bank of Japan faces new challenges in assessing economic resilience ahead of potential rate hikes.
Egypt’s Annual Inflation Hits 26.5% In October, But Below Forecast
Egypt’s annual urban inflation edged up to 26.5% in October, just under the forecasted 27%, while core inflation eased to 24.4%, central bank data showed. Monthly inflation remained steady at 1.1%, with food prices rising 1.1% after a sharper increase in September. A 29.6% growth in money supply has fueled the inflation surge.
Nigeria’s Tax Reform To Centralize Collection Under FIRS
Proposed tax reforms in Nigeria aim to stop 60 federal agencies, including NUPRC and NCS, from collecting taxes. Taiwo Oyedele, chairman of the Presidential Tax Committee, confirmed the plan in a Channels TV interview. The reforms will centralize tax collection under the Federal Inland Revenue Service (FIRS), which will also be renamed, to simplify the process and enhance agency efficiency.
