Business
U.S. Stock Futures Turn Lower on Jobs Data
NEW YORK — U.S. stock futures turned lower after U.S. employment data for January came in lower than economists had expected.
European markets gained ground after a German court delayed a decision on the legality of the European Central Bank’s bond-buying program Immediately after the data was released at 8:30 am ET, Dow Jones Industrial Average futures were down 48 points, compared with being up 52 points just before the release.
On Thursday, the Dow surged 188 points, or 1.2%, to post the biggest one-day gain since Dec. 18.
For the year, stocks are still down: The Dow ended Thursday down 5.7% on the year, while the S&P 500 was off by 4.1%. The market has been weighed down by concerns over global economic growth and recent turbulence in emerging market currencies and stocks.
Investors were watching the government’s January employment report to see if the weak December report was a one-time aberration or marked the beginning of a real slowdown in hiring. Earlier this week, data showed that private-sector job growth in January fell shy of forecasts, while weekly jobless claims declined more than expected.
Nonfarm payrolls were expected to grow by 189,000, more than double December’s gain of 74,000 while the unemployment rate is seen slipping to 6.6% from 6.7% in December. Average hourly wages are forecast to increase 0.2% on the month.
“There is little doubt that markets are attaching a lot of importance to today’s labor data, despite the obvious points that it remains a highly erratic and heavily revised series, with the additional wild card of weather effects also thrown into today’s reports,” said Marc Ostwald at Monument Securities.
Kent Engelke , chief economic strategist at Capitol Securities Management, which oversees more than $4 billion, said given the recent stock strength, he wouldn’t be surprised to see the market react negatively to any surprise in the jobs data.
But overall, he remains positive on the market, given that corporate earnings have been coming in better than expected, and the market may be “fully valued, but it’s not overvalued.”
“You don’t go into a major market decline when corporate balance sheets are as strong as they are, and earnings are as strong as they are,” he said.
Reduced investor pessimism was evident in the fact that the 10-year Treasury yield was on an early track for a fourth-straight rise, which would be the longest such streak since Dec. 27. The yield was last at 2.724%, up from a three-month low of 2.585% on Monday. Bond prices move opposite to their yields.Among early stock movers, Apple rallied 1.7% after the technology giant said late Thursday that it has bought $14 billion worth of its common stock in the two weeks since it reported disappointing iPhone sales in the fiscal first quarter.
LinkedIn slumped 6.8% in premarket trading as the professional social network’s disappointing revenue outlook for the current quarter and full year overshadowed better-than-expected fourth-quarter results.
In Europe, the Stoxx Europe 600 tacked on 0.4%, after posting the biggest one-day gain in seven weeks on Thursday. Germany’s DAX 30 index added 0.3%, France’s CAC 40 edged up 0.3% and the U.K.’s FTSE 100 gained 0.2%.
Germany’s top constitutional court said the ECB’s Outright Monetary Transactions program, which has been critical in restoring confidence to the region’s markets, probably overstepped the central bank’s mandate . But the court referred the decision to the European Court of Justice.
“Any hope that we would get a clean, straightforward outcome now looks optimistic,” said Daragh Maher , a currencies analyst at HSBC in London. “But these negatives are offset to an extent by the idea that the [European court] might be a bit more sympathetic in its interpretation of the legality of the OMT given it has passed other pan-European crisis initiatives as being lawful in the past.”
Separately, data showed that German industrial output surprisingly declined in December, and industrial production in the U.K. rose slightly less than forecast.
Asian markets were mostly higher, with Japan’s Nikkei Stock Average surging 2.2%, boosted by some weakening in the yen. Stocks in mainland China resumed trading after a long Lunar New Year holiday, with the Shanghai Composite shaking off early loss to rise 0.6%.
In other corporate news, Activision Blizzard ATVI +8.04% surged 8.3% after the video game maker beat fourth-quarter earnings and revenue estimates, raised its annual dividend and paid down debt.
Illinois Tool Works announced late Thursday an agreement to sell its industrial packaging business to Carlyle Group for $3.2 billion. The stocks of Illinois Tool Works and Carlyle Group were still inactive ahead of the open.
– WALLSTREET JOURNAL
Business
PENGASSAN Urges Strategic Focus on Local Refining Expansion
The Nigerian authorities have been called upon to focus on strengthening domestic refining capacity.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) made the call in a communiqué issued at the end of the three-day PENGASSAN Energy and Labour Summit (PEALS 2026).
It stressed the need for adequate protection for refineries operating in the country.
The PENGASSAN said Nigeria must reduce the economic inefficiency of exporting crude oil while importing significant volumes of refined petroleum products by creating an environment that supports domestic refining and other value‑adding activities.
The communiqué, signed by the union President, Festus Osifo, and General Secretary, Jerry Amah, stressed the need to protect refineries, including Dangote Refinery and Waltersmith Refinery.
The association said the expansion would enable Nigeria to retain a greater share of the value generated from its petroleum resources while creating jobs, conserving foreign exchange and stimulating industrial development. PENGASSAN linked the growth to wider opportunities in petrochemicals, gas processing and other downstream activities.
READ ALSO: Umar Cautions Against Irregular Policies in Nigeria’s Oil Industry
The communiqué reads in part: “The summit called for sustained policies and investments to expand Nigeria’s domestic refining capacity and reduce the economic inefficiency of exporting crude oil while importing significant volumes of refined petroleum products. The need to protect refineries (such as Dangote Refinery, Waltersmith Refinery, etc.) within Nigeria’s jurisdiction was emphasised.
