RFA Breakfast Paper - July 8, 2026
Angola's Inflation Falls to Lowest Level Since 2015
Annual inflation in Angola eased further to 10.11% in June 2026 from 10.88% in May, marking the lowest level since 2015 and extending the country's disinflation trend to a 23rd consecutive month. The continued moderation has been largely attributed to the stabilization of the kwanza, which has helped contain imported inflation and ease price pressures across the economy. Inflation slowed in most major CPI categories, including food and non-alcoholic beverages (10.73% vs. 11.33%), housing and utilities (11.14% vs. 14.32%), transportation (15.40% vs. 15.73%), alcoholic beverages and tobacco (8.64% vs. 9.22%), and clothing and footwear (6.59% vs. 7.39%). On a monthly basis, consumer prices rose 0.52% in June, broadly unchanged from 0.53% in May, indicating that price growth continues to normalize. The sustained decline in inflation provides a more supportive macroeconomic backdrop for Angola, improving household purchasing power and potentially creating additional room for accommodative monetary policy should the disinflation trend persist.
U.S. Stocks Slip as Technology Weakness and Rising Oil Prices Weigh on Sentiment
U.S. equities closed lower as escalating geopolitical tensions between the U.S. and Iran dampened investor sentiment. Markets reacted after President Trump declared the ceasefire over, raising concerns that peace negotiations could collapse, and military conflict could intensify. The U.S. launched a fresh wave of strikes and revoked Iranian oil waivers, while Iran responded with attacks on military bases in Kuwait and Bahrain. The Dow Jones Industrial Average led the declines, while the Nasdaq was broadly unchanged, reflecting continued resilience in technology stocks. The renewed conflict pushed WTI crude oil prices up 4.8% to around $74 per barrel, reviving concerns that higher energy prices could slow progress on inflation. Although oil remains well below the highs reached earlier in the conflict, the sharp rebound prompted Treasury yields to move higher as investors reassessed the outlook for inflation and interest rates. The session underscored the market's sensitivity to geopolitical developments, with investors closely monitoring events in the Middle East for their potential impact on global energy markets and broader financial conditions.
NGX Extends Rally as Buying Interest Drives Another Strong Session
The Nigerian equity market closed higher for a third consecutive session as sustained bargain hunting and renewed buying interest in mid-cap and blue-chip stocks continued to support investor sentiment. The rally was led by the Oil & Gas sector, which drove broad market gains and reinforced the positive momentum seen since the start of the week. Consequently, the NGX All-Share Index (ASI) advanced by 5,376.70 basis points, or 2.27%, to close at 242,459.98, while market capitalization increased by ₦3.45 trillion to ₦155.59 trillion. Over the first three trading sessions of the week, investors' wealth has risen by more than ₦8.4 trillion, highlighting the strength of the ongoing recovery. Market activity was mixed during the session, with trading volume rising by 5.02% to 518.43 million shares, while the value of transactions declined by 18.80% to ₦22.75 billion across 48,495 deals. The continued advance suggests investor confidence remains strong, with sustained demand for fundamentally attractive stocks helping to extend the market's upward momentum despite the softer value of trades.
