Economy
Renewed Trade Concerns May Lead to Pullback on Wall Street
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Monday, with stocks likely to give back ground after moving notably higher last week.
Lingering trade concerns may weigh on the markets amid reports President Donald Trump intends to proceed with plans to impose tariffs on $200 billion worth of Chinese goods as early as today.
A report from the Wall Street Journal said the new tariffs would bet set at 10 percent, lower than the 25 percent previously floated by the administration.
The threat of new tariffs could still lead China to decline an offer to hold high-level trade talks, as the country is not prepared to negotiate with a ?gun pointed to its head,? the Journal noted.
In a post on Twitter this morning, Trump claimed tariffs have put the U.S. in a very strong bargaining position and called subsequent cost increases ?almost unnoticeable.?
China has pledged to retaliate to any new tariffs imposed by the U.S., with reports suggesting the communist country could go beyond raising tariffs on U.S. imports and restrict exports of goods critical to U.S. manufacturing.
Stocks fluctuated over the course of the trading session on Friday before ending the day little changed. The major averages finished the session on opposite sides of the unchanged line following the gains posted on Thursday.
While the Nasdaq edged down 3.67 points or 0.1 percent to 8,010.04, the Dow inched up 8.68 points or less than a tenth of a percent to a seven-month closing high of 26,154.67 and the S&P 500 crept up 0.80 points or less than a tenth of a percent to 2,904.98.
Despite the lackluster close on the day, the major averages all moved higher for the week. The Dow climbed by 0.9 percent, the Nasdaq surged up by 1.4 percent and the S&P 500 jumped by 1.2 percent.
The roughly flat close on Wall Street came after a report from Bloomberg said Trump has instructed aides to proceed with plans to impose tariffs on an additional $200 billion worth of Chinese goods.
Citing people familiar with the matter, Bloomberg said Trump held a meeting on Thursday to discuss the tariffs with top trade advisers, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer.
The latest news came on the heels of reports earlier this week indicting the U.S. has proposed holding a new round of trade talks with China in the near future.
Traders were also digesting a slew of U.S. economic data, including a report showing retail sales increased by much less than expected in August.
The Commerce Department said retail sales inched up by 0.1 percent in August after climbing by an upwardly revised 0.7 percent in July.
Economists had expected retail sales to rise by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month.
Excluding the decrease in auto sales, retail sales rose by 0.3 percent in August after jumping by an upwardly revised 0.9 percent in July.
Ex-auto sales had been expected to climb by 0.5 percent compared to the 0.6 percent growth originally reported for the previous month.
Meanwhile, a separate report from the University of Michigan showed a much bigger than expected improvement in consumer sentiment in September.
The report said the consumer sentiment index jumped to 100.8 in September from 96.2 in August. Economists had expected the index to inch up to 96.6.
The Federal Reserve also released a report showing industrial production rose by slightly more than expected in the month of August.
The Fed said industrial production climbed by 0.4 percent in August, matching the upwardly revised increase in July.
Economists had expected production to rise by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.
Most of the major sectors ended the day showing only modest moves, although considerable strength was visible among steel stocks. Reflecting the strength in the steel sector, the NYSE Arca Steel Index advanced by 1.5 percent.
Brokerage stocks also turned in a strong performance on the day, resulting in a 1.3 percent gain by the NYSE Arca Broker/Dealer Index. The index climbed further off the seven-month closing low set on Wednesday.
Semiconductor and transportation stocks also showed notable moves to the upside, while tobacco stocks extended the pullback seen in the previous session.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to winning ways on Tuesday after it closed higher by 2.30 per cent amid cautious trading.
Yesterday, investor sentiment at the Nigerian stock market was weak after finishing with 37 price gainers and 40 price losers, indicating a negative market breadth index.
It was observed that the industrial goods sector rose by 4.86 per cent, the energy index appreciated by 4.66 per cent, and the consumer goods segment soared by 2.74 per cent. They offset the 1.38 per cent loss recorded by the banking counter and the 0.20 per cent decline printed by the insurance sector.
At the close of business, the All-Share Index (ASI) was up by 5,137.90 points to 228,740.19 points from 223,602.29 points, and the market capitalisation went up by N3.308 trillion to N147.278 trillion from N143.970 trillion.
The trio of FTN Cocoa, Industrial and Medical Gases, and Lafarge Africa gained 10.00 per cent each to sell for N5.50, N39.60, and N324.50, respectively, while Austin Laz grew by 9.71 per cent to N3.73, and Aradel Holdings jumped 9.52 per cent to N1,840.00.
