Business
Asian shares rise, dollar slips as markets await data cues
TOKYO – Asian shares edged higher while the dollar slipped against a basket of currencies in early trade on Tuesday, after a spate of comments from Federal Reserve officials offered nothing to suggest that a rollback of the massive U.S. stimulus is imminent.
The euro, meanwhile, was hobbled by expectations that the European Central Bank will cut rates further, with a few tipping action as early as its policy meeting on Thursday
Eric Rosengren, president of the Boston Fed, said late on Monday that it may be appropriate to reduce the quantitative easing program when there is “compelling evidence of a sustainable recovery making satisfactory progress toward full employment.”
Earlier on Monday, St. Louis Fed President James Bullard said the central bank need not rush because inflation remains low, while Fed Board Governor Jerome Powell said the tapering timing “is necessarily uncertain, as it depends on the evolution of the economy.”
Australian shares .AXJO rose 0.7 percent ahead of the conclusion of the Reserve Bank of Australia’s policy meeting later in the session. The RBA will announce its decision at 0330 GMT and is widely expected to leave interest rates unchanged for a third month amid signs past cuts are filtering through to economic activity.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.2 percent in early trade.
U.S. S&P E-mini futures were down about 0.1 percent, after the S&P 500 Index .SPX closed up 0.4 percent on Monday, just shy of a record high.
The dollar index .DXY, which measures the greenback against six major currencies, slipped 0.2 percent to 80.582, though it remained well above a nine-month low of 78.998 hit on October 25.
The euro was slightly down from late U.S. levels at $1.3508, moving back toward Monday’s low of $1.3441, according to Reuters data. That was its lowest since September 18 and well below a nearly two-year high of $1.3832 set on October 25, as investors began to price in the likelihood of ECB easing action.
Money markets were already pricing in the possibility of looser ECB policy in the coming year and began to show a chance of a move even in the next few months, with a few big banks expecting a cut as early as this week.
A rate cut would hurt the euro’s rate advantage over other currencies and make it less appealing for investors.
“We expect the ECB to leave its interest rates and forward guidance unchanged at Thursday’s meeting,” strategists at Barclays wrote in a note to clients.
“However, the latest decline in inflation has raised the likelihood that the main refinancing rate could be cut again by 25 basis points in December,” they added.
The ECB last lowered its refinancing rate in May, to a record low of 0.5 percent.
Against the Japanese currency, the dollar was slightly higher on the day at 98.65 yen.
In addition to the ECB, investors will continue to focus on U.S. data for clues on the timing of when the U.S. central bank will begin to taper its monthly purchases of $85 billion in assets.
On Friday, the closely-watched October non-farm payrolls data will be released. Fed policymakers want to see the unemployment rate dropping closer to 6.5 percent from the current 7.2 percent, but economists in a Reuters survey expect the rate to have edged up in October to 7.3 percent.
Ahead of the jobs data, the third-quarter gross domestic product report will be released on Thursday. Those figures will help show how strong momentum was in the economy before last month’s partial government shutdown.
Data on Monday showed orders for a wide range of U.S.-made capital goods fell more than expected in September, suggesting companies cut their investment plans. But other recent data indicated that factory activity accelerated in October.
– REUTERS
Shell will continue to support Nigeria in its efforts to build a secure energy future through investments and efficient delivery of its businesses in Nigeria.
“We continue to invest in Nigeria’s future through our projects, our people, and our enduring confidence in the potential of this nation,” General Manager, Development and Subsurface Shell Nigeria Deepwater, Kun Jiang said today while delivering the sponsor’s remarks at the 49th edition of the Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos.
Kun highlighted current investments in Bonga North, HI and the advancement of Bonga Southwest as testimonies of Shell’s confidence in Nigeria’s deepwater future. The confidence was further reiterated with the recent launch of a US$3 billion contract financing programme by Shell Nigeria Exploration and Production Company (SNEPCo), which will help Nigerian contractors build capability, create value, and accelerate project delivery.
Shell is a major sponsor of the conference as part of a longstanding support for a professional body which has contributed to the development of the oil and gas industry. Discussing the theme of the conference; “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience,” Kun said Nigeria had a lot of opportunities despite geopolitical tensions that threaten global supply chains and market volatility and shifting energy dynamics.
“With a population exceeding 240 million people, abundant natural resources, world-class talent, and growing domestic energy needs, Nigeria has all the ingredients to become one of the world’s most attractive energy investment destination,” she pointed out. “But potential alone does not create prosperity. Potential must be converted into progress. Resources must be transformed into value. Opportunity must be matched by action.”
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Nigeria must continue to attract capital, strengthen the business environment, embrace technology to unlock potentials if it will thrive in the global evolving energy landscape. She added: “The future will belong to countries and industries that combine resilience with innovation, ambition with collaboration and investment with execution excellence. Nigeria has the resources. Nigeria has the talent. Nigeria has the opportunity. What is required now is the collective determination to seize it.”
