Akintunde Oyedokun
Research Analyst
Reduced Summary:
Oil prices rose Friday after hopes Hungary may keep using Russian crude, following a Trump-Orban meeting. Brent closed at $63.63 and WTI at $59.75, though both posted weekly losses as output increased. Earlier declines came from reduced U.S. flight activity and rising crude inventories, while OPEC+ held back further production hikes amid oversupply concerns.
China’s Exports Fall as U.S. Demand Weakens After Tariff Rush
China’s exports dropped 1.1% in October, reversing September’s 8.3% rise, as demand from the U.S. slowed following months of accelerated shipments to avoid potential tariffs under President Trump. Exports to the U.S. fell sharply by 25%, while modest gains were recorded in trade with the EU and Southeast Asia. Economists say the slowdown reflects fading front-loaded orders and a weakening global economy, suggesting China will need to depend more on domestic demand in the coming months.
German Exports Rise on U.S. Demand but Trade Surplus Narrows
Germany’s exports grew 1.4% in September, driven by a rebound in U.S. demand after five months of decline. Imports surged 3.1%, cutting the trade surplus to €15.3 billion. Exports to the EU rose, while shipments to China dropped 2.2%, highlighting ongoing tariff tensions. Economists warn that structural challenges may prevent exports from regaining their former strength. The rebound offers relief but remains fragile amid global trade uncertainty.
Congo Halts Chinese Mining Over Spill
The Democratic Republic of Congo has suspended operations at Chinese-run Congo Dongfang International Mining after a spill polluted water and threatened public health. The three-month halt requires the company to repair environmental damage, compensate residents, and ensure staff payments. Congo, a top cobalt producer, recently eased its export ban, but shipments remain pending government approval. Authorities warned that the suspension could be extended if environmental standards are not met.
FEC Approves N400 Billion for Road Upgrades
The Federal Executive Council (FEC) approved over N400 billion for new and ongoing road projects to modernize Nigeria’s transport network. Key projects include the Lagos–Ibadan Expressway (N43B), Mushin–Apapa Oshodi Expressway (N19B), and Sokoto–Badagry Superhighway. Legacy roads like Ilorin–Omu Aran–Egba and East–West Road were also reviewed. Minister Dave Umahi emphasized durable concrete pavements and design adjustments to tackle infrastructure challenges.
