Economy

Asian Equities Fall Sharply on Disappointing Chinese Trade Data

Published

7 years ago

08/03/2019

By Investors Hub

Asian stocks fell sharply on Friday after the European Central Bank downgraded its 2019 GDP forecast and China reported worse than expected trade data for the month of February.

Investors also looked ahead to the release of the U.S. Labor Department’s closely watched monthly jobs report for February later in the day.

China’s Shanghai Composite Index plummeted 136.56 points or 4.4 percent to 2,969.86, the biggest slump since October, after official data showed Chinese exports tumbled the most in three years in February and imports fell for a third straight month. Hong Kong’s Hang Seng Index plunged 551.03 points or 1.9 percent to 28,228.42.

Chinese exports nosedived 20.7 percent in February from a year earlier, reflecting weaker demand and distortions from the Lunar New Year holiday. That was far below expectations for a 4.8 percent drop. Imports fell 5.2 percent after a 1.5 percent decrease in January.

Japanese shares extended losses for a fourth straight session to hit a three-week low, as a downward revision of the ECB’s growth/inflation projections as well as weak Chinese data sapped investors’ appetite for risk. Meanwhile, a raft of domestic data proved to be a mixed bag.

The Cabinet Office said in a final reading that Japanese GDP gained a seasonally adjusted 0.5 percent sequentially in the fourth quarter of 2018. That beat expectations for an increase of 0.4 percent.

Current account surplus and household spending figures for January topped forecasts, while bank lending grew an annual 2.3 percent in February, down from 2.4 percent in January.

The Nikkei 225 Index tumbled 430.45 points or 2 percent to 21,025.56, the lowest closing level since February 15th and the biggest single-day loss since February 8th. The broader Topix closed 1.8 percent lower at 1,572.44.

Kawasaki Kisen slumped 12.6 percent after saying it would carry out business structural reforms. Mitsui OSK Lines lost 3 percent and Nippon Yusen retreated 3.2 percent. In the technology sector, Advantest tumbled 5.7 percent and Tokyo Electron gave up 3.6 percent.

Financials also ended mostly lower after the yield on 10-year Treasury note fell the most in nine weeks on global growth concerns. Mitsubishi UFJ Financial Group declined 2.3 percent and Dai-ichi Life Holdings plunged 4.8 percent.

Australian markets fell sharply as the ECB’s dovish turn with a surprise decision to offer more stimulus added to investor concerns about growth.

The benchmark S&P/ASX 200 Index tumbled 60.10 points or 1 percent to 6,203.80, while the broader All Ordinaries Index ended down 57.10 points or 0.9 percent at 6,287.10.

Commonwealth Bank of Australia lost 2 percent and Westpac Banking dropped 1.3 percent as their chief executives appeared before the parliamentary committee to answer questions related to widespread misconduct in the sector. ANZ declined 2.3 percent and NAB shed 1.1 percent.

Mining heavyweight BHP fell 1.3 percent and Rio Tinto gave up 1.6 percent after copper prices fell overnight.

Automotive Holdings Group plunged 3.7 percent and Infigen Energy plummeted 6.5 percent after S&P Dow Jones Indices said they would be removed from the benchmark on March 18th.

Seoul stocks also plunged, with the benchmark Kospi closing down 28.35 point or 1.3 percent at 2,137.44, its lowest closing level since January 24.

South Korea posted a current account surplus of $2.77 billion in January, the Bank of Korea said, down from $4.82 billion in December. The goods account surplus narrowed to $5.61 billion compared to the $7.55 billion figure for January of 2018.

Economy

Naira Appreciates to N1,374/$ at NAFEX

Published

1 hour ago

01/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 3, further appreciated against the United States Dollar by N4.52 or 0.33 per cent to N1,374.94/$1 from N1,379.46/$1.

Equally, the domestic currency gained against the Pound Sterling in the official market by N3.34 during the session to close at N1,858.24/£1 compared to the previous rate of N1,861.58/£1, and against the Euro, it improved by N5.29 to sell at N1,607.58/€1 versus N1,612.87/€1.

At the GTBank FX counter, the Nigerian Naira gained N4 against the Dollar to settle at N1,384/$1 versus Wednesday’s closing price of N1,389/$1, and at the parallel market, it improved by N5 to trade at N1,385/$1 compared with the N1,390/$1 it was transacted a day earlier.

Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with a buffer to support the Naira, continued their downward trend, declining to $48.36 billion as of April 29, 2026, according to data.

Market activity weakened sharply, with the NAFEM recording zero deals on Thursday, down from 393 deals on Wednesday. Total turnover in the official window also dropped from $802.44 million to zero, underscoring a severe liquidity squeeze.

Thursday’s price formation was driven entirely by the interbank segment, where turnover also fell significantly to $58.03 million from $249.91 million, suggesting that liquidity pressures extended across the broader FX market.

As for the cryptocurrency market, prices were up amid looming US inflation data, while high oil prices and rising bond yields weigh on risk assets.

The appreciation faces headwinds in the form of US March PCE inflation, which lands as oil prices keep pressure on risk assets, as well as reduced traffic through the Strait of Hormuz, which has kept energy markets fragile.

