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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
As crude oil deliveries bow to supply disruptions in the Middle East, oil giants, Exxon Mobil and Chevron have reported drops in profit in the first quarter of 2026 despite surging oil prices.
Exxon’s quarterly earnings fell to $4.2 billion from about $7.7 billion the same quarter last year, a decline of about 46 per cent, while Chevron’s profits fell to $2.2 billion from about $3.5 billion, down about 37 per cent. Still, both companies beat Wall Street expectations.
However, America’s two largest oil companies are still expected to eventually reap the benefits of soaring oil prices, which reached levels unseen since 2022 this week as the war in Iran continues, Reuters reported.
In a prepared statement, Exxon said that “timing effects” and volume impacts in the Middle East reduced reported earnings; when excluding those effects, the company reported $8.8 billion in profit. At Chevron, unfavourable timing effects totaled about $3 billion for the quarter, according to the company.
“One of the things that we called out in our press release was the timing,” Darren Woods, Exxon’s chair and chief executive officer, said in an interview. “As you close the quarter in the volatile market, you book the hedges, the paper, but the physical barrels are in inventory until they get delivered.
“So you get this deferred profit that we wanted to basically highlight, and make sure that our investors understood that the work that we’re actually doing to meet the demands today are resulting in benefits not necessarily booked in the quarter,” Woods added.
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At the start of the war, Donald Trump declared on Truth Social: “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money.”
Certain oil and gas companies are already reaping the benefits. BP announced that its profits more than doubled in the last quarter, crediting “exceptional oil trading” for its highest quarterly profit since 2023 – an announcement that led advocacy groups and some European finance ministers to call for greater taxes on windfall profits.
Other earnings reports indicate that it may take longer for oil companies to report clear gains. ConocoPhillips, a partner in Qatar’s state gas company, cut its forecast annual output due to disruptions in Qatar’s liquified natural gas operations caused by the war. Iranian attacks on QatarEnergy LNG’s export plant will take years to repair, state energy officials have said.
Chevron and Exxon’s stock jumped at the start of the war but eased in April as the US and Iran agreed on a ceasefire and the reopening of the strait of Hormuz. And Lockheed Martin, a key defense contractor with the federal government, initially saw its stock jump 25 per cent since the start of the year, but has since dropped to roughly the same levels.
Meanwhile, gas prices at the pump continue to climb, with the current average reaching $4.39, up from $3.187 a year ago. Americans are also facing fears of elevated inflation and slow job growth amid turmoil in the Middle East.
Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates.
The seven major producers will add 188,000 barrels per day to their total production quota for June amid the price pressure unleashed by the Mideast war, as part of “their collective commitment to support oil market stability”, according to a statement published by OPEC+.
The statement, following an online meeting of Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, made no mention of the United Arab Emirates, which quit the body on Friday, three days after announcing its withdrawal.
Rystad Energy analyst Jorge Leon told AFP that the silence on the UAE’s departure was a sign of tense relations.
Oil market analysts had widely expected the increase of 188,000 barrels, similar to the 206,000-barrel daily increases OPEC+ announced in both March and April when the portion allotted to the UAE was subtracted.
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“By sticking to the same production path — just minus the UAE — it’s acting as if nothing has happened, deliberately downplaying internal fractures and projecting stability,” Leon said.
Strait of Hormuz Bottleneck Remains
But raising the quota on paper may not have much impact on actual production, which is already short of the limit.
Untapped OPEC+ reserves are mainly located in the Gulf region, and exports there are trapped by the blockade of the vital Strait of Hormuz, imposed by Iran in response to the US-Israeli strikes that started the war on February 28.
Leon, the Rystad Energy analyst, told AFP on Sunday that the cartel was looking to send “a two-layer message” that the UAE’s exit would not disrupt how OPEC+ operates and that the group still exerts control over global oil markets despite massive disruption to oil trade due to the war.
“While output is increasing on paper, the real impact on physical supply remains very limited given the Strait of Hormuz constraints,” Leon told AFP. “This is less about adding barrels and more about signalling that OPEC+ still calls the shots.”
The Strait of Hormuz blockade is hitting Iraq, Kuwait, Saudi Arabia and the UAE. The latter’s production will no longer count towards OPEC quotas.
“Total OPEC+ output with quota fell to 27.68 million bpd in March, against a monthly quota of 36.73 million bpd, a shortfall of approximately 9 million bpd driven almost entirely by war-related disruption rather than voluntary restraint,” said Priya Walia, another analyst at Rystad Energy, ahead of Sunday’s meeting.
Iran, whose exports are now the target of a retaliatory US blockade, is an OPEC+ member but is not subject to quotas.
Russia, the group’s second-biggest producer, has been the main beneficiary of the situation. But despite soaring energy prices, it appears to be struggling to produce at the level of its current quotas as its own war in Ukraine drags on and Ukrainian drones hit oil industry facilities.
‘A Big Deal’
Amena Bakr, an analyst at Kpler, described the UAE’s exist as “a big deal” for OPEC.
Previous withdrawals from the group by Qatar in 2019 and Angola in 2023 were less significant by comparison, Bakr told a video conference on the UAE withdrawal.
The UAE has invested massively in infrastructure in recent years, and state-owned oil company ADNOC plans to increase output by five million barrels a day by 2027 — far above the country’s last quota of around 3.5 million barrels.
ADNOC also pledged on Sunday to spend $55 billion on new projects over the next two years, confirming that the company is “accelerating growth and delivery of its strategy”.
There is also the risk for OPEC+ that other countries will leave such as Iraq and Kazakhstan, which have faced repeated accusations of surpassing their quotas.
AFP
Shareholders of Nigerian Exchange Group Plc (NGX Group) have commended the Board and Management for the Group’s performance and strategic direction, urging continued focus on growth and long-term value creation.
At the Group’s 65th Annual General Meeting (AGM), shareholders approved the audited financial statements for the year ended 31 December 2025, alongside key resolutions including a final dividend of ₦2.00 per share, a one-for-three bonus share issue, and the corresponding increase in share capital. The re-election of Dr. Umaru Kwairanga, Group Chairman, Board of Directors, Dr. Okechukwu Itanyi, Independent Non-Executive Director and Mrs. Ojinika Olaghere, Independent Non-Executive Director reinforced continuity in governance and oversight.
They acknowledged the Group’s disciplined execution and its role in strengthening the Nigerian capital market, noting that recent developments reflect a more structured and better-regulated market environment.
Speaking during the meeting, the President, New Dimension Shareholders Association, Patrick Ajudua, commended the leadership of the Group for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution. “The numbers speak to a business that is gaining strength and direction,” he said.
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Similarly, the Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, lauded the Group’s commitment to innovation and infrastructure development. “The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.
Commenting during the AGM, Chairman of NGX Group, Umaru Kwairanga, appreciated shareholders for their continued support and reaffirmed the Board’s commitment to sustainable value delivery. He said, “The progress recorded reflects the strength of the Group’s strategy and the performance of its operating businesses. As a Board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”
Temi Popoola, group managing director/chief executive officer, focused on execution priorities, noting that the Group is positioning for scale. He said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”
The meeting reflected strong shareholder confidence in NGX Group’s leadership, with the Group reaffirming its commitment to playing a central role in the evolution of Nigeria’s capital market while delivering sustained returns to investors.
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