By Akintunde Oyedokun
Research Analyst
On Thursday, oil prices rose close to 1% as markets considered the potential impact of President-elect Trump’s policies on oil supply, along with expected production cuts due to Hurricane Rafael. A strong U.S. dollar and lower Chinese crude imports limited gains. Brent crude settled up 71 cents at $75.63 per barrel, while WTI rose 67 cents to $72.36. Analysts noted that potential sanctions on Iran and Venezuela under Trump’s administration could further impact supply.
German Exports and Industrial Output Decline Amid Political and Trade Uncertainty
Germany’s exports and industrial output fell more than expected in September, with exports dropping 1.7% compared to the forecasted 1.4% decrease, signaling economic vulnerability. The data release comes amid political upheaval following Chancellor Olaf Scholz’s dismissal of his finance minister, leading to coalition collapse and early elections. Additionally, Donald Trump’s U.S. presidential victory heightens trade concerns, as his proposed 10% tariff on imports could threaten German exports, especially if a U.S.-Europe trade war ensues. German exports to the U.S., accounting for 3.8% of GDP, may see a short-term boost but face long-term risks if tariffs are imposed.
China’s Exports Surge Amid Fears of U.S, EU Tariffs as Trade War Looms
China’s exports rose 12.7% in October, the fastest in over two years, as factories accelerated shipments to the U.S. and EU to avoid impending tariffs. The victory of Donald Trump, with his pledge to impose high tariffs on Chinese goods, has heightened concerns among Chinese manufacturers, impacting $500 billion in U.S.-bound exports and intensifying trade tensions with the EU. The trade surplus grew to $95.27 billion, while imports fell by 2.3%, marking the first decline in four months. Experts foresee more front-loading through the year as tariff pressures loom for 2025.
Morocco’s Population Hits 36.82m In 2024 Census, Reflecting 8.8% Growth Over a Decade
Morocco’s population has reached 36.82 million as of September 2024, according to preliminary figures from the national census, reported by government spokesperson Mustapha Baitas. Since the previous census in 2014, the population has grown by 2.98 million, marking an 8.8% increase. Household numbers also rose significantly to 9.27 million, up by 26.8% compared to a decade ago. Additionally, the foreign resident population surged to 148,152, showing a remarkable increase of 71.8%, according to Baitas.
Lagos Launches Bid For 4,000MW Gas Power Plants To Address Electricity Shortfall
Lagos State has opened bidding for the construction of up to 4,000 MW of gas-fired power plants aimed at bridging the gap in Nigeria’s national electricity supply. The World Bank reports that 40% of Nigerians lack access to reliable power, a major challenge for investment. Lagos, with over 20 million residents, needs 6,000 MW but currently receives only 2,000 MW from the grid. Under its Clean Lagos Electricity Market plan, the state has allocated four locations for new power stations, each with a minimum capacity of 500 MW.
