Akintunde Oyedokun
Research Analyst
Oil prices steadied on Tuesday as traders weighed U.S. sanctions tightening pressure on Russian exports against forecasts of a global supply surplus next year. Brent rose to $64.32 and WTI to $60.05 after early declines. Russia’s Novorossiysk port resumed loadings after a brief shutdown, while Goldman Sachs expects prices to ease through 2026 unless Russian output falls more sharply.
Spain Sets Higher 2026 Spending Limit, Plans Lower Deficits
Spain raised its 2026 spending ceiling by 8.5% to €216.2 billion, including EU recovery funds, and aims to finally present a new budget after two rollovers. The government also plans to cut the budget deficit to 2.1% in 2026 and 1.8% in 2027.
Spain upgraded its 2024 growth forecast to 2.9%, far above the EU average, though growth is expected to ease to around 2.2% next year. New economic metrics will track how growth reduces poverty and income inequality.
BoE Set to Cut Rates in December As Inflation Eases
The Bank of England is expected to lower interest rates in December, with another cut likely early next year, as inflation gradually cools. Inflation, currently at 3.8%, is projected to ease slightly, while economic growth is forecast to slow. The upcoming Autumn Budget is expected to mildly reduce inflation without raising income tax.
Markets have largely priced in the expected rate cut, signaling confidence in the BoE’s move.
Ivory Coast Cocoa Grinding Slumps At Season Start
Cocoa grinding in Ivory Coast fell sharply by 25.4% year-on-year in October, reaching 44,075 metric tons as the 2025/26 season began, GEPEX reported on Tuesday.
The data reflects activity from six major grinding firms, including Barry Callebaut, Olam, and Cargill. Despite the decline, Ivory Coast, with a grinding capacity of roughly 750,000 tons, remains a global leader, rivaling the Netherlands in cocoa processing.
Nigeria’s Startup Funding Surges In October
October 2025 saw Nigeria’s startup funding soar to $93.4 million, a 130% rise from September, driven largely by Moniepoint’s $90 million fintech round. Clean energy and early-stage startups, including Rana Energy and Startbutton, also raised funds, highlighting growing investor interest across fintech, renewable energy, agriculture, and education sectors. The strong momentum signals continued confidence in Nigeria’s tech ecosystem heading into year-end.
