Akintunde Oyedokun
Research Analysis
Oil prices dropped on Tuesday as hopes of peace talks between Russia and Ukraine raised expectations of eased sanctions and higher global crude supply. Brent settled at $65.79 per barrel, down 1.22%, while U.S. WTI closed at $62.35, down 1.69%.
The decline followed U.S. President Donald Trump’s meeting with Ukrainian President Volodmyr Zelenskiy and signals of possible talks with Russian President Vladimir Putin, which could lead to a broader agreement and reduce geopolitical risks.
Canada’s Inflation Eases To 1.7% In July On Cheaper Gasoline
Canada’s annual inflation slowed to 1.7% in July from 1.9% in June, driven largely by a 16.1% drop in gasoline prices. The CPI rose 0.3% month-on-month, while core inflation averaged below 3% for the first time in months, raising hopes of a September rate cut. Excluding gasoline, inflation stood at 2.5%, with food prices still edging higher.
China’s Youth Jobless Rate Jumps To 17.8% In July As Older Workforce Sees Relief
China’s youth unemployment, excluding college students, surged to 17.8% in July from 14.5% a month earlier, according to data from the National Bureau of Statistics. The jobless rate among 25- to 29-year-olds also inched up to 6.9% from 6.7%, highlighting persistent labor market challenges for younger workers. In contrast, unemployment among the more experienced 30- to 59-year-old workforce eased slightly to 3.9% from 4.0%, suggesting that older employees are faring better in the job market despite economic headwinds.
Kenya’s Economy Expected To Accelerate To 5.6% Growth In 2025, Says President Ruto
President William Ruto on Wednesday projected that Kenya’s economy will grow by 5.6% this year, a significant improvement from the 4.7% expansion recorded in 2024. He emphasized that the stronger growth outlook reflects ongoing government initiatives aimed at boosting productivity, attracting investment, and sustaining economic resilience.
FG Approves N90bn for New Water Projects In Bwari, Karu
The Federal Government has approved N90 billion for fresh water supply projects in Bwari and Karu, both in the Federal Capital Territory (FCT). The Minister of the FCT, Nyesom Wike, announced this while commissioning the rehabilitated N50 billion Phase 2 water treatment plant at the Lower Usuma Dam in Bwari on Tuesday.
He said the Bwari project would begin Wednesday, followed by the Karu scheme on Thursday, adding that the initiatives will expand access to clean water in satellite towns and complement ongoing works at the Usuma Dam.
