Business
China concerns hit stocks, Europe sags after data
LONDON – Concerns over a slowdown in China’s economy triggered a third day of falls for world shares on Monday and extended a spritely rebound in gold to leave it at a near three-week high.
Asian shares had fallen to a three-week low after growth in China’s services sector slowed sharply last month, and Tokyo’s Nikkei .N225 had endured a rocky first day of 2014 trading as the jitters prompted its biggest drop in over two-months.
European markets were digesting a raft of services sector data that shed additional light on the divergence between top economies Germany and France as well as the gradual recovery in Italy and Spain.
The pan-regional FTSEurofirst 300 .FTEU3 had opened on the back foot following the difficult day in Asia and the data left London’s FTSE .FTSE, Paris’s CAC 40 .FCHI and Frankfurt’s Dax .GDAXI down between 0.1 and 0.2 percent.
Safe-haven European bonds made early ground amid the uncertainty, while in the currency market the dollar hovered near a four-week high as it also benefited from Friday’s upbeat view for the United States from Federal Reserve chief Ben Bernanke.
Philippe Gudin de Vallerin, head of European economics research at Barclays, said the euro zone PMI data underscored two trends going on in the region.
“It has confirmed there is a growing divergence between Germany and France… And the second one is on Spain on Italy. There are some ups and down but more or less the trend is confirmed and the trend is an upward one.”
CHINA
Concerns that China’s powerhouse economy is slowing remained the main thorny issue for markets though after growth in its services sector slowed sharply in December to its lowest point since August 2011.
The figures followed a similar official survey on Friday and two other PMIs last week that showed factory activity also soured.
China’s CSI300 share index .CSI300 sagged 2.3 percent on Monday, hitting a five-month low and MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slid 0.8 percent to a three-week trough.
The Chinese index is now down 3.9 percent since the start of the year, adding to last year’s 7.6 percent decline.
“The focal point of the Asian markets is more on Chinese growth and on Chinese political situation and how it’s going to pan out this year, rather than worrying about (U.S.) tapering,” said Guy Stear, Asian credit and equity strategist at Societe Generale in Hong Kong.
GOLD RUSH
The main beneficiary of the Asian tensions remained gold as it continued to rebound from last year’s worst run in over three decades.
After the initial flurry of dealing in London it was sitting at $1,240 an ounce, it’s highest in three weeks and on course for a fifth day of back-to-back gains.
“Weaker equities will have more of an impact on gold prices than a stronger dollar,” said Helen Lau, an analyst at UOB-Kay Hian Securities in Hong Kong. “It is all about allocation by funds.”
On the opposite side of the China coin was the South Korean won as it hit a near six-week low. Ongoing political uncertainty in Thailand also left the baht at a near four-year trough and Thai stocks .SETI at a 16-month low.
With Japanese equities taking a beating, the yen got some respite against the dollar, up 0.3 percent at 104.55 yen, not far from a two-week high of 104.08 yen touched last Friday. The euro edged back above $1.36 after it had slumped to a five-week low.
Wednesday’s December Fed meeting minutes and then Friday’s non-farm payrolls data will give further clues on how quickly the Fed could unwind the stimulus that has been a major driver for global risk assets in the past few years.
“With the Fed having set the tapering process in motion, it would likely take a fairly significant miss to derail tapering expectations and push yields significantly lower from their year-end levels,” analysts at BNP Paribas wrote in a note.
– 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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