Breaking News Today – Thursday 6 November 2025

Business News Today

Nigerian Budget Deficit Grows While new Bonds Are Issued

Nigeria launched the sale of $2.25 billion of Eurobonds on Wednesday, the bookrunner said, after markets largely shrugged off threats from U.S. President Donald Trump of potential military action in the country. Africa’s second largest economy and major oil producer, intends to use the money to cover the government’s fiscal deficit, according to bookrunner Chapel Hill Denham. Nigeria’s sale includes a dual tranche for 10 and 20 years at 9.125% and 9.625%. Meanwhile Nigerian President Bola Tinubu has sought the go-ahead from the Nigerian parliament to seek an additional $783.5 million in domestic borrowing to help plug a shortfall in the 2025 national budget. In a letter to parliament, Tinubu said the request followed lawmakers’ decision to increase the budget by around $3.6 billion, which increased the fiscal deficit beyond its earlier approved borrowing plan.

US Data Indicates Economy is Strengthening

The US ISM Services Purchasers Management Index rose to 52.4 in October, up from 50 in September, beating forecasts of 50.8, and indicating the strongest expansion in the services sector in the US since February 2025. Both business activity (54.3 vs 49.9) and new orders (56.2 vs 50.4) rebounded. Private businesses in the US also added 42 000 new jobs in October 2025, rebounding after an upwardly revised 29 000 jobs cut in September, and significantly above forecasts of 25 000. Private employers added jobs in October for the first time since July. The service producing sector added 33K jobs, led by trade/transportation/utilities (47K), education/health services (26K) and financial activities (11K).

Cocoa Returns to Bloomberg Commodity Index – Firming Prices

Major African Agri-commodity, Cocoa, saw futures trading slightly above $6,500 per tonne, on Wednesday, close to their highest level since early October, after it was confirmed the commodity will return to the Bloomberg Commodity Index, likely attracting significant fund inflows. Cocoa prices have fallen steadily over the past 11-months after peaking at over $12000 a ton last December. Dropp of in prices was fulled by a larger than expected crop forecast for this year. Currently, shrinking ICE cocoa inventories also supported prices, with stocks monitored by ICE in US ports falling to a seven-month low of 1,815,627 bags as of October 31.

Meanwhile, dealers reported a pickup in cocoa arrivals at Ivory Coast’s ports, with deliveries reaching 90,000 tons from October 27 to November 2, compared with 80,000 tons the week before. In the meantime, optimism over strong West African harvests continued to bolster expectations of a global supply surplus. Local farmers noted that adequate rainfall combined with long sunny spells should support a high-quality cocoa crop for the October-to-March season in the country’s main producing regions. Prices have modulated this morning to around $6330 per ton.

Breaking News Shorts: 

• Two former Meta employees who worked on interface design have launched a new smart device start-up called  Sandbar. They have created a ring called Stream, which the company calls “a mouse for voice” because it can take notes, help you interact with an AI assistant, and let you control music.
• The Nikkei 225 Index spiked by 1.4% to around 50,900 while the broader Topix Index gained 1.1% to 3,304 this morning, with Japanese shares recouping losses from earlier in the week following a rebound on Wall Street that boosted risk appetite. US stocks rose on yesterday as valuation worries eased, supported by solid US economic data.
• South African telecoms giant Vodacom said yesterday that it had reached an out-of-court settlement in a dispute with a former employee over his role in creating the company’s call-back messaging service.The legal battle over the “Please Call Me” service has been dragged on through numerous court appeals for a period of 17 years. The settlement figure was not disclosed
• China will remove tariffs on certain US optical fibre imports starting November 10, according to an announcement by the Ministry of Commerce on Wednesday. The decision comes amid easing trade tensions between Washington and Beijing. 
• Arabica coffee futures have surged to over $4.15 per pound, its highest level since October 24, pressured by the continued decline in certified coffee inventories, and further exacerbated by the US 50% tariffs imposed on Brazilian coffee. US roasters are still avoiding major contracts with Brazil, as they await developments in US-Brazil trade negotiations

Markets by Numbers 

Currency markets indicate the US dollar softer today, with the Euro trading against the US dollar at 1.15073 while the Pound is trading at 1.30594 to the US dollar. The Yen is currently trading at 153.85 to the dollar. The rand (ZAR) is currently at R17.38 to the US dollar.

Commodities:  

• Gold futures remain below the $4000 mark, but have gained some traction this morning, and are currently trading around $3987.00 per ounce.  
• Copper prices are trending upwards for the second day, with prices currently around $4.9975
• Silver futures prices are trending over 0.6% higher today, and currently trading around $48.285
• Platinum futures are fairly flat today, and currently trading at $1550.00, While Palladium prices are trending 0.49% higher today, and are currently trading around $1432.00 per ounce.
• Brent crude oil prices are trending upwards today, and currently at $63.78 with WTI trading higher at $59.86
• Cocoa futures are almost 1% lower this morning, and currently trading around $6334.45 per ton. 
• Coffee futures have spiked by over 2% today, and are currently trading at around $4.1665 per pound

Crypto Currencies: 

• Bitcoin prices are lower this morning after a claw back in prices yesterday and currently trading at around $103170 per coin 
• Ether prices are trending over 1% higher today, and are currently trading around $3389.61
• $Trumpcoin is trending around 15% higher today, and currently trading around $8.124

(All prices quoted at approximately 07H50 Central African Time) 

Africa News Briefs:

• Mauritania’s former president, Mohamed Ould Abdel Aziz, has lost his final appeal of a 15-year prison sentence on corruption charges. Abdel Aziz was initially sentenced to five years in prison in 2023 after being found guilty of amassing assets and capital worth 70 million dollars illegally. His lawyers argued that the trial was a politically motivated attack, however, a first appeal of his conviction was rejected in May 2025 and his sentence increased by 10 years. After seizing power in a 2008 coup, Abdel Aziz was twice elected president and served from 2009 to 2019 when he stepped down.
• A report from Associated Press indicates that satellite images analysed Yesterday, by the Yale School of Public Health’s Humanitarian Research Lab, appear to show mass burials being conducted in Sudan’s el-Fasher in Sudan. This follows after the paramilitary Rapid Support Forces seized the region by force, raising concerns about the scale of the violence that descended on the city. The images appear to show mass graves being dug and later covered at two sites in the city, one at a mosque just north of the Saudi hospital where hundreds of patients and hospital staff were killed by the RSF.