Akintunde Oyedokun
Research Analyst
Oil prices rebounded Thursday as strong earnings from Microsoft and Meta lifted U.S. equities, offsetting earlier losses driven by concerns over rising OPEC+ output and a slowing U.S. economy. WTI crude rose 0.8% to $58.68, while Brent gained 1.2% to $61.77. The rally was also supported by a likely delay in U.S.-Iran nuclear talks. Meanwhile, Saudi Arabia signaled it may not support further supply cuts, and some OPEC+ members are pushing to boost output. U.S. GDP shrank for the first time in three years amid trade policy disruptions.
U.S. Manufacturing Slumps in April Amid Tariff Strains and Rising Input Costs
U.S. manufacturing contracted further in April, with the ISM manufacturing PMI falling to 48.7, a five-month low, amid rising tariffs that strained supply chains and pushed input prices higher. New tariffs, including a 145% duty on Chinese goods, triggered trade tensions and disrupted imports critical to factories. Despite a slight rebound in new orders, production remained weak, supplier delays worsened, and input prices rose to their highest since June 2022. Employment in the sector continued to decline, though at a slower pace.
Canada’s Manufacturing Slump Deepens Amid U.S. Trade Uncertainty
Canadian manufacturing activity shrank in April at its fastest pace since May 2020, with the S&P Global PMI dropping to 45.3 from 46.3. Uncertainty around U.S. tariffs dampened production and new orders, especially for capital goods. Output and new orders fell sharply, while input prices remained high and delivery delays persisted for the 10th month. Despite a slight rise in future output expectations, overall business confidence remained weak.
South Africa to Present New Budget On May 21 Amid Coalition Tensions
South Africa will present a revised budget on May 21, focusing on stabilising public debt despite coalition disputes. The government dropped a proposed VAT hike after political backlash, prompting the need to update spending, revenue, and growth forecasts. Finance Minister Enoch Godongwana confirmed ongoing consultations with coalition parties and reaffirmed the commitment to fiscal consolidation. Months of internal disagreements unsettled investors and weakened the rand. The Democratic Alliance even challenged the initial budget in court before settling with the finance ministry. Godongwana admitted the process has been turbulent due to coalition dynamics.
Nigeria’s Box Office Surges to N3.48bn In Q1 2025, Up 55% from 2024
Nigeria’s box office generated N3.48 billion in Q1 2025, a 54.7% increase from N2.25 billion in Q1 2024 and a 132% jump from Q1 2023. Cinema attendance also rose 10.9% year-on-year, reaching 661,801. Local productions, led by Funke Akindele and Toyin Abraham, contributed heavily alongside international hits like Mufasa: The Lion King (N618.2M) and Moana 2 (N400M). With over 100 cinemas nationwide and strong releases like Sinner and Labake Olododo, 2025 is on track for record-breaking growth.
