Economy
Traders Remain Focused on Lingering Trade Concerns
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Monday, with stocks likely to move back to the downside after closing higher over the two previous sessions.
Lingering trade concerns are likely to weigh on the markets as tariffs on $34 billion worth of Chinese imports to the U.S. and a matching $34 billion worth of U.S. exports to China are due to take effect on July 6th.
Potentially adding to the concerns, news website Axios obtained a leaked draft of bill ordered by President Donald Trump that would declare America?s abandonment of fundamental World Trade Organization rules.
The bill, known as the United States Fair and Reciprocal Tariff Act, essentially provides Trump a license to raise U.S. tariffs at will, without congressional consent, Axios said.
?It would be the equivalent of walking away from the WTO and our commitments there without us actually notifying our withdrawal,? a source familiar with the bill told Axios.
However, the source noted Congress would never give the president the authority, and a White House spokeswoman told Axios the administration does not have actual legislation it is preparing to rollout.
A previous report from Axios said Trump has repeatedly told top White House officials he wants to withdraw the United States from the World Trade Organization.
Overall trading activity is likely to be somewhat subdued, however, with the upcoming July 4th holiday likely to keep some traders on the sidelines.
Later this week, trading may be impacted by reaction to the Labor Department?s monthly jobs report and the minutes of the latest Federal Reserve meeting.
After trading notably higher throughout much of the session, stocks pulled back sharply going into the close of trading on Friday. The major averages showed a notable decline but managed to end the day in positive territory.
The tech-heavy Nasdaq briefly dipped into negative territory but inched up 6.62 points or 0.1 percent to 7,510.30. The Dow edged up 55.36 points or 0.2 percent to 24,271.41, and the S&P 500 crept up 2.06 points or 0.1 percent to 2,718.37.
Despite moving higher over the past two days, the major averages all moved notably lower for the week. The Nasdaq tumbled by 2.4 percent, while the Dow and the S&P 500 both slumped by 1.3 percent.
The late-day pullback on Wall Street may have reflected lingering concerns about the global economic impact of recent trade disputes between the U.S. and other major economies.
Strength in the financial sector helped to drive the markets higher early in the day after most of the nation’s largest banks passed the Federal Reserve’s annual stress test.
Financial giants such as Wells Fargo (WFC), Citigroup (C), and JPMorgan Chase (JPM) have subsequently announced billions of dollars in stock buybacks and raised their quarterly dividends.
Strength in the overseas markets also generated early buying interest on Wall Street despite the lingering trade concerns.
Asian stocks reversed early losses to end mostly higher after China eased restrictions on foreign investment in sectors including banking, automotive, heavy industry and agriculture amid scrutiny from its top trading partners.
The U.S. and the European Union have been complaining that Beijing limits foreign firms’ ability to enter the world’s second-largest economy.
News EU leaders have reached an agreement on migration, averting a political crisis in Germany, also contributed to strength in the European markets.
On the U.S. economic front, a report released by the Commerce Department showed personal income increased in line with economist estimates in the month of May, although the report also showed weaker than expected growth in personal spending.
The report said personal income climbed by 0.4 percent in May after edging up by a downwardly revised 0.2 percent in April.
Economists had expected income to rise by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month.
Meanwhile, the Commerce Department said personal spending rose by 0.2 percent in May after climbing by a downwardly revised 0.5 percent in April.
Personal spending had been expected to increase by 0.4 percent compared to the 0.6 percent growth originally reported for the previous month.
A separate report from the University of Michigan showed consumer sentiment improved by much less than initially estimated in the month of June.
The report said the consumer sentiment index for June was downwardly revised to 98.2 from the preliminary reading of 99.3.
The index for June is still slightly above the final May reading of 98.0, although economists had expected a much more modest downward revision to 99.2.
Surveys of Consumers chief economist Richard Curtin said the downward revision was largely due to concerns about the potential impact of tariffs on the domestic economy.
Despite the late-day pull back by the broader markets, gold stocks showed a significant move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 2.4 percent. The strength among gold stocks came amid an increase by the price of the precious metal.
Considerable strength also remained visible among biotechnology stocks, as reflected by the 1.9 percent jump by the NYSE Arca Biotechnology Index. The index continued to recover after hitting its lowest intraday level in well over a month on Thursday.
Housing and oil stocks also ended the session notably higher, while most of the other major sectors showed more modest moves on the day.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn