Akintunde Oyedokun
Research Analyst
Oil prices fell about 6% on Monday as diplomatic talks between Iran and Qatar raised hopes of ending the conflict and easing Middle East supply disruptions. Brent crude dropped to $106.65 per barrel, while WTI fell to $97.75. However, Goldman Sachs warned that Brent could reach $140 in 2027 if Gulf oil production remains constrained.
UK Manufacturing Growth Hits Two-Year High
British manufacturing activity strengthened in October, with output recording its fastest growth in over two years. The S&P Global Manufacturing PMI rose to 52.8 from 51.9 in September, supported by stronger domestic and export demand.
However, rising input costs and higher wages pressured manufacturers, while employment growth stalled.
Canada Manufacturing Sector Contracts for First Time in 2026
Canada’s manufacturing sector contracted in October for the first time this year as US tariffs, geopolitical tensions and rising costs weakened activity.
The S&P Global Manufacturing PMI dropped to 49.6 from 51.5 in September, while output and new orders declined. Input costs and selling prices also rose to their highest levels in over four years, adding to inflation concerns following the Bank of Canada’s recent rate hike to 2.50%.
South African Manufacturing Remains in Contraction Despite Improvement
South Africa’s manufacturing PMI rose for a second month to 49.6 points in October from 48.7 in September. However, weak domestic demand and logistics challenges kept the sector in contraction, with the index remaining below the 50-point expansion threshold. Business confidence also weakened, falling to 51.7 from 55.3 amid political uncertainty and supply constraints.
Nigeria’s Central Bank Injects ₦3.2trn Into Financial System
The CBN recorded a net liquidity injection of ₦3.20 trillion in October 2026, as securities repayments of ₦10.69 trillion exceeded fresh issuances of ₦7.49 trillion. The development reversed September’s liquidity withdrawal and coincided with declining short-term yields.
