Oil prices fell on Tuesday as investors weighed peace talks against renewed Houthi attacks on Saudi Arabia and fears of further US-Israeli strikes on Iran.
Brent crude dropped 0.86% to $114.81 a barrel, while US WTI fell 0.77% to $100.98, with geopolitical risks keeping prices elevated.
South Korea’s Economy Grows 1% on AI Chip Boom
South Korea’s economy expanded 1.0% in the third quarter, beating forecasts as strong AI chip demand boosted exports and investment. Year-on-year growth reached 3.4%, while private consumption fell 0.2%.
Exports topped $800 billion in the first nine months, putting the country on track to hit $1 trillion this year, despite weak domestic demand.
Japan’s Inflation Hits Three-Year High, Raising Rate Hike Prospects
Japan’s underlying inflation accelerated to 3.2% in September, its highest since October 2023, up from 2.6% in August. Rising labour and shipping costs, alongside a weaker yen, added to price pressures.
The Bank of Japan is expected to hold rates at 1.25% this week but may signal further hikes.
DR Congo Suspends Mining Agency Chief Over Illegal Mining
The Democratic Republic of Congo has suspended mining agency chief Jean-Paul Kadiobo Kapongo for allegedly failing to stop illegal mining on licensed concessions in copper- and cobalt-rich provinces.
The suspension comes as rising metal prices attract informal miners, heightening tensions with industrial operators.
Tinubu Seeks $21.69bn External Borrowing Approval
President Bola Tinubu has asked the National Assembly to approve a $21.69 billion external borrowing plan for 2026–2027 to fund infrastructure, agriculture, healthcare, security and job creation.
He said the loans would help bridge Nigeria’s infrastructure funding gap and accelerate economic growth.
