Akintunde Oyedokun
Research Analyst
Oil prices fell close to 2% on Monday as fears of a global supply glut and renewed U.S.-China trade tensions weighed on market sentiment. Brent crude closed at $60.23 a barrel, while WTI settled at $56.51. The market’s shift into contango highlighted growing oversupply concerns, marking the third consecutive weekly loss for both benchmarks. Heightened trade frictions, WTO warnings of a global slowdown, and uncertainty over Russian oil exports further added to bearish pressure.
UK Housing Market Slows as Buyers Await Budget
British home asking prices rose just 0.3% in the four weeks to October 11, well below the usual autumn pace, according to Rightmove. Year-on-year, prices slipped by 0.1%. Analysts say uncertainty ahead of Finance Minister Rachel Reeves’ November budget and weak buyer confidence have stalled the usual seasonal boost. Market activity also dipped in September, while Halifax reported only a 1.3% annual rise in house prices — the slowest since April 2024.
China’s Rare Earth Exports Decline, Raising Trade Tension Fears
China’s rare earth magnet exports fell 6.1% in September, ending months of growth and sparking renewed fears it may use its dominance in the sector as leverage in trade disputes with the U.S. The drop to 5,774 tons follows tighter export license controls and echoes earlier restrictions that hit global manufacturers. Despite a yearly increase, analysts warn China’s actions could again threaten U.S. defense firms and heighten global dependence on its critical minerals.
Egypt’s Economy Gains Momentum Amid Falling Inflation and Rates
Egypt’s economy is set to grow 4.6% in the fiscal year ending June 2026, driven by a weaker currency, lower inflation, and falling interest rates. Growth is expected to rise to 5.3% by 2027/28, supported by tourism, remittances, and large foreign investments, including Abu Dhabi’s $35 billion Ras El Hekma project.
Inflation, which peaked at 38% in 2023, is forecast to drop steadily, while interest rates could fall from 22% to 11.25% by 2028. The Egyptian pound is expected to weaken gradually to 54 per dollar over the same period.
Nigeria’s Domestic Air Travel Sees 6% Growth
Nigeria’s domestic airline capacity rose 6% to 681,204 seats in October 2025, keeping it Africa’s second-largest market after South Africa. While Tanzania and Algeria led growth on the continent, Ethiopia saw an 8% drop.
Lagos Murtala Muhammed International Airport handled 409,005 departing seats, up 6%, cementing its position as West Africa’s busiest airport.
