Business
European Bonds Decline on Manufacturing Data as Kiwi Gain
LONDON – European government bonds fell after a report confirmed euro-area manufacturing expanded for a fifth month in November. The New Zealand and Australian dollars rallied as Asian economic reports beat estimates.
German 10-year bund yields climbed four basis points to 1.73 percent at 10:35 a.m. in London. Treasury 10-year note yields gained four basis points and the rate on similar-maturity gilts jumped seven basis points. The pound rose to its strongest level versus the dollar since August 2011, the kiwi jumped 0.8 percent and the Aussie added 0.3 percent.
The Stoxx Europe 600 Index fell 0.2 percent and Standard & Poor’s 500 Index (SPA) contracts were little changed. Gold dropped 0.8 percent while crude oil gained 0.4 percent.
Manufacturing in the euro area expanded, with Markit Economics’s factory index rising to 51.6 in November from 51.3 in October and an estimate for 51.5.
The gauge in Spain fell to 48.6, the lowest since May, and compared with a forecast 51.1. Manufacturing indexes in China beat estimates for November as gauges in South Korea, India and Taiwan climbed. The U.S. Institute for Supply Management’s index was 55.1 in November, falling from the highest level since April 2011, according to the median economist forecast in a Bloomberg survey.
“The European PMIs were stronger than expected, apart from Spain, and this is weighing on bunds,” said Mathias Van Der Jeugt, a fixed-income strategist at KBC Bank NV in Brussels. “In the short term, the data limits the chance that the ECB will ease further. We believe U.S. manufacturing ISM can also beat consensus today and add downward pressure onto bunds.”
Treasuries, Gilts
Treasury 10-year notes rose to 2.79 percent and the rate on similar-maturity gilts climbed to 2.84 percent. Sterling gained 0.3 percent to $1.641 after advancing to $1.6443, the highest since Aug. 29, 2011.
New Zealand’s dollar strengthened against all of its 16 major counterparts, rising the most against the euro. Australia’s dollar strengthened to 91.32 U.S. cents.
The yen weakened 0.3 percent to 102.77 per U.S. dollar and the euro slipped 0.2 percent to $1.3561. Sterling jumped as much as 0.5 percent to $1.6443 before paring its advance to $1.6421.
The Stoxx Europe 600 Index dropped after falling as much as 0.3 percent after the Spanish data. Three stocks declined for every one that rose. The index gained 0.9 percent in November for a third consecutive monthly gain. The gauge has climbed 16 percent this year.
ThyssenKrupp AG slumped 7.8 percent after Germany’s largest steelmaker said it will sell equity equivalent to as much as 10 percent of its market value. ThyssenKrupp agreed to sell its U.S. steel plant to ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. for $1.55 billion, the Essen-based company said in a Nov. 29 statement. ArcelorMittal gained 2.1 percent.
U.S. Futures
Futures (SPX) on the S&P 500 expiring this month declined less than 0.1 percent. The index advanced 27 percent this year and reached an all-time high on Nov. 27.
Spending on a Black Friday weekend fell for the first time since 2009. Purchases at stores and websites fell 2.9 percent to $57.4 billion during the four days beginning with the Nov. 28 Thanksgiving holiday, according to a survey commissioned by the National Retail Federation.
The MSCI Asia Pacific Index dropped 0.1 percent, Japan’s Topix rose less than 0.1 percent, while Australia’s S&P/ASX 200 slid 0.7 percent. Hong Kong’s Hang Seng Index added 0.7 percent and India’s Sensex gained 0.5 percent.
A Chinese index of small companies tumbled by a record after the government said it will resume initial public offerings. China’s securities regulator said 50 companies will be ready for IPOs by the end of January as authorities prepare to lift a more than one-year ban on new listings.
China Data
The Shanghai Composite Index dropped 0.6 percent, while the ChiNext Index sank 8.4 percent, paring this year’s gain to 76 percent. There are more than 760 companies in line for approval and it will take about a year to complete an audit of all the applications, the regulator said on Nov. 30.
“Investors are weighing the positive economic data that’s coming out from the different markets, trying to gauge if these are sufficient to extend the rally on equities,” Jonathan Ravelas, chief market strategist at BDO Unibank Inc., said in Manila. “The resumption of China IPOs will spur fund rotation to the newcomers on hopes these will provide better returns.”
China’s official manufacturing purchasing managers’ index came in at 51.4 for November, matching the 18-month high reached in October. The median projection in a Bloomberg News survey was for 51.1, with levels above 50 signaling expansion. A separate gauge from HSBC Holdings Plc and Markit Economics was 50.8, topping estimates. HSBC/Markit’s manufacturing index for South Korea rose to 50.4 from 50.2, while a measure for Taiwan output climbed to 53.4 from 53.