Dogecoin (DOGE) rose by 1.8 per cent to trade at $0.1082, Bitcoin (BTC) appreciated to $76,987.59, Ethereum (ETH) grew by 1.2 per cent to $2,276.11, Cardano (ADA) added 1.1 per cent to close at $0.2484, and Solana (SOL) soared by 1.1 per cent to $83.89.

Further, TRON (TRX) increased by 0.7 per cent to $0.3224, Ripple (XRP) jumped 0.4 per cent to $1.37, and Binance Coin (BNB) expanded by 0.2 per cent to $616.67, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

Customs Street Climbs 2.14% as BUA Cement, FTN Cocoa Top Gainers’ Log

Published

2 hours ago

01/05/2026

Dipo Olowookere

By Dipo Olowookere

A further 2.14 per cent leap was recorded by the Nigerian Exchange (NGX) Limited on Thursday, the last trading session of April 2026.

This was supported by strong buying pressure despite selling pressure in the consumer goods and insurance sectors, which lost 0.14 per cent and 0.07 per cent, respectively.

It was observed that the energy index went up by 4.78 per cent, the industrial goods space appreciated by 4.13 per cent, and the banking segment rose by 0.52 per cent.

As a result, the All-Share Index (ASI) gained 5,072.22 points to settle at 242,277.81 points versus the 237,205.59 points on Wednesday, and the market capitalisation jumped N3.266 trillion to N155.994 trillion from N152.728 trillion.

FTN Cocoa, BUA Cement, CAP, UAC Nigeria, and Zichis soared by 10.00 per cent each to quote at N5.50, N418.00, N145.20, N181.50, and N21.78, respectively.

On the flip side, Aluminium Extrusion lost 9.95 per cent to trade at N9.50, Royal Exchange declined by 9.93 per cent to N1.36, Legend Internet slipped by 9.32 per cent to N5.35, Austin Laz dropped 9.12 per cent to N3.39, and Neimeth went down by 7.26 per cent to N8.30.

Business Post reports that there were 46 price gainers and 41 price losers on Customs Street during the session, implying a positive market breadth index and strong investor sentiment.

A total of 1.9 billion shares valued at N104.3 billion were traded in 92,353 deals yesterday compared with the 1.3 billion shares worth N69.1 billion transacted in 83,445 deals at midweek, indicating a surge in the trading volume, value, and number of deals by 46.15 per cent, 50.94 per cent, and 10.68 per cent, respectively.

At the close of business, Access Holdings led the activity chart with 935.0 million units sold for N24.3 billion, Lasaco Assurance traded 90.2 million units valued at N175.2 million, UBA exchanged 89.0 million units worth N3.9 billion, Wema Bank transacted 68.4 million units worth N2.4 billion, and GTCO sold 54.7 million units valued at N7.4 billion.

Economy

Crude Oil Slips Below $115 After Hitting Four-Year High on US-Iran Fears

Published

2 hours ago

01/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Crude oil fell below $115 after hitting a four-year high of more than $126 a barrel earlier on Thursday on concerns the US-Iran war could disrupt the wider global economy.

Data showed that Brent crude futures lost $4.02 or 3.41 per cent to trade at $114.01 per barrel, and the US West Texas Intermediate (WTI) crude futures gave up $1.81 or 1.69 per cent to trade at $105.07 per barrel.

According to market analysts, the drop in prices from intraday highs did not have an obvious catalyst and did not look related to a specific development, but reflected the heightened volatility in the market since the Iran war started.

Others noted the retreat in US Dollar strength on Thursday also put downward pressure on oil.

Japan’s Yen surged 3 per cent, the most in a day in over three years, on Thursday, following stark warnings from Japanese officials that intervention to prop up the currency, as well as action in other markets, including energy, could be imminent.

The jump in the Japanese currency puts the US currency down, on track for its biggest one-day drop against the Yen since last August.

US President Donald Trump is slated to receive a briefing on plans for a series of fresh military strikes on Iran to compel it to negotiate an end to the conflict.

Iran said it would respond with “long and painful strikes” on US ‌positions if ⁠the US renewed attacks, and also reasserted its control over the Strait of Hormuz.

This complicates US plans for a coalition to reopen the waterway, which accounts for about 20 per cent of crude and Liquified Natural Gas (LNG) flows.

Since the US-Israeli attack on Iran began on February 28, the price of Brent and WTI has risen by around 90 per cent due to the effective closure of the strait.

The oil price gains risk a renewed spike in global inflation and higher pump prices across the world. Oil, gas, and their refined byproducts are critical for fuelling cars, trucks and planes, powering homes and industry and producing plastics and fertilisers.

President Trump called a ceasefire in ⁠the war earlier this month, but also imposed a US blockade on Iranian ports.

Talks to resolve the conflict, which has killed thousands and caused what the International Energy Agency (EIA) says is the world’s biggest oil disruption ever, have deadlocked.

Traders worry as the US insists on discussing Iran’s alleged nuclear weapons programme and Iran demands some control over the strait and reparations for damage from the war.

The United Arab Emirates (UAE) said on Tuesday it would exit the Organisation of Petroleum Exporting Countries (OPEC) after nearly 60 years as a member.