Akintunde Oyedokun
Research Analyst
Oil prices edged up on Tuesday, supported by stronger Chinese economic data and a softer U.S. dollar, despite concerns over potential U.S. tariff actions against Europe.
Brent crude climbed to $64.43 a barrel, while U.S. WTI rose to $60, as improved global growth expectations lifted demand sentiment.
Analysts said the trade rhetoric is unlikely to disrupt oil supply in the near term, keeping prices modestly supported.
South Korea’s Economy Slows In Q4 2025
South Korea’s GDP barely grew in the last quarter of 2025, expanding just 0.1% quarter-on-quarter as weak domestic demand and private investment offset steady export growth. Exports, led by semiconductors and automobiles, rose 13.4% in December despite U.S. tariffs. Government stimulus from Q3 had largely already boosted growth, limiting its impact in Q4. The Bank of Korea kept interest rates unchanged amid a weakening won and rising Seoul housing prices. On a yearly basis, GDP is expected to grow 1.9%.
UK Job Market Slows, Wage Growth Eases Ahead Of Budget
Britain’s jobs market weakened in December, with payrolls dropping 43,000—the largest fall since 2020—and private sector wage growth slowing to 3.6%, easing inflation concerns for the Bank of England. Job vacancies rose slightly, but overall employment remains fragile, while the jobless rate held at 5.1%. The pound dipped against the dollar and euro, and markets expect the BOE to hold rates at 3.75% in February, with potential cuts later in 2026.
Uganda’s Gold Exports Skyrocket, Surpassing Coffee
Uganda’s gold exports surged 75.8% in 2025 to $5.8 billion, overtaking coffee as the country’s top export. The growth was driven by record global gold prices, new traders entering the market, and Uganda’s emergence as a regional hub for gold trade and processing. The country also launched its first large-scale gold mine, boosting production potential.
Nigeria Focuses On Domestic Revenue To Reduce Borrowing
Finance Minister Wale Edun said Nigeria aims to rely more on domestic resources and cut borrowing, while remaining open to international capital markets if needed. The government’s fiscal reforms—including tax overhaul, ending fuel subsidies, and easing currency restrictions—target higher revenue and long-term economic stability. Early signs are positive, with the IMF raising Nigeria’s 2026 growth forecast to 4.4%. Edun also hinted that easing inflation could lead to interest rate cuts, reducing debt costs.
