Akintunde Oyedokun
Research Analyst
Oil prices fell for a second straight session on Thursday, with Brent slipping 1.3% to $66.71 a barrel and WTI dropping to $63.12, as traders awaited Sunday’s OPEC+ meeting where members are expected to discuss raising October output targets. A potential supply boost signals the group’s focus on regaining market share, adding pressure to prices already weighed down by weaker U.S. job data and rising Venezuelan crude exports. Market participants are also awaiting delayed U.S. inventory figures for clues on demand in the world’s top oil consumer.
Canadian Services Sector Slumps Again As U.S. Tariff Worries Bite
Canada’s services economy shrank for the ninth month in a row in August, with S&P Global’s PMI falling to 48.6 from 49.3 in July, signaling a steeper slowdown. New business and export orders dropped sharply, with export demand hitting its lowest level since April at 38.6, as uncertainty over U.S. tariffs kept global clients on the sidelines. Analysts warn that continued trade tensions, including a 35% levy on non-USMCA goods and duties on key sectors like steel and autos, are eroding confidence ahead of the 2026 USMCA review.
U.S. Jobless Claims Jump, Labor Market Cools
Jobless claims rose to 237,000 last week, above forecasts, while private hiring slowed in August — signaling further labor market weakness. Economists blame tariffs and tighter immigration rules for dampening hiring, especially in construction and hospitality.
The slowdown boosts expectations for a Fed rate cut later this month, though upcoming jobs and inflation data will be crucial. Layoffs remain low as businesses hold on to workers but stay cautious about new hires amid economic uncertainty.
Zimbabwe Gets Greenlight To Export Blueberries To China
Zimbabwe can now export blueberries to China after signing a phytosanitary deal during President Mnangagwa’s visit to Beijing. The Horticultural Development Council says the agreement opens access to a booming market, with production set to grow from 8,000 metric tons in 2024 to 12,000 in 2025.
Growers, however, face hurdles like high interest rates, forex retention rules, and high levies, and are calling for tax relief and duty-free input imports to stay competitive.
Tinubu Commits N90bn to Keep 400,000 Students in School
President Bola Tinubu has injected over N90 billion into the Nigerian Education Loan Fund (NELFUND), supporting more than 400,000 tertiary students with tuition and upkeep allowances. According to Minister of Information Mohammed Idris, the intervention ensures no Nigerian is denied higher education for financial reasons, with N86.3 billion already disbursed across 218 institutions and directly to students.
