Akintunde Oyedokun
Research Analyst
Oil prices fell on Friday, with Brent crude settling at $72.94 per barrel and U.S. WTI at $68, marking weekly declines of 3.1% and 4.8%, respectively. Reduced supply risks from the Israel-Hezbollah conflict, muted holiday trading, and forecasts of a 2025 oil surplus drove the decline. The OPEC+ policy meeting, postponed to Dec. 5, is expected to address potential production cuts to counter price weakness. Analysts forecast Brent averaging $74.53 per barrel in 2025, reflecting persistent downward revisions.
German Retail Sales Drop 1.5% in October, Exceeding Forecasts
German retail sales fell 1.5% in October, surpassing analysts’ expectations of a 0.3% decline, partially reversing gains from the third quarter. While food sales edged up 0.1%, non-food sales dropped 2.2%. Year-over-year, retail sales rose 1% in real terms. Economist Claus Vistesen noted that despite the setback, fourth-quarter consumer spending may grow, though GDP could face pressure from declining inventories. The government forecasts economic growth to return in 2025, driven by higher wages, easing inflation, and tax relief.
France’s Inflation Matches Forecasts At 1.7% In November
French inflation rose to 1.7% in November, matching economist expectations, according to preliminary data from INSEE. Service prices increased by 2.5% year-on-year, while energy prices fell by 0.7%. Food and manufactured goods prices remained stable compared to last month. Inflation, measured by France’s CPI, edged up to 1.3% from 1.2% in October.
Brazil’s Unemployment Falls To Record Low Amid Inflation Risks
Brazil’s unemployment rate fell to 6.2% in the August-October period, its lowest level since IBGE records began in 2012. The tight labor market has sparked inflation concerns, prompting the central bank to continue raising interest rates.
President Luiz Inácio Lula da Silva celebrated the drop in unemployment, with 6.8 million jobless people—8% fewer than the previous quarter. Meanwhile, wages rose 0.8% to 3,255 reais ($534) as economic activity strengthened.
Kenya’s Inflation Increases Slightly To 2.8% in November, Surpassing October’s Rate
Kenya’s annual inflation rate (KECPI=ECI) rose modestly to 2.8% in November, up from 2.7% in October, as reported by the country’s statistics office on Friday. The monthly inflation rate also saw a slight increase, reaching 0.3% in November, compared to 0.2% in the previous month, according to the Kenya National Bureau of Statistics.
The government has set an inflation target range of 2.5% to 7.5% for the medium term. The Central Bank of Kenya is expected to announce its next benchmark lending rate decision on December 5, following a previous rate cut in October from 12.75% to 12.00%.
Nigeria, France Sign Deal On Infrastructure, Food Security, As Zenith Bank, UBA Float French Arms
Nigeria and France have signed two key agreements to enhance infrastructure development and food security. The agreements, signed during President Bola Tinubu’s state visit to Paris, include a 300 million euro investment plan targeting sectors such as healthcare, agriculture, transportation, and renewable energy. Both nations also agreed to streamline trade and investment processes. Additionally, Nigerian lenders Zenith Bank and UBA have expanded their operations to France.a
