Business
Japanese yen gains broadly as China’s yuan resumes slide
LONDON – The yuan deepened its month of losses against the dollar on Tuesday amid more signs China’s problems with a slowing economy and heavily indebted corporate sector are becoming this year’s big issue for markets.
The Japanese yen, which some players in Asia say is now benefiting most strongly amongst major currencies from the yuan’s fall, gained just under 1 percent against the Chinese currency, helping pull it higher against the dollar.
Reversing one of the past decade’s few sure bets in the foreign exchange market, the yuan is down around 2.5 percent in the past month. That move has resumed since officials widened the trading band for the currency over the weekend.
A survey of 970 global investors by Barclays showed that China’s problems have replaced the U.S. Federal Reserve’s reining in of monetary policy as the biggest concern for market players since the start of 2014.
“I’ve squared up now but I think there’s a risk that the yuan could go to 6.30-6.40 per dollar,” said Graham Davidson, a foreign exchange trader with Australian bank NAB in London.
“The yen will tend to gain against the dollar as the yuan weakens.”
The yuan was trading at 6.1816 to the dollar, down 0.4 percent.
There are differing schools of thought on the fallout for Japan of a weaker yuan. On the one hand it allows Japan’s big manufacturers to invest more cheaply in producing cars and electronics in China while the competitive advantage of those factories also grows. Profits can then flow back into Japan.
On the other hand a generally weaker Chinese economy poses problems for Japan given China’s importance as a market for Japanese products and investment.
Dealers say that many of those who were betting strongly at the start of this year on further gains for the yuan are still to be shaken out and that the currency could go much lower.
The main barrier to that is the People’s Bank of China itself, which has kept its reference rate for the yuan around 6.13 for a week, encouraging speculation it may defend the top end of its newly widened 2 percent band around 6.25 per dollar.
“If the top of the band is 6.25-6.27 they are not showing any great signs of wanting to let that go,” Davidson said.
The yuan – which is not fully convertible internationally and trades in a complicated system of “offshore” and Chinese “onshore” rates – was 0.8 percent lower against its Japanese counterpart at 16.3906.
POOR TRADE
There was little change overnight in the situation in Ukraine, a focus of market attention in the past two weeks. The yen had suffered on Monday after Western powers took only minimal steps against Russia over its support for a separatist referendum in Crimea, easing concerns of a blowup in relations.
The euro continued to look strong despite a dip after a poor batch of trade and sentiment data which underlined uncertainty over Europe’s immediate economic prospects.
The single currency has been another of this year’s big surprises, confounding predictions of a slide against the dollar as the U.S. economy improves and much of Europe’s lags behind.
Much of that stems from the European Central Bank’s refusal to take – or at least signal the prospect of – more extreme action to pump more money into the economy.
Euro zone trade and German ZEW sentiment data were not on balance expected to shake that view and the euro was just over 0.1 percent lower at $1.3910, still within sight of 2-1/2 year highs reached last week and the big symbolic level of $1.40.
The yen gained almost 0.4 percent against the dollar to 101.41 in European trade with dealers still seeing headlines from Russia and Ukraine as an important driver. Any re-emergence of tensions would also support the Swiss franc.
Russian President Vladimir Putin started delivering a speech to the Russian parliament just after 1100 GMT.
“We’ve seen some easing off of the relief rally we saw yesterday but it is going to stay at the top of the market’s list of concerns,” said Lee Hardman, strategist with Bank of Tokyo Mitsubishi-UFJ in London.
“Right now we’re in a kind of stalemate situation and generally we just need to see how it develops. Russia could clearly decide to take reciprocal action at some stage which might for example have knock-on effects for the euro zone.”
– REUTERS
Chevron Nigeria won the second-best exhibitor award at the just-concluded 2026 Nigerian Association of Petroleum Explorationists (NAPE) conference and exhibition at Eko Hotels and Suites, Victoria Island, Lagos.
Biztellers reports that Olajumoke Cecilia Ajayi, FNAPE, NAPE President (2025–2026) and Managing Director/CEO of Ingentia Energies Limited, presented the award to Chevron, during the awards dinner on November 12, 2026.
The award is in recognition of Chevron’s outstanding exhibition, where visitors to its booth, particularly students, took part in Geology/Geophysics presentations and quizzes, word games, and Human Resources/Nigerian Content presentations and quizzes, with gifts for winners and participants.
