Akintunde Oyedokun
Research Analyst
Oil prices rose about 2% on Wednesday as hopes for U.S. trade deals with China and India boosted market sentiment. Brent crude settled at $62.51 per barrel, while WTI closed at $58.48. Reports of a potential U.S.-India pact that could limit Russian oil imports and expectations of progress in U.S.-China negotiations supported the rally, despite lingering uncertainty and renewed supply concerns. The easing of trade tensions is expected to strengthen global oil demand in the coming weeks. Investors also kept a close watch on geopolitical developments that could affect supply stability.
UK Inflation Steady at 3.8%, Boosting Hopes for BoE Rate Cut
UK consumer inflation held at 3.8% in September, defying forecasts of a rise and signaling a potential peak in price pressures. Services inflation remained at 4.7%, slightly below expectations. The pound fell as investors priced in a higher chance of a Bank of England rate cut in December. Finance Minister Rachel Reeves prepares for the November 26 budget amid high debt costs and ongoing cost-of-living pressures, with potential tax measures likely to influence inflation next year.
Japan’s exports rise in September but U.S. shipments fall
Japan’s exports grew 4.2% in September, driven by a weaker yen and strong demand from China and Asia, but shipments to the U.S. fell for the sixth straight month. Imports rose 3.3%, resulting in a trade deficit of 234.6 billion yen. Analysts warn that profit pressures from tariffs could limit corporate investment and wage growth, keeping the export outlook uncertain.
Morocco’s Inflation Rises Slightly in September
Morocco’s annual inflation rose to 0.4% in September from 0.3% in August, driven mainly by a 0.5% increase in food prices, the national statistics agency reported. Non-food inflation grew 0.4%, while core inflation, excluding volatile items, remained stable at 0.3% year-on-year. The modest rise suggests inflationary pressures in Morocco remain relatively contained.
FG Launches Revenue Recovery Drive
The Federal Government has launched a nationwide revenue recovery initiative to plug fiscal leakages and improve transparency. Inaugurated at RMAFC headquarters, consultants have been tasked to identify and recover unremitted funds within six months. The project, aligned with President Tinubu’s Renewed Hope Agenda, aims to boost government revenue, strengthen fiscal governance, and enhance inter-agency collaboration across all tiers of government.
