Akintunde Oyedokun
Research Analyst
Oil prices slipped on Thursday as easing geopolitical concerns and higher U.S. inventories weighed on the market. Brent crude fell nearly 2% to about $64 a barrel, while U.S. West Texas Intermediate dropped around 2% to near $59.
Softer comments from U.S. President Donald Trump on Greenland and Iran reduced risk premiums, while rising U.S. crude and gasoline stocks reinforced oversupply concerns.
Australia Jobs Surprise Boosts February Rate Hike Odds
Australia’s unemployment fell to 4.1% in December, with employment rising well above forecasts, pushing the Australian dollar and bond yields higher. The strong jobs data has increased market expectations of a rate hike in February, with upcoming inflation figures set to guide the Reserve Bank’s next move.
The labour market’s resilience, coupled with robust consumer spending, suggests inflation pressures could remain elevated.
U.S. Jobless Claims Rise Slightly Amid “Jobless Boom”
New unemployment claims in the U.S. edged up to 200,000 last week, showing steady but limited job growth. Despite strong GDP growth fueled by AI investments and consumer spending, hiring remains slow. Nonfarm payrolls added 50,000 jobs in December, in line with last year’s average. Ongoing claims fell to 1.849 million, suggesting modest improvement in the labour market.
Mozambique Floods Claim Lives, Toll Likely to Rise
Severe floods in Mozambique have killed at least 13 people and affected over half a million, with more casualties expected as waters recede. Heavy rains submerged towns, cut off Maputo, and damaged homes and businesses. UNICEF warned many victims could be children, while authorities said early warnings and evacuations may have reduced fatalities compared to past floods.
FG Pays N152bn as Contractors Protest Over Unpaid Debts
The Federal Government has disbursed N152 billion to verified contractors, but indigenous firms are protesting in Abuja, claiming trillions are still owed for completed 2024 projects. The Ministry of Finance stressed payments follow strict verification to ensure accountability. The 2026 budget allocates N100 billion for contractor debts, though contractors say it is insufficient, warning delays could cause project abandonment and job losses.
