US jobs surprise to the upside; business activity holds up as markets and Bitcoin gain ahead of the holidays
In September 2025, the U.S. economy added 119,000 non-farm jobs — more than double the ~50,000 expected — even as the unemployment rate ticked up to 4.4%. Meanwhile, a November flash report from S&P Global shows the Manufacturing PMI fell to 51.9 while the Composite PMI climbed to 54.8, signalling continued expansion in the broader private-sector economy. This mix of resilient job growth, stable business-sector activity and easing macro fears helped buoy equities and in turn provided a supportive backdrop for Bitcoin as markets headed into the U.S. holiday week.
Sources: FXStreet FXStreet CNBC
UK Markets Swing After Leaked Budget Measures Spark Chaos
UK’s chaotic leaked Budget sends pound and bonds reeling as tax hikes spark market turmoil. The disclosure of a sweeping fiscal package by Rachel Reeves — including £26 billion in higher taxes and a freeze on income-tax thresholds, triggered immediate market jitters, pushing UK government bond yields up and driving a sharp fall in the pound. Markets had already been volatile in the run-up to the Budget, with uncertainty over tax plans causing swings in gilt yields and sterling.
European ETF industry soars, Thanksgiving turns attention to euro-zone trading calendar
Assets in the European ETF market surged to a record $3.11 trillion by the end of October, reflecting net inflows of $42.3 billion for the month and marking the 37th consecutive month of positive flows—the strongest year-to-date performance on record. As markets prepare for a quieter U.S. session on the U.S. Thanksgiving holiday, investors appear focused on the “euro docket”, European economic data and trading activity.
Sources Funds-Europe, FXStreet
CBN holds rates steady as T-bill yields ease and equities rebound amid tighter cheque-rule enforcement
The Nigerian equities market gained about N95 billion after the CBN maintained its policy rate, helping stabilize investor sentiment. At the same time, Treasury-bill yields dipped to around 17%, supported by stronger demand across short-, mid- and long-tenor bills. Meanwhile, the CBN plans to enforce a five-year ban on bank customers who issue dud cheques, intensifying its regulatory push to curb financial misconduct.
Sources: Nairametrics, Vanguard
Ghana braces for e-Cedi rollout as BoG cuts rates sharply after inflation slump
Ghana’s central bank slashed its main interest rate by 350 basis points to 18.0%, its third major cut this year, citing a dramatic drop in inflation (from 54% in early 2023 to 8% by October 2025). Meanwhile, the Bank of Ghana has reiterated its readiness to launch the e‑Cedi, saying the country’s digital infrastructure (national ID system, interoperable payments network, mobile-money reach) makes it well placed for a successful central-bank digital currency rollout.
WAEMU and CEMAC sovereign debt markets diverge as Côte d’Ivoire rejects large bids while Central Africa upgrades securities infrastructure
In a recent auction on the UMOA‑Titres market, Côte d’Ivoire rejected roughly CFA 63.5 billion out of CFA 82.22 billion in bids, an absorption rate of just 22.8% reflecting weak demand or unattractive yields, with only short-term Treasury bills and a small three-year bond accepted. In parallel, the public securities market of the Bank of Central African States (BEAC) covering the CEMAC region is being strengthened through institutional reforms, improved settlement infrastructure, and efforts to increase liquidity and long-term issuance in order to support broader debt financing and investment.
Sources: FinancialAfrik, EcofinAgency
Oil prices rebound, peace talks temper gains and Asian shipping costs surge
Oil prices nudged up about 1% this week, recovering from one-month lows as growing expectations of a U.S. interest-rate cut and short-term stock drawdowns supported demand. However, gains were fragile as the prospect of a peace deal between Ukraine and Russia, which could lift sanctions and reopen Russian energy flows, continues to cap upside, while long-term forecasts point to a likely global crude surplus. At the same time, supertanker freight rates have surged sharply as Asian buyers race to replace lost Russian oil volumes.
Filling-station price war slashes pump prices below NNPCL’s rate as fuel importers and refiners compete
Some independent filling stations in Nigeria have cut their petrol pump prices below the NNPCL rate, reportedly to undercut competition amid a surge in petrol imports and aggressive retail-pricing strategies. The resulting volatility in wholesale and retail prices has, however, battered many smaller marketers.