Emerging Markets
The MSCI Emerging Markets Index advanced 0.1 percent, headed for the highest level in almost two weeks. The Shanghai Stock Exchange Composite Index (SHCOMP) retreated 0.6 percent, snapping a three-day gain.
The Thai baht weakened to the lowest level since Sept. 9 versus the dollar as the central bank warned a political standoff was hurting Southeast Asia’s second-largest economy. Protesters seeking Prime Minister Yingluck Shinawatra’s ouster vowed to incite more unrest.
PT Bank Rakyat Indonesia led a 1.5 percent gain in the Jakarta Composite Index (JCI) and the rupiah jumped 1.6 percent after data showed a surprise trade surplus. Indian shares climbed to the highest level since Nov. 20 after data showed economic growth quickened last quarter from a four-year low.
The Indonesian rupiah headed for its biggest gain since May 2012. Exports exceeded imports by $42.4 million in October, compared with the median estimate for a $775 million deficit by economists surveyed by Bloomberg, official data showed today.
U.S. Debt
Global stocks beat all assets for a third month in November, the longest winning streak since 2009. The MSCI All-Country World Index of equities rose 1.5 percent including dividends as China pledged to expand economic freedoms, the European Central Bank cut interest rates and speculation increased the Federal Reserve will put off a paring of stimulus.
America’s banks have never been so wary of risking their cash deposits on U.S. government debt. Their $1.8 trillion of the bonds now equal less than 70 percent of their cash, the least since the Federal Reserve began compiling the data in 1973.
Gold, Crude
The cost of insuring corporate bonds against losses fell, with the Markit iTraxx Europe Index of credit-default swaps on 125 investment-grade companies decreasing 0.6 basis points to 78.8 basis points. The gauge fell to 77 basis points last week, the lowest since April 2010.
Gold for immediate delivery fell for the first time in three sessions in London trading, declining 1 percent to $1,237.50 an ounce. Copper declined 0.6 percent to $7,014.50 a metric ton on the London Metal Exchange, while aluminum traded 0.4 percent lower at $1,748.25 a ton, near a four-year low.
Crude oil was little changed at $93.73 a barrel in electronic trading on the New York Mercantile Exchange. Natural gas fell for the first time in eight days in New York, declining 0.8 percent and snapping the longest rising streak since January 2011.
Soybeans advanced 0.6 percent to $13.445 a bushel in Chicago after earlier touching $13.46, the highest in more than two months, on surging demand for U.S. supplies.
– BLOOMBERG
Business
Domestic Flight delays, Cancellations Compound Air Travellers’ Woes
Frequent flight delays and cancellations across Nigerian airports have left local air travellers expressing frustration over prolonged waiting times and disrupted travel plans.
These disruptions have often left departure halls at several airports across the country crowded in recent times, leaving many stranded and delayed passengers wearing long faces.
A visit to the domestic terminals of the Murtala Muhammed Airport (MMA), Lagos, lent credence to the development, with passengers anxiously waiting for updates on delayed flights.
Similarly, at the domestic terminal of the Nnamdi Azikiwe Airport (NAA), Abuja, the departure hall was crowded, with travellers expressing concern over the frequency of flight disruptions.
For instance, one of the passengers, Odogwu, voiced frustration that his flight had been delayed both on his journey from Lagos to Abuja and on his return trip.
He said: “My flight was delayed while I was going to Abuja from Lagos. It was delayed as I am returning. I am stressed, honestly. And I am not alone. Delay announcements are many, about four in two hours today. Terrible.”
Another passenger, Ochonoghor, whose flight from Warri to Lagos was disrupted, Sunday, said he was forced to spend additional money after the flight was rescheduled to the following day.
He said: “I had to part away with another money after my flight scheduled for 5pm on Sunday was shifted to the next day. I needed to be in Lagos by 9am on Monday because I had an important meeting to attend.”
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Recently, a passenger, Segalink, also took to X, formerly Twitter, to express frustration over a prolonged delay on an Air Peace flight from Asaba to Lagos.
He wrote: “Air Peace is interesting. Flight P47863 from Asaba to Lagos which was scheduled to depart at 15:00 on 26/09/2026 (yesterday) kept being rescheduled allegedly due to maintenance and the majority of the passengers slept at the airport in the hope of flying only to be told around 12am that they would fly by 5am this morning.
“Unfortunately, that promise wasn’t fulfilled until almost 9am today. These were passengers who bought tickets for a 10am flight originally from Asaba to Lagos. No refreshments or hotel accommodation were provided. Is this how we will continue? These are folks who will not permit you to board if you are 15 minutes late to the counter.”
