Akintunde Oyedokun
Research Analyst
Oil prices gained nearly $1 a barrel on Thursday, with Brent closing at $67.67 and WTI at $63.52, the highest in two weeks. The rally was driven by renewed Russia-Ukraine conflict and a steep 6 million-barrel decline in U.S. crude stockpiles, highlighting strong demand.
Markets also looked to the Jackson Hole conference for signals on potential U.S. interest rate moves.
Germany’s Private Sector Growth Hits 5-Month High in August
Germany’s private sector expanded slightly in August, with the HCOB Flash Composite PMI rising to 50.9 from 50.6 in July, its highest in five months. The uptick was driven by manufacturing, which hit a 41-month output high on stronger new orders, despite weaker exports.
Services activity slowed to near-stagnation, while overall employment continued to decline, led by manufacturing job cuts. Input and output prices edged up again, largely due to higher wage costs in services.
French Business Activity Nears Growth As PMI Hits Year-High in August
French business activity showed signs of stabilisation in August, with the composite PMI rising to 49.8 from 48.6 in July, its highest in a year. The services PMI reached 49.7, while manufacturing climbed to 49.9, a 31-month high—both above forecasts. Employment also grew for the first time since November, with job creation at a 16-month high, though outlooks remain cautious. France’s economy grew 0.3% in Q2, supported by stronger household spending.
Botswana Holds Rate At 1.90% As Inflation Risks Rise Amid Weak Economy
The Bank of Botswana kept its policy rate unchanged at 1.90% for the sixth straight meeting, citing rising inflation risks despite weak domestic growth. Inflation stood at 1.1% in July, below the 3–6% target range, but the bank raised its outlook to 3.5% in 2025 and 5.9% in 2026. The pula’s recent trading margin adjustment and planned 2.76% annual depreciation aim to boost competitiveness, though the diamond downturn continues to weigh on the economy.
Nigeria To Raise ₦200bn Via August Bond Auction
The Debt Management Office (DMO) will auction ₦200 billion in Federal Government bonds on August 25, 2025, with settlement on August 27. The offer comprises ₦100 billion FGN JUL 2030 (5-year reopening) and ₦100 billion 17.95% FGN JUN 2032 (7-year reopening), priced at ₦1,000 per unit with a ₦5,000 minimum subscription.
In July, the DMO raised ₦185.9 billion from strong demand exceeding ₦300 billion, with marginal yields dropping below coupon rates, signalling easing inflation and stable policy outlook.