On the flip side, UBA lost 10.00 per cent trade at N44.55, Trans-Nationwide Express slipped by 9.99 per cent to N6.40, NASCON crashed by 9.18 per cent to N187.90, Jaiz Bank depreciated by 8.93 per cent to N8.01, and Berger Paints crumbled by 8.66 per cent to N68.00.
Yesterday, market participants traded 908.0 million equities valued at N68.2 billion in 72,886 deals compared with the 678.2 million equities worth N44.1 billion transacted in 82,838 deals on Monday, showing a drop in the number of deals by 12.01 per cent, and a spike in the trading volume and value by 33.88 per cent and 54.65 per cent, respectively.
By Adedapo Adesanya
Nigeria’s oil production recorded a five-year high of 1.71 million barrels per day, marking a significant rebound for the country’s upstream sector amid renewed efforts to restore output and improve operational stability.
The latest figure, released by Nigerian National Petroleum Company (NNPC) Limited, covers the period from April 2025 to April 2026 and underscores a steady recovery in crude production after years of disruptions caused by theft, pipeline vandalism and underinvestment.
According to the chief executive of the national oil company, Mr Bayo Ojulari, the performance reflects measurable progress across the company’s upstream, gas and downstream operations, with production gains supported by improved asset management and stronger field performance.
Within its exploration and production business, NNPC recorded a peak daily output of 365,000 barrels in December 2025, the highest level ever achieved by its upstream subsidiary. The company also advanced key contractual reforms, including revised production-sharing terms for deepwater assets aimed at unlocking additional gas reserves.
Nigeria’s gas ambitions are also gaining traction. Gas supply rose to 7.5 billion standard cubic feet per day in 2025, driven by major infrastructure milestones such as the River Niger crossing on the Ajaokuta-Kaduna-Kano pipeline and the commissioning of the Assa North-Ohaji South gas processing plant.
These investments are beginning to strengthen domestic gas utilisation. New supply agreements with major industrial consumers, including Dangote Refinery, Dangote Fertiliser and Dangote Cement, are expected to deepen gas penetration across manufacturing and power generation.
On the downstream front, NNPC has continued crude supply to Dangote Refinery under the crude-for-naira arrangement, a policy designed to reduce foreign exchange demand, support local refining and improve fuel market stability. The company also reaffirmed its 7.25 per cent equity stake in the refinery as part of its long-term energy security strategy.
Financially, the national oil company said it has resumed full monthly remittances to the Federation Account since July 2025. It has also reinstated regular performance reporting and held its first earnings call, moves widely seen as part of a broader push towards greater transparency and corporate accountability.
Despite the progress, challenges remain. Crude theft, pipeline outages and infrastructure bottlenecks continue to threaten production stability. Sustaining this recovery will depend on stronger security, reliable infrastructure and policy consistency as Nigeria seeks to maximise the benefits of rising domestic refining capacity.
By Adedapo Adesanya
The United Arab Emirates has announced its decision to quit the Organisation of the Petroleum Exporting Countries (OPEC) to focus on national interests.
This dealt a heavy blow to the oil-exporting group at a time when the US-Israel war on Iran had caused a historic energy shock and rattled the global economy.
The move, which will take effect on May 1, 2026, reflects “the UAE’s long-term strategic and economic vision and evolving energy profile”, a statement carried by state media said on Tuesday.
“During our time in the organisation, we made significant contributions and even greater sacrifices for the benefit of all,” it added. “However, the time has come to focus our efforts on what our national interest dictates.”
The loss of the UAE, a longstanding OPEC member, could create disarray and weaken the oil cartel, which has usually sought to show a united front despite internal disagreements over a range of issues from geopolitics to production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei said the decision was taken after a careful look at the regional power’s energy strategies.
“This is a policy decision. It has been done after a careful look at current and future policies related to the level of production,” the minister said.
OPEC’s Gulf producers have already been struggling to ship exports through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas supplies normally pass, because of threats and attacks against vessels during the war.
The UAE had been a member of OPEC first through its emirate of Abu Dhabi in 1967 and later when it became its own country in 1971.
The oil cartel, based in Vienna, has seen some of its market power wane as the US has increased its production of crude oil in recent years.
Additionally, the UAE and Saudi Arabia have increasingly competed over economic issues and regional politics, particularly in the Red Sea area.
The two countries had joined a coalition to fight against Yemen’s Iran-backed Houthis in 2015. However, that coalition broke down into recriminations in late December when Saudi Arabia bombed what it described as a weapons shipment bound for Yemeni separatists backed by the UAE.
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