Oil prices surged higher on Friday and recorded  4% gain over the week, as investors assessed the ongoing conflict in the Middle East and the upcoming U.S. election scheduled for Nov 5 2024. Brent crude futures rose by 2.25% to settle at $76.05 a barrel while the U.S. West Texas Intermediate crude also increased by 2.27% closing at $71.78.

Russia’s Apex bank has hiked its key interest rate by 200 basis points on Friday; from 19% to 21%, the highest level since the regime of President Vladimir Putin’s. The double digit rate hike was necessary to combat inflation which is currently at 8.4%. However, the new benchmark rate is the highest since its introduction in 2013, taking over from the refinancing rate as the primary market indicator. The central bank increased its interest rate to 20% in February 2022 to stabilise markets affected by Russia’s actions in Ukraine and to prevent capital flight. It then reduced the rate to 17% in April 2022. Russia currently has the highest key interest rate among the core BRICS members, which are China, India, Brazil and South Africa.

Spain’s labor market showed improvement in the third quarter of 2024, with the unemployment rate dropping to 11.21%, down from 11.27% in the previous quarter. This reduction, though slight, signals ongoing progress in the country’s economic recovery efforts. As Spain continues to implement measures aimed at boosting employment, the recent data highlights a gradual yet positive trend in job creation and workforce stability. The latest figures reflect Spain’s resilience and determination to lower unemployment rates and strengthen its economy.

Japan’s inflation rate dropped below the Bank of Japan’s (BOJ) 2% target in October for the first time in five months, based on data released on Friday. This decrease marks a potential turning point for the BOJ’s ongoing strategy to gradually raise interest rates. For months, the central bank has aimed to achieve stable inflation at or above 2% as part of its broader economic policy. However, with inflation now slipping below that threshold, the bank may face additional challenges in navigating its rate hike plans, as lower inflation could signal reduced consumer demand and potentially slower economic growth. This development raises important questions about the future of Japan’s monetary policy and its potential impacts on the broader economy.

Zimbabwe’s consumer inflation increased to 37.2% month-on-month in October in local currency terms, reported on Friday, following a significant devaluation of the nation’s currency. In late September, Zimbabwe’s central bank permitted a decline of over 40% in the local gold-backed currency, bringing it to 24.3902 against the U.S. dollar. The currency has continued to weaken, reaching 27.6880 to the dollar as of Friday, per the central bank’s website

Nigeria plans to issue a diaspora bond in the U.S. next year, targeting $1 billion in monthly remittances, according to Central Bank Governor Olayemi Cardoso. He noted that reforms have spurred Nigerians abroad to increase remittances, which rose to $600 million in September from $250 million in the spring.