Oil Prices Drop On US-Iran Peace Hopes

Oil prices fell on Monday as hopes of easing US-Iran tensions eased supply concerns. Brent crude dropped 1.7% to $114.70 per barrel, while US WTI fell 2.5% to $100.71.

However, continued Houthi attacks on Saudi Arabia and disruptions to regional shipping kept prices elevated. The International Energy Agency warned that global energy markets may not return to pre-war conditions in 2027.

Spain’s Industrial Prices Rise 18.3% in September

Spain’s industrial prices climbed 18.3% year-on-year in September, up from 13.2% in August, according to the National Statistics Institute (INE). Prices also rose 4% month-on-month, signalling stronger price pressures across the country’s industrial sector.

Bank of Canada Expected to Raise Rates to 2.5%

The Bank of Canada is expected to raise interest rates by 25 basis points to 2.5% on Wednesday to curb inflationary pressures from rising energy prices, despite weak employment and slowing economic growth.

The decision is also expected to include an updated inflation outlook, with another rate hike possible before March.

Moody’s Sees South Africa’s Budget as Credit Positive

Moody’s Ratings said South Africa’s budget outlook supports its credit profile, citing fiscal consolidation and improved tax revenue. The government cut its 2026 deficit target to 3.9% of GDP. Moody’s maintained the country’s Ba2 rating with a positive outlook, while warning that high debt-servicing costs remain a concern.

Lagos, Four Others Hold 54% Of Nigeria’s Subnational Domestic Debt

Nigeria’s subnational domestic debt reached ₦4.6 trillion in June 2026, representing 5% of the country’s ₦91.6 trillion domestic debt.

Lagos, Delta, the FCT, Rivers and Edo accounted for 54% of the total, with Lagos contributing 26%. States’ debt sustainability will depend on revenue growth, spending control and borrowing costs.