Commenting on the award, the leader of the Chevron’s exhibition team, Dr. Victor Anyaegbudike, Manager Communications, Chevron companies in Nigeria and the Mid Africa Region, commended NAPE for its commitment to hosting the annual conference and exhibition. He noted that Chevron has operated in Nigeria for over 60 years, contributing to the country’s growth and development and making human investments that yield long-term, transformative returns.
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“At Chevron Nigeria, we drive innovation and investment to open up opportunities for growth, jobs, productivity and lasting value. Forums like the NAPE conference and exhibition matter because they bring government, academia, students and industry together around shared goals and a better understanding of one another,” he remarked.
Victor noted that Chevron is committed to building productive, collaborative and mutually beneficial relationships, grounded in trust, with governments, partners, customers, communities and employees. “We believe that affordable, reliable and ever-cleaner energy is vital to a more prosperous and sustainable world,” he said.
Attendees at the NAPE conference and exhibition included representatives of the Federal Government of Nigeria, industry regulators, industry leaders, academics, and students from tertiary institutions across the country.
The Nigerian Exchange Limited (NGX) recorded a 1.36 per cent weekly gain as its market capitalisation increased to ₦163.80 trillion at the close of trading on Friday, November 13, 2026.
The NGX All-Share Index (ASI) rose to 252,269.16 points, pushing the market’s year-to-date return to 62.11 per cent.
The performance reflected a positive trading week for the equities market, with 43 listed companies recording price appreciation, compared with 29 in the previous week.
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According to the Exchange’s weekly market report, investors traded 8.03 billion shares valued at ₦185.36 billion in 160,836 deals during the week.
This represented a significant increase in trading volume from the 2.83 billion shares exchanged in 192,158 deals in the preceding week, although the total value of transactions declined from ₦208.41 billion.
The Financial Services Industry dominated trading activities, accounting for 4.85 billion shares worth ₦95.79 billion. This represented 60.45 per cent of the total equity turnover volume and 51.68 per cent of turnover value.
The Agriculture Industry followed with 2.24 billion shares valued at ₦22.78 billion, while the Consumer Goods Industry recorded 260.99 million shares worth ₦11.89 billion.
Further details of the market performance showed that 39 equities declined during the week, compared with 57 in the previous week, while 64 equities closed unchanged against 60 recorded in the preceding period.
On the gainers’ chart, Champion Breweries Plc emerged as the best-performing stock, appreciating by 27.27 per cent, while LivingTrust Mortgage Bank Plc recorded the biggest loss, declining by 18.53 per cent.
Meanwhile, trading in Exchange-Traded Products (ETPs) stood at 1.21 million units valued at ₦278.97 million in 3,351 deals, compared with 1.46 million units worth ₦381.82 million in 4,085 deals in the previous week.
The fixed-income segment recorded 156,612 units valued at ₦177.88 million in 41 deals, against 21.99 million units worth ₦20.60 billion in 48 deals recorded in the preceding week.
The Exchange also recorded the listing of two commercial paper instruments issued by Thrive Agric Limited.
The instruments comprised ₦3.17 billion Series 1 (Tranche A) and ₦2.09 billion Series 1 (Tranche B) Commercial Papers, with a combined value of approximately ₦5.26 billion.
Nigeria produced a daily average of 1.687 barrels of crude oil and condensate in October 2026, and met its OPEC quota for the sixth consecutive month.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that in strict crude oil terms (excluding condensate), the country produced an average of 1.51mbpd in October.
This is 101 percent of the 1.5mbpd quota set by OPEC.
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The data, released on Wednesday, also shows that single-day production hit a peak of 1.79 million barrels, while the lowest for the month under review stood at 1.60 million bpd.
The crude oil data (excluding condensate) shows that Nigeria has met its assigned OPEC quota for six straight months, producing 1.53mobpd in May; 1.55mobpd in June; 1.51mobpd in July; 1.5mobpd in August, 1.53mobpd in September and 1.51mobpd in October.
On a month of month basis, however, production dipped by 1.7 percent.
The NUPRC attributed the stable performance in recent months to an enhanced operational stability, supported improved production uptime and crude evacuation efficiency.
The sustained growth recorded in October reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector.
A breakdown of the daily average crude oil and condensate production by terminals/streams during the review month shows that Forcados Terminal accounted for 318.49kbpd while Bonny comes second with 311.02kbpd.
Qua Iboe Terminal recorded an average production of 173.97kbpd of crude oil and condensates while Escravos Oil Terminal posted a daily average of 134.67kbpd.
Bonga ranked as the fifth highest producing terminal, recording an average of 106.65kbpd of crude oil and condensate.
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