Economy

Disappointing Chinese Data Weakens Asia Markets

Published

7 years ago

18/10/2019

By Investors Hub

Asian stocks ended mostly lower on Friday, with disappointing Chinese data and uncertainty about final approval of the draft Brexit deal keeping investors nervous ahead of the weekend.

Chinese stocks saw their steepest daily drop in a month as weak GDP data raised fresh worries over the health of the world’s second-largest economy.

The benchmark Shanghai Composite Index tumbled 39.19 points, or 1.3 percent, to 2,938.14, while Hong Kong’s Hang Seng Index fell 128.91 points or 0.5 percent to 26,719.58.

China’s economy grew at the slowest rate in nearly three decades in the third quarter, raising pressure on policymakers to roll out more stimulus.

China’s GDP grew 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter, the National Bureau of Statistics said. This was the slowest growth since the early 1990s. Growth was forecast to slow marginally to 6.1 percent.

Industrial production advanced 5.8 percent annually in September after rising 4.4 percent in August and 4.8 percent in July. Output was expected to climb 4.9 percent.

Annual growth in retail sales increased to 7.8 percent, in line with expectations. During January to September, fixed asset investment grew 5.4 percent, which was slightly slower than the forecast of 5.5 percent increase.

Meanwhile, Japanese shares hit a 10-month high, with tech stocks leading the surge following upbeat earnings from Taiwan’s TSMC. Sentiment was also boosted after the government said the trade deal reached between the U.S. and Japan will boost domestic growth by about 0.8 percent.

The Nikkei 225 Index inched up 40.82 points, or 0.2 percent, to 22,492.68, while the broader Topix closed 0.1 percent lower at 1,621.99 after the release of weak Chinese GDP data.

Screen Holdings, a major chip industry supplier, jumped 7.9 percent and Sumco advanced 4.3 percent. Heavyweight Fast Retailing gained 1.8 percent and Fanuc added 2.2 percent.

Japanese inflation eased to the lowest level in more than two years in September, data showed, raising pressure on the central bank to ease policy further.

Excluding fresh food, inflation eased to 0.3 percent in September from 0.5 percent in August, the statistics bureau reported. This was the lowest since April 2017 and in line with expectations.

Australian markets fell on worries over slowing global growth and skepticism over the Brexit deal. The benchmark S&P/ASX 200 Index dropped 35 points, or 0.5 percent, to 6,649.70, while the broader All Ordinaries Index ended down 33.10 points, or 0.5 percent, at 6,758.40.

Healthcare stocks such as CSL and Cochlear fell slightly as the Aussie dollar gained ground. Banks extended losses for a second straight session, with ANZ, NAB and Westpac falling between 0.4 percent and 0.8 percent.

IOOF Holdings rallied 3.6 percent as the banking regulator stood down from appealing a Federal Court decision to dismiss its regulatory action against the wealth manager.

Energy firms Woodside Petroleum and Santos ended modestly lower, while Origin Energy fell as much as 2.5 percent.

Mining stocks ended on a mixed note. Seven West Media rose 1.3 percent after the company said it will merge with regional affiliate Prime Media Group in a A$63.8 million all-stock deal expected to be completed in January.

Shares of Southern Cross Media, which has agreed to buy Seven West’s WA radio network Redwave for A$28 million, jumped 2.3 percent.

Seoul stocks fell as worries about slowing growth in China overshadowed optimism from a Brexit deal between the U.K. and the European Union. The Kospi dropped 17.25 points, or 0.8 percent, to 2,060.69.

Economy

Naira Slips to N1,343/$ at NAFEX

Published

2 days ago

18/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.

In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.

At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.

Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.

Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.

Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.

Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.

Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.

Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

Economy

Brent, WTI Tumble Over 9% on Hormuz Reopening Signal

Published

2 days ago

18/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.

Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.

Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.

Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.

Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.

US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.

A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.

Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).

Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.

Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be ‌nearing an ⁠end.

The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.

Economy

Nigerian Exchange Extends Stock Trading Hours to 4:00 pm

Published

2 days ago

18/04/2026

Dipo Olowookere

By Dipo Olowookere

The daily stock trading hours on the floor of the Nigerian Exchange (NGX) have been expanded by an hour to 4.00 pm after extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date.

A statement from the bourse on Friday said the extension was approved by the Securities and Exchange Commission (SEC).

Before now, trading activity on Customs Street resumed from 9.30 am to 2:30 pm, but from Monday, April 27, 2026, the resumption time would be 9.00 am, and the closing gong would be struck by 4.00 pm from Monday to Friday.

It was explained that this action was taken “to deepen market liquidity, enhance price discovery, and broaden investor access.”

The NGX has witnessed renewed investor interest due to increased awareness of equities lately, especially as the nation and the global community await the much-anticipated listing of Dangote Refinery shares later in the year, all things being equal.

The statement also noted that this extended trading window would provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market.

The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.

It further stated that this reform reflects strong regulatory collaboration and underscores the SEC’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.

With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.