Shell is mounting an exhibition at the SPE conference with SNEPCo’s Senior Production Geologist Abidemi Belgore taking industry leaders and regulators round the stand.
Key areas of interest include technological breakthroughs that have enhanced output at Bonga and facilitated the execution of the Bonga North project. Also highlighted on the stand is the full range of Shell businesses in Nigeria from deepwater oil production and integrated gas to renewables and power solutions as well as social investments across the country.
The Nigerian naira recorded further gains against the United States dollar on Monday, appreciating to N1,408 per dollar in the parallel market, compared to N1,415/$ recorded at the close of trading last weekend.
The local currency also strengthened in the Nigerian Foreign Exchange Market (NFEM), where it appreciated to N1,365 per dollar, up from N1,368/$ at the end of last week.
According to data released by the Central Bank of Nigeria (CBN), the indicative exchange rate improved by N3, reflecting sustained appreciation of the naira in the official market.
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The latest gains also narrowed the gap between the parallel and official exchange rates to N43 per dollar, down from N47 per dollar recorded on Friday, indicating a gradual convergence between both markets.
Meanwhile, activity in the official foreign exchange market increased significantly, with interbank turnover surging by 132.3 per cent to N137.05 million, compared to N58.99 million recorded last weekend.
The improved performance of the naira across both markets comes amid continued efforts by monetary authorities to stabilise the foreign exchange market and enhance liquidity.
With a view to improving operational efficiency, safety, compliance and service delivery across its operations, Pinnacle Oil & Gas Limited has reaffirmed commitment to building stronger relationships with its vendors.
The company made the commitment at its 2026 Vendors’ Forum held in Lagos under the theme, “Partnering for Operational Excellence,” with the sub-theme, “Strengthening Partnerships Through Compliance, Safety, Performance and Innovation.”
The forum brought together more than 100 existing and prospective vendors as well as key stakeholders, both physically and virtually, to strengthen collaboration and align suppliers with the company’s operational standards and growth strategy.
Speaking at the event, Managing Director and Chief Executive Officer of Pinnacle Oil & Gas, Adenike Labinjo, described vendors as strategic partners whose commitment to quality, innovation, safety and compliance is critical to the company’s success.
She said as Pinnacle continues to expand its operations, it has become increasingly important for the company and its vendors to share a common understanding of expectations, responsibilities and performance standards.
Labinjo stressed that safety, regulatory compliance and ethical business practices remain non-negotiable in all engagements with suppliers.
She noted that stronger collaboration with vendors would help the company deliver greater value to customers and other stakeholders while supporting sustainable business growth.
The forum featured technical presentations by senior executives from the company’s Procurement, Engineering, Compliance, Finance, Legal, Health, Safety and Environment (HSE), and Sales and Marketing departments.
Participants received guidance on Pinnacle’s procurement procedures, vendor onboarding and prequalification processes, Know Your Customer (KYC) requirements, tax invoicing, payment processes, contractual obligations, technical specifications, contractor responsibilities, supplier performance expectations and Service Level Agreements.
The company also unveiled improvements to its Purchase Order (PO) process aimed at improving efficiency, transparency and ease of doing business with vendors.
A major highlight of the event was an interactive question-and-answer session where vendors engaged directly with the company’s leadership on procurement procedures, compliance requirements, project execution, HSE standards and areas for continuous improvement.
According to Pinnacle, the session reinforced its commitment to transparency, open communication and stronger collaboration with suppliers.
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The company also recognised outstanding vendors whose contributions have supported its operational performance over the past year. Five companies received Certificates of Recognition for exceptional service delivery, innovation and partnership.
The award recipients were Great Grace Enterprise for Outstanding Delivery Performance, Cevets Nigeria Limited for Excellence in Project Delivery, Ceezik Projekts for Outstanding Quality, Diadco Nigeria Limited for Outstanding Responsiveness, and Sephill Innovative Solutions Limited for Best Commercial Value.
On the significance of the forum, Head of Procurement and Administration, Oluseyi Ogunfowora, said the initiative reflects Pinnacle’s determination to build stronger partnerships through transparency, collaboration and shared accountability.
She explained that the procurement function coordinates the requirements of Engineering, Operations, Marine, Compliance, Legal, Finance, HSE and other business units to ensure a fair, efficient and transparent procurement process.
Ogunfowora urged vendors to submit complete and compliant documentation, communicate proactively and seek clarification whenever necessary.
“The success of our business depends on the strength of our partnerships,” she said. “When vendors clearly understand our expectations and we work together with transparency, compliance and open communication, we create a high-performing vendor ecosystem that benefits everyone.”
She added that the 2026 Vendors’ Forum forms part of Pinnacle’s broader strategy to strengthen supplier engagement, improve operational efficiency and reinforce a culture of compliance, safety, innovation and continuous improvement throughout its value chain.
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