Recall that the Nigeria Civil Aviation Authority, NCAA’s, Summary of Domestic Airline Flight Disruptions Operations for August, which showed that domestic airlines collectively recorded 4,801 disruptions out of 7,961 operated flights.
Air Peace recorded the highest number of disruptions, with 1,337 delayed or cancelled flights out of 1,864 operated during the month. United Nigeria Airlines delayed or cancelled 951 of its 1,231 operated flights, while Enugu State-owned Enugu Air recorded 586 disruptions out of 878 operated flights. ValueJet disrupted 438 of its 767 operated flights.
Akwa Ibom State-owned Ibom Air recorded 257 disruptions out of 560 operated flights, while Arik operated 301 flights, of which 188 were delayed and one was cancelled.
However, the airlines faulted the statistics, saying most of the disruptions were caused by factors beyond their control.
Business
PETROAN Expects Fuel Discount to Combat Inflation
The 30-day petrol discount scheme unveiled by the Nigerian government is expected to help beat inflation by reducing transportation costs, in addition to easing the prices of food and other essential commodities.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) made the assertion, urging the federal government to allocate 30 percent of the discounted petrol volume to its members to ensure wider distribution across the country.
The national president of PETROAN, Dr Billy Gillis-Harry, while commending the federal government for recognising the strategic importance of transportation to the Nigerian economy, noted that the intervention was coming at a critical period for Nigerians.
Gillis-Harry said the intervention could produce benefits beyond the transport sector.
READ ALSO: Presidency Explains Petrol Discount Offering
He opined that lower petrol costs for transport operators could help commuters, traders, farmers, manufacturers and other businesses.
He, however, urged the government, the Nigerian National Petroleum Company Limited (NNPC Ltd), transport operators, petroleum marketers and relevant agencies to cooperate fully to ensure that the scheme achieved its objectives.
The PETROAN also called on the federal government to assess the outcome of the 30-day programme and consider further measures to sustain its economic benefits.
It said additional interventions would be necessary if the scheme produced measurable reductions in transportation costs and inflationary pressures.
The PETROAN maintained that transportation costs had a direct impact on the prices of food, agricultural produce, manufactured goods and other essential commodities.
The association said a reduction in the cost of petrol for public transport operators could translate into lower fares and provide relief for commuters and households.
It said, “When transport operators spend less on petrol, commuters could benefit from more affordable fares, traders could move goods at lower costs, farmers could access markets more efficiently, and businesses could reduce logistics expenses.”
According to the association, lower transportation costs could also reduce the cost of moving agricultural produce from rural communities to urban markets.
The PETROAN said this could help moderate the prices of food and other essential commodities, particularly in areas where transportation and logistics accounted for a significant portion of the final cost of goods.
It added that the policy could support small businesses, traders, farmers, manufacturers and other productive sectors that depended heavily on road transportation.
“Reduced logistics expenses could enable businesses to sustain operations, protect jobs and improve productivity,” the association said.
The PETROAN further stated that the intervention could ease inflationary pressures by reducing the transportation component embedded in the prices of goods and services.
It said consumers could experience some relief from the current cost-of-living pressures if the savings were effectively transmitted across the supply chain.
The association, however, urged the federal government to implement the programme transparently and efficiently.
It called for clear guidelines on the exact discount per litre, eligible beneficiaries, monitoring mechanisms and distribution channels.
The PETROAN said the success of the policy should not be measured only by the volume of petrol sold at a discount.
Rather, it said the government should assess the programme based on its actual impact on transportation fares, food prices, business operating costs and household purchasing power.
The association appealed to the Federal Government to allocate 30 per cent of the total volume of discounted petrol to PETROAN members.
It said such an allocation would facilitate wider national distribution and ensure that the benefits of the intervention reached Nigerians in urban and rural communities.
The PETROAN stated that its retail outlets were spread across virtually all local government areas, communities and villages in Nigeria.
It said its network included some of the country’s most remote and underserved locations, including communities where NNPC retail outlets were not available.
“PETROAN can state unequivocally that its retail outlets have a presence in some of the most remote and underserved locations across Nigeria,” the association said.
It added that its grassroots network gave it the capacity to take petroleum products and government interventions beyond major cities and commercial centres.
“Consequently, PETROAN is requesting that 30 per cent of the total volume of discounted petrol be allocated through its retail network to guarantee wider national distribution and ensure that the benefits of the intervention reach Nigerians across local government areas, towns, villages and hard-to-reach communities,” it said.
The association also said its direct relationship with petroleum consumers positioned it to support and pilot the Federal Government’s compressed natural gas initiative across the country.
The PETROAN added that leveraging its existing retail network for CNG deployment would accelerate access to the alternative fuel and encourage its adoption.
