Economy
US-China Trade Talks Uncertainty Ruffles Wall Street
By Investors Hub
The major U.S. index futures are pointing to a roughly flat opening on Wednesday, with stocks likely to extend the lackluster performance seen in the previous session.
Traders may be reluctant to make significant moves as they wait for developments regarding the latest round of trade talks between the U.S. and China.
Officials from the U.S. and China are meeting in Washington this week as the world’s two largest economies attempt to reach a long-term trade deal.
The U.S. and China currently face an early March deadline to strike an agreement, although President Donald Trump has suggested the deadline could be postponed.
An editorial by state-run Chinese newspaper the Global Times warned the global stock markets could face a “catastrophic strike” if Trump raises tariffs on Chinese goods as currently planned.
“In terms of avoiding such blows, the Trump administration is probably the most pressured,” the Global Times wrote. “Thus in general, by the end of the trade negotiations, China and the US have become more psychologically equal.”
“Both sides have showed their strength and volition in the unprecedented trade war: The US didn’t easily stop and China was not that fragile to be defeated,” the paper added. “However, it has proven no empty talk that in a long-term trade war, both sides would eventually lose.”
Trump has claimed China is under pressure to avoid an increase in tariffs, citing recent weakness in the Chinese economy and stock markets.
Traders are also likely to look ahead to this afternoon’s release of the minutes of the Federal Reserve’s monetary policy meeting held in late January.
The minutes may shed additional light on the Fed’s shift toward a “patient” approach regarding future interest rate hikes.
Stocks fluctuated over the course of the trading session on Tuesday as traders returned to their desks following the long holiday weekend.
After spending the morning bouncing back and forth across the unchanged line, the major averages climbed more firmly into positive territory in the afternoon.
The major averages pulled back going into the close but still ended the day modestly higher. The Dow inched up 8.07 points or less than a tenth of a percent to 25,891.32, the Nasdaq rose 14.36 points or 0.2 percent to 7,486.77 and the S&P 500 edged up 4.16 points or 0.2 percent to 2,779.76.
The choppy trading came amid uncertainty about the potential for a trade deal between the U.S. and China as the next round of trade talks get underway in Washington, D.C. this week.
News that China accused the U.S. of attempting to curtail its technology development by putting pressure on allies to shun networks supplied by Huawei Technologies raised concerns about tensions between the world’s two largest economies.
However, President Donald Trump later told reporters the U.S.-China trade talks are “going very well” and once again hinted that an early March deadline to reach a deal could be postponed.
“I can’t tell you exactly about timing, but the date is not a magical date,” Trump said in the Oval Office. “A lot of things can happen.”
Trump claimed China is “trying to move fast” so that an increase in tariffs on Chinese goods currently set to take effect does not happen.
On the U.S. economic front, the National Association of Home Builders released a report showing a much bigger than expected improvement in homebuilder confidence in the month of February.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 62 in February after rising to 58 in January. Economists had expected the index to inch up to 59.
With the increase, the index continued to recover after hitting a more than three-year low of 56 in December.
“Ongoing reduction in mortgage rates in recent weeks coupled with continued strength in the job market are helping to fuel builder sentiment,” said NAHB Chairman Randy Noel.
He added, “In the aftermath of the fall slowdown, many builders are reporting positive expectations for the spring selling season.”
Most of the major sectors ended the day showing only modest moves, although substantial strength was visible among gold stocks.
Reflecting the strength in the gold sector, the NYSE Arca Gold Bugs Index spiked by 4.4 percent to its best closing level in over seven months. The rally by gold stocks came amid a sharp increase by the price of the precious metal.
Considerable strength was also visible among brokerage stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Broker/Dealer Index. The index reached a three-month closing high.
On the other hand, telecom stocks saw substantial weakness on the day, dragging the NYSE Arca North American Telecom Index down by 3.1 percent. The steep drop by the index came after it skyrocketed to its best closing level in over two months last Friday.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
