Akintunde Oyedokun
Research Analyst
Oil prices slid nearly 2% on Wednesday as traders awaited this weekend’s OPEC+ meeting, where producers may approve another production hike for October.
Brent crude fell 1.6% to $68.05 a barrel, while U.S. WTI dropped 1.77% to $64.43. OPEC+, which controls roughly half of global supply, is considering unwinding an additional 1.65 million barrels per day of output cuts more than a year early — a move that could push the market into surplus through 2026 unless fresh curbs are reintroduced.
German Services PMI Falls Back Into Contraction At 49.3
Germany’s services sector shrank in August as the HCOB Services PMI dropped to 49.3 from July’s 50.6, signaling weaker activity. The decline was driven by falling new orders, stalled hiring, and soft export demand.
Firms still showed pricing power with stronger price increases, and business confidence stayed resilient, with many expecting growth over the next year. The composite PMI held steady at 50.5, pointing to slight overall economic expansion.
Japan’s Record Budget, Political Risk Drive Yields Higher
Japan’s budget requests hit a record ¥122.45 trillion ($831B) for the next fiscal year, driven by debt costs, defense, and social security spending. The figure may rise further with a possible stimulus package.
Political tension in the LDP and a potential September leadership contest have added to market worries, sending 30-year bond yields to record highs.
Ghana Inflation Cools to 11.5%, Lowest Since 2021
Ghana’s annual inflation eased to 11.5% in August, the lowest since October 2021 and down from 12.1% in July, the statistics office said. Both food and non-food prices fell, though food remains the main driver.
The slowdown follows a record 300-basis-point interest rate cut in July and a cedi rally of over 20% against the dollar this year. Officials say they are on track to meet the 11.9% year-end target ahead of schedule.
US Donates $32.5m To Fight Hunger In Nigeria
The United States has donated $32.5 million to the World Food Programme to support over 764,000 people in Nigeria’s Northeast and Northwest with food aid, electronic vouchers, and nutrition supplements for women and children, as WFP warns of rising hunger and malnutrition due to severe funding gaps.
