Akintunde Oyedokun
Research Analyst
Oil prices rose more than 1% on Friday, with Brent crude closing at $74.17 per barrel and WTI at $70.60. Both benchmarks posted 1.4% weekly gains, driven by a larger-than-expected 4.2 million-barrel drop in U.S. crude inventories and renewed optimism about China’s economic growth and future oil demand.
Japanese Retail Sales Jump 2.8% In November, Outpacing Expectations
Retail sales in Japan grew by 2.8% in November compared to the same period last year, according to government data released on Friday. This figure exceeded the median market forecast of a 1.7% increase, showcasing stronger-than-anticipated consumer activity.
The rise reflects a combination of factors, including robust domestic demand and increased spending during the holiday season. Economists view the data as an encouraging sign of Japan’s economic resilience, as it demonstrates the retail sector’s ability to thrive despite global economic headwinds. This upward trend could play a pivotal role in boosting overall economic growth as the country continues to recover from recent challenges.
U.S. Homelessness Jumps 18% Amid Housing, On Economic, Social Pressures
Homelessness in the U.S. increased by 18% over the past year, with 771,480 people affected, including a sharp 33% rise among children. Contributing factors include unaffordable housing, inflation, systemic racism, natural disasters, and the end of pandemic-era support programs. Black Americans remain disproportionately impacted, making up 32% of the homeless population despite being only 12% of the total population. As the crisis worsens, federal and state strategies remain divided, leaving cities struggling with visible and growing challenges.
Tunisian Central Bank Keeps Benchmark Interest Rate At 8%
The Tunisian central bank maintained its benchmark interest rate at 8%, stating that the current borrowing costs align with the inflation outlook. Inflation is expected to average 7% this year and decline to 6.2% in 2025. The central bank emphasized that its decision was in response to ongoing economic conditions, ensuring that the rate remains in line with efforts to control inflation and stabilize the economy. The board also highlighted that fiscal and monetary policies would continue to adapt to evolving global and domestic challenges.
Nigeria, China Renew $2bn Currency Swap Deal To Enhance Bilateral Trade
Nigeria has extended its $2 billion currency swap deal with China to foster trade and reduce dependence on the U.S. dollar. The agreement, initially signed in 2018, enables liquidity in naira for Chinese businesses and yuan for Nigerian companies. The renewed deal aims to strengthen financial ties and expand the use of both currencies. With trade between the two countries reaching $22.6 billion in 2023, this partnership is seen as vital to Nigeria’s economic growth, though it may impact relations with the U.S.
