Akintunde Oyedokun
Research Analyst
Crude prices steadied Friday, with Brent closing at $67.73 and WTI at $63.66, both up slightly. The benchmarks posted their first weekly advance in three weeks, with Brent rising 2.9% and WTI 1.4%.
Uncertainty over U.S.-led peace efforts between Russia and Ukraine weighed on sentiment, as Moscow escalated attacks and Kyiv struck Russian energy assets. Stalled negotiations and Putin’s demands for Donbas intensified concerns over supply risks, keeping oil markets on edge.
UK Consumer Confidence Edges Higher After Rate Cut, But Inflation and Tax Fears Loom
British consumer confidence improved in August, with GfK’s index rising to -17 from -19 in July, its highest since December, following the Bank of England’s recent rate cut. The gain was driven by stronger sentiment around personal finances, though concerns over rising inflation at 3.8% and possible tax hikes remain. GfK noted confidence is still fragile, with households in “wait-and-see” mode. Meanwhile, the savings index fell four points to +30. The survey covered 2,002 people between August 1–14.
Germany Slips Deeper Into Recession As Q2 GDP Contracts 0.3%
Germany’s economy shrank by 0.3% in Q2, steeper than the earlier 0.1% estimate, as weaker U.S. demand and Trump’s new tariffs pressured exports. Industrial output fell, investment dropped 1.4%, while household spending barely rose. Despite increased government spending and new tax relief measures, economists warn recovery may not arrive before 2026, raising fears of a third straight year of recession—the first in post-war history.
South Africa Brings in Private Operators To Ease Rail Bottlenecks
South Africa will grant private firms access to its freight rail network to relieve pressure on Transnet, whose volumes have slumped from 226 million tons in 2017/18 to 152 million in 2023/24. Eleven companies, including Grindrod, secured slots on 41 routes for bulk commodities such as coal and iron ore. The move could add 20 million tons of freight annually and 10 million tons of coal export capacity within three years, advancing the government’s 2029 target of 250 million tons by rail.
Nigerian Govts Share N2.001trn July FAAC Revenue
The Federation Account Allocation Committee (FAAC) has shared N2.001 trillion as July 2025 revenue to the three tiers of government. The Federal Government received N735.08bn, States N660.35bn, Local Governments N485.04bn, while oil-producing states got N120.36bn as derivation.
The revenue pool comprised N1.282trn statutory revenue, N640.61bn VAT, N37.6bn EMTL, and N39.7bn Exchange Difference. Gross July revenue stood at N3.836trn, down from June due to lower statutory receipts, though VAT recorded a slight increase.
