Akintunde Oyedokun
Research Analyst
Oil prices jumped on Thursday, with Brent crude rising 4% to $113.17 per barrel and US WTI gaining 2.4% to $99.47, as Houthi attacks on Saudi Arabia heightened concerns over supply disruptions.
Meanwhile, US refiner Valero Energy reported record quarterly profits, while a pipeline shutdown in Libya further threatened oil production.
US Jobless Claims Near 57-Year Low
US jobless claims fell by 6,000 to 194,000 in the week ended October 17, below forecasts of 200,000, as low layoffs pointed to a resilient labour market despite sluggish hiring and economic uncertainty.
However, economists warn that prolonged Middle East tensions and tighter financial conditions could weaken employment growth in the coming months.
Japan Factory Growth Slows to Seven-Month Low
Japan’s manufacturing PMI fell to 53.3 in October from 54.1 in September, marking its slowest growth in seven months. Meanwhile, the Services PMI rose to 52.0, while the Composite PMI remained at 52.3, extending private-sector growth to 19 months amid rising costs and weaker business confidence.
Namibia Cuts 2026 Growth Forecast to 2.3%
Namibia has cut its 2026 growth forecast to 2.3% from 3.1% following weak economic performance. Public debt is projected to rise to 68.7% of GDP, while mining investments are expected to support recovery. However, weak global demand, high fuel prices and climate risks remain major concerns.
Nigeria Projects Lower Budget Deficit
The Federal Government expects Nigeria’s 2026 budget deficit to fall below 4.2 per cent of GDP, citing improved revenue and lower borrowing costs.
Finance Minister Taiwo Oyedele said the government would review its fiscal target, despite World Bank concerns over rising public spending. Nigeria’s public debt rose 21 per cent to $121bn in June 2026.
