Akintunde Oyedokun
Research Analyst
Crude prices rose Monday, with Brent up 1.14% to $66.60 and WTI adding 0.99% to $63.42, as markets reacted to Trump’s meeting with Ukraine’s Zelenskiy after the stalled U.S.-Russia summit. Hopes for future peace talks and fresh Ukrainian strikes on Russian energy infrastructure lifted sentiment.
Concerns also grew after Washington criticized India’s purchases of Russian oil, while traders awaited Powell’s speech at Jackson Hole for U.S. rate signals.
India’s Unemployment Drops To 5.2% In July
India’s jobless rate fell to 5.2% in July from 5.6% in June, thanks to more rural hiring during the farming and festive season. Rural unemployment dropped to 4.4%, while urban unemployment rose slightly to 7.2%.
Among youth, joblessness increased to 19% in cities but declined to 13% in villages. More people joined the labour force, with participation rising to 54.9%.
The government plans to cut GST to support jobs, while S&P upgraded India’s credit rating to ‘BBB’, expecting the economy to grow about 6.8% a year.
U.S. Stagflation Risks Cast Shadow On Global Markets
Fears of stagflation in the U.S. are mounting as weak labor market data, rising core inflation, and a surprise jump in producer prices signal slowing growth alongside persistent price pressures. Tariffs risk worsening the situation, heightening concerns for the world’s largest economy.
Though stocks remain near record highs, bond markets are under strain. Long-dated yields have climbed across major economies, and analysts warn that if stubborn inflation prevents the Federal Reserve from cutting rates, even short-term bonds could take a hit.
Ivory Coast Cocoa Grind Slumps 31% In July On Poor Bean Quality
Ivory Coast’s cocoa grind fell 31.2% in July to 39,301 tons, weighed down by poor bean quality and reduced mid-crop volumes, exporters’ association GEPEX reported. From October to July, grindings totaled 515,055 tons, down 4% from the previous season.
Exporters said weak bean quality—low fat and high acidity—has forced grinders to reject large quantities, while port arrivals between April and mid-August dropped 30% year-on-year. With stocks depleted, grinders expect to rebuild supplies and restore output levels when the main harvest begins in October.
Nigeria Expands LPG Fleet As Tinubu Inaugurates MT Iyaloja
President Bola Ahmed Tinubu has inaugurated a 40,000 CBM Liquefied Petroleum Gas (LPG) carrier, MT Iyaloja (Lagos), for West Africa Gas Limited (WAGL), reaffirming Nigeria’s push for clean energy solutions.
NNPC Ltd. GCEO Bashir Bayo Ojulari said the vessel will strengthen efforts to make LPG more affordable and accessible nationwide. WAGL executives added that the expansion raises the company’s fleet capacity to 162,000 CBM, with further growth planned, underscoring their commitment to bridging Africa’s energy infrastructure gap. The carrier was named after Tinubu’s late mother, Alhaja Abibatu Mogaji.
