Akintunde Oyedokun
Research Analyst
Oil prices rose more than 2% on Tuesday as renewed US-Iran fighting heightened fears of supply disruptions.
Brent crude climbed 2.4% to $92.66 a barrel, while WTI gained 2.89% to $88.24.
Concerns over shipping through the Strait of Hormuz, a key global oil route, continued to support prices after vessel traffic fell sharply.
U.S. Job Openings Rise, Hiring Slows
U.S. job openings rose by 89,000 to 7.271 million in July, while hiring fell to 5.054 million, signalling a cooling labour market.
Manufacturing vacancies increased by 79,000, while layoffs declined to 1.666 million. Attention now turns to Friday’s August jobs report.
Canada Manufacturing Growth Slows Amid U.S. Trade Tensions
Canada’s manufacturing sector expanded for a fifth straight month in August, with output and employment improving. The S&P Global Manufacturing PMI eased to 53.0 from 53.5 in July.
However, export orders remained below the 50-point mark as new U.S. tariffs raised concerns about future growth. Despite rising input costs and supply disruptions, business confidence improved to its highest level since December 2024.
South Africa Manufacturing Sentiment Weakens Further
South Africa’s manufacturing PMI fell to 45.8 in August from 46.8 in July, its fourth straight monthly decline. Weak domestic demand and softer consumer spending dragged activity and new orders lower, although manufacturers became more optimistic about the next six months.
Nigeria Private Sector Growth Hits 29-Month High
Nigeria’s private sector growth accelerated in August, with the Stanbic IBTC PMI rising to 54.3 from 52.5 in July, driven by stronger orders and output. However, rising input costs continued to pressure businesses
