Akintunde Oyedokun
Research Analyst
On Thursday, oil prices held steady following reports that India could cut its Russian oil imports, which make up roughly one-third of its supply. Brent crude was up at $62.23 per barrel, and WTI rose to $58.47.
Analysts say a potential drop in Indian demand for Russian oil could tighten global supply. Production has been affected by Ukrainian drone strikes on Russian refineries, prompting Moscow to delay planned maintenance to maintain output.
Canadian Home Sales Dip After Five-Month Rally
Home sales in Canada dropped 1.7% in September, marking the first decline since April, data from the Canadian Real Estate Association showed. Losses in cities like Vancouver and Montreal outweighed gains in Toronto.
The Home Price Index edged down 0.1% monthly and 3.4% annually. After the Bank of Canada lowered interest rates to 2.5%, CREA expects the housing market to pick up again through 2025 and 2026.
China’s Growth Slows Amid Rising U.S. Trade Tensions
China’s economy is set to grow 4.8% in the third quarter, the slowest pace in a year, as trade tensions with the U.S. weigh on confidence. The slowdown threatens Beijing’s 5% annual growth target, prompting expectations of additional stimulus, particularly for housing.
Rising tariffs and export controls have hit exporters hard, leading many to shift focus to emerging markets. Growth is projected to ease further to 4.3% in the fourth quarter.
Guinea’s Bauxite Exports Rise Despite Challenges
Guinea’s bauxite exports surged 23% in Q3 2025 to 39.41 million tonnes, mainly to China, despite heavy rains and government regulations. Monthly shipments fell from early-year levels due to seasonal disruptions, but annual output could reach 180 million tonnes. The rise coincides with preparations for the Simandou iron ore project, further strengthening China’s influence on Guinea’s mining sector, while alumina exports remain minimal.
High Costs Weigh on Nigerian Businesses Amid Optimism
Nigerian firms continue to struggle with high bank charges, multiple taxes, and poor infrastructure, the CBN’s September 2025 survey shows. Confidence is cautiously positive, with the index at 31.5 points and expected to reach 51.8 points in six months. Optimism is strongest in the North-East and weakest in the South-East, while other challenges include inflation, limited credit access, and exchange rate fluctuations.
Economic activity remains on the rise, as PMI hits 54.0 points, reflecting growth across Industry, Services, and Agriculture.
