Akintunde Oyedokun
Research Analyst
Oil prices fell sharply on Friday as fears of increased production from OPEC and its allies rattled the market. Brent crude dropped by $2.03, or 2.83%, to settle at $69.67 per barrel, while U.S. West Texas Intermediate (WTI) declined $1.93, or 2.79%, to close at $67.33.
Adding to the pressure was a weaker-than-expected U.S. jobs report, which raised fresh concerns about slowing demand. The combination of potential oversupply and uncertain economic outlook weighed heavily on investor sentiment.
Canada’s Factory Activity Slows Again As U.S. Tariffs Bite
Canada’s manufacturing sector remained in contraction for the sixth straight month in July, with the PMI inching up to 46.1 from 45.6—still below the 50 growth mark. Trade tensions with the U.S. and looming tariffs continued to hurt demand, prompting firms to cut jobs and reduce inventories.
While new and export orders improved slightly, both stayed weak. The employment index slipped to 46.2, and inventory levels hit their lowest since May 2020. On the upside, input cost inflation eased to 57.0, offering some relief to manufacturers.
U.S. Construction Spending Falls Again In June On Weak Housing Demand
U.S. construction spending fell by 0.4% in June, marking a second consecutive monthly decline, driven by a sharp 1.8% drop in single-family housing investment due to high mortgage rates and rising inventory. Private construction dipped 0.5%, while residential outlays declined 0.7%. Compared to a year ago, overall spending is down 2.9%. Nonresidential investment also slipped, and public construction saw only a modest 0.1% gain.
South Africa’s Manufacturing Grows, But Outlook Clouded By U.S. Tariffs
South Africa’s manufacturing sector returned to growth in July, with the Absa PMI rising to 50.8 from 48.5 — its first expansion in nine months. The boost came from stronger demand, as new sales orders jumped.
However, employment and future expectations declined, reflecting concerns over global trade. A looming 30% U.S. tariff on exports is expected to trigger major job losses after South Africa missed a trade deal deadline.
FEC Approves N68.7bn For Solar Electrification In Key Institutions
The Federal Executive Council has approved N68.7 billion for the first phase of a nationwide solar electrification project targeting universities, teaching hospitals, and rural agricultural hubs.
The initiative, part of the Ministry of Power’s N200 billion energy access plan, will fund solar mini grids under the Energising Education Programme. Institutions such as UNILAG, ABU Zaria, OAU, and UCH Ibadan are among the beneficiaries. The projects are expected to be completed within nine months and aim to address electricity gaps in critical sectors while supporting rural productivity.
