Akintunde Oyedokun
Research Analyst
Oil prices dropped over $1 on Tuesday as easing U.S.–Iran tensions and improving crude flow through the Strait of Hormuz weighed on the market.
Brent fell to $76.72 per barrel, while WTI declined to $72.68, extending losses from the previous session.
Iraq’s higher output and reduced supply disruption fears added pressure, though geopolitical risks remain in focus.
UK Services Activity Hits Lowest Level Since 2023
Britain’s services sector contracted further in June, with the S&P Global Services PMI falling to 48.7 from 49.3 in May, its weakest reading since January 2023.
The decline reflects weaker business activity, softer demand, and ongoing cost pressures. Manufacturing growth also slowed, pushing the composite PMI down to 49.4, the lowest level since April 2025.
Germany Private Sector Contracts Further in June
Germany’s private sector activity fell to an 18-month low in June, with the Composite PMI dropping to 48.0 from 48.8 in May as weakness in the services sector deepened.
New orders declined for a fourth straight month, while business confidence softened. However, inflation pressures eased as input costs and output prices rose at a slower pace.
Kenya Signs $1.2bn Nairobi Airport Expansion Deal
Kenya has signed a 154.2 billion shilling ($1.2 billion) deal with China Road and Bridge Corporation to expand Jomo Kenyatta International Airport.
The project will raise annual passenger capacity to 22 million from 7.5 million through a new terminal and upgraded facilities, helping Kenya strengthen its position as a regional aviation hub.
Nigerian Manufacturers Raise Alarm As Bank Lending Drops by N1.92tn
The Manufacturers Association of Nigeria (MAN) has raised concerns over a 22.5% decline in bank credit to the manufacturing sector, which fell from N8.53 trillion in 2024 to N6.61 trillion in 2025.
MAN said the drop could hurt industrial growth, job creation, and economic diversification, blaming high interest rates, policy inconsistencies, and delays in releasing the N1 trillion Manufacturing Stabilisation Fund.
The association urged the government to improve access to affordable financing, lower lending rates, and fast-track support measures to revive the sector.