It said the approach would be particularly useful in communities where access to alternative energy solutions remained limited.
“Given its extensive grassroots presence and direct relationship with petroleum consumers, PETROAN is strategically positioned to champion and pilot the federal government’s CNG initiative across the country,” the association said.
It added that the use of existing retail outlets could support the Federal Government’s broader energy-transition and economic objectives.
The association reiterated its commitment to supporting policies that promoted affordable petroleum products, lower logistics costs, economic stability, sustainable business activity and improved living standards for Nigerians.
Business
Nigeria Resorting to Gas for Speedy Industrialisation — Ekpo
The minister of state, Petroleum Resources (Gas), Ekperikpe Ekpo, has said that Nigeria is fast-tracking efforts to transform the country’s gas resources to increasingly serve as a catalyst for industrialisation, power generation, transportation, manufacturing, fertiliser production, LPG adoption and other productive activities across our economy.
Speaking at the 2026 energy conference of the Nigeria Association of Energy Correspondents of Nigeria (NAEC) with the theme,”
Access to Assets: Empowering Players and Driving Growth” the minister represented by his technical adviser, Abel Nsa, said currently the federal government has continued to prioritise critical gas infrastructure.
He listed some of the initiative to include the AKK and OB3 Gas Pipelines which he described as critical to strengthening the national gas network and connecting supply with major demand centres.
He said the ongoing transformation is considered essential as infrastructure is the bridge between our resources and the industries, power plants, businesses and households that need them.
The Minister espouse that access to assets, therefore, must be understood more broadly than access to licences or acreage.
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According to him, An investor may have an asset but still be unable to develop it because of inadequate infrastructure, financing constraints, regulatory uncertainty, limited evacuation capacity or insufficient market access, adding, “Our objective must consequently be to create an ecosystem where access to resources is matched by access to infrastructure, capital, markets and predictable regulation.”
He further informed the audience that “We are also focused on creating a more attractive environment for investment.
“The reforms introduced under the Petroleum Industry Act 2021, together with targeted fiscal and regulatory measures for gas development, are intended to improve competitiveness, reduce barriers and enhance project bankability. Our message to credible investors is clear: Nigeria is open for responsible investment in its gas sector.”
In achieving its target, he said government recognises that it cannot develop the sector alone as it needs the capital, technology, expertise and commercial discipline of the private sector.
“We also need stronger collaboration among regulators, financial institutions, development partners and industry players to ensure that viable gas projects can move from concept to final investment decision and, ultimately, production.” he added.
Ekpo, said the opportunities created by the gas resources must not be limited to a few large players, pointing out “We want to see greater participation by indigenous companies, independent producers, infrastructure developers, technology providers and emerging energy businesses.”
Therefore he noted that empowering more capable Nigerian players will deepen competition, strengthen local capacity and ensure that a greater share of the value created within the energy sector remains in the Nigerian economy.
The minister also added, “Our objective is also to maximise domestic gas utilisation. We must increasingly convert our gas resources into value-added products rather than viewing gas solely as a commodity for export. Gas-to-power, LNG, LPG, CNG, fertiliser, petrochemicals and other gas-based industries offer enormous opportunities for investment, industrial development and job creation.
“In this regard, the government’s initiatives to expand LPG access and promote CNG adoption demonstrate our commitment to bringing the benefits of gas closer to ordinary Nigerians. Our ambition is to ensure that gas is not simply produced in Nigeria, but that Nigerians can use it, build businesses around it and benefit economically from it.:
He also added that government will ensure that access to assets translates into meaningful Nigerian participation and community development.
He said the Nigerian Content must continue to evolve from participation in contracts to ownership of capabilities, technology, capital and assets and host communities must also see tangible benefits from petroleum operations.
This is essential for building an industry that is sustainable, inclusive and supported by the people. Ekpo added.
He reaffirmed the commitment of the government to provide the policy certainty, regulatory clarity, infrastructure and enabling environment that allow investors and operators to succeed.
In return, he said government expect industry players to bring capital, innovation, efficiency and a commitment to developing Nigeria’s resources responsibly.
The partnership between government and industry must therefore be built around a shared objective: turning Nigeria’s energy potential into measurable economic growth, he said.
He noted that Nigeria has the resources; but what is need led now is to unlock their full value and move from access to assets, to development of assets; from development to utilisation; and from utilisation to broad-based economic growth.
The federal government, he said remains committed to creating the conditions for this transformation and urged all stakeholders to work with government to build a gas sector that is investable, competitive, inclusive and capable of powering Nigeria’s next phase of growth.
He said that Access to assets must ultimately become access to opportunity, prosperity and national development. I thank you, and God bless the Federal Republic of Nigeria.