“Nigeria must progressively retain more value from its petroleum resources through domestic refining, petrochemicals, gas processing and other value‑adding activities capable of generating employment, conserving foreign exchange and stimulating industrial growth.
“Ultimately, the strength of Nigeria’s oil and gas industry will not be measured merely by the resources beneath the ground, but by the projects delivered, the value created, the Nigerian capabilities developed, the decent jobs sustained and the prosperity generated for the Nigerian people.”
The association also warned that abrupt policy changes, overlapping mandates, repetitive approvals and conflicting directives increase the cost of doing business and weaken Nigeria’s competitiveness for global energy capital.
The PENGASSAN called for faster regulatory approvals, digitalised processes and clearer timelines, arguing that the effectiveness of regulation should be measured by its impact on investment, production, government revenue, job creation and national value rather than simply by the number of licences or approvals issued.
On gas, the PENGASSAN advocated an integrated approach to developing Nigeria’s more than 215 trillion cubic feet of proven reserves, including investments in processing facilities, pipelines, storage, LNG, LPG and CNG infrastructure. It said gas should be deployed more aggressively for power generation, manufacturing, transportation, fertiliser and petrochemical production.
The association also urged stronger protection of workers’ rights, occupational safety and employment during mergers, acquisitions, divestments and asset transfers, saying sustainable investment requires skilled and fairly treated workers and that increased production must not come at the expense of workers’ lives and wellbeing.
In addition, the PENGASSAN said the next phase of Nigeria’s petroleum industry must focus on execution with measurable targets and clearly assigned responsibilities to ensure policies translate into projects, production, investment and sustainable employment.
Business
PENGASSAN to Link Up with NUPRC to Unlock 3mmbopd
Two key stakeholders in Nigeria’s oil and gas industry have resolved to work closed to unlock three million barrels per day (bpd) of crude oil by 2030.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), according to the new President of former, Comrade Bosun Olabiyi-Agoro, would be working closely with each other to attain the objective.
He made the disclosure on Wednesday while on a visit to the NUPRC corporate headquarters.
The Head, Media and Corporate Communications, NUPRC, Eniola Akinkuotu, who made the disclosure in a statement, also credited the PENGASSAN President with declaring that inasmuch as the union is open to negotiations, issues bordering on the rights of workers to freely associate and join the union are non-negotiable.
READ ALSO: Tinubu Banks on NLNG Train 7 to Boost Nigeria’s Gas-led Economy
He made it public that issues surrounding contract staffing will be one of the key issues his administration will address.
“The President of Nigeria has an ambition which he runs through the CCE which is to make sure that by 2030 we are able to produce three million barrels per day. All of us have to work to make that happen. It will be our happiness to make sure that that target is actually attained. We can assure you that we are here to collaborate. We will be very reasonable,” Olabiyi-Agoro assured.
On her part, the Commission Chief Executive, Oritsemeyiwa Eyesan, said the President Bola Tinubu-led Federal Government had been working assiduously to increase production as evidenced by the latest executive order which is targeted at deep offshore investments. She noted that production had risen from a low of 1.1mmbopd a few years ago to an estimated 1.755mmbopd in 2026.
Seeking the support of PENGASSAN to achieve this target, Eyesan, said industrial stability remained critical to hitting higher production targets.
“As you settle into your new role, be assured that the commission will give you 150 per cent cooperation. In addition to the support we will give you, we want to ask that we work very closely to actualise government objectives.
“We want to grow production from our current level to 3 million barrels in 2030. For gas, we are still doing under 8bcf and we want to grow that to 12bcf by 2030. So, let’s make that happen,” she stated.
Business
Tinubu Banks on NLNG Train 7 to Boost Nigeria’s Gas-led Economy
As the multi-billion-dollar Nigeria LNG Limited (NLNG) Train 7 Project reaches more than 90 percent completion, President Bola Tinubu has described it as critical to Nigeria’s gas-led economic agenda.
According to Tinubu, the successful delivery of the project would help expand Nigeria’s gas exports, create jobs, deepen local capacity and strengthen investor confidence in the country’s oil and gas sector.
The President spoke at the State House, Abuja, on Thursday when he received an NLNG delegation led by its Managing Director and Chief Executive Officer, Adeleye Falade.
The delegation briefed the President on the progress of Train 7, prospects for further expansion and challenges affecting the company’s operations and contributions to the national economy.
The discussions also covered the pricing and accessibility of liquefied petroleum gas (LPG), trucking along the Bonny-Bodo Road corridor, NLNG’s contribution to public revenue, its investments in the Bonny-Bodo Road and other social-impact projects, and the need for a more enabling business environment.
Tinubu congratulated Falade on his appointment, describing his assumption of office as coming at a defining period for the NLNG and Nigeria’s gas development ambitions.
Tinubu expressed the view that the completion of the Train 7 project must translate the country’s vast gas reserves into jobs, increased exports, industrial growth and long-term economic value.
“I congratulate you, Leye, on your appointment. Train 7 is at the centre of our national gas agenda. Its success matters not only to NLNG, but to Nigeria’s economic future,” the President said.
Tinubu commended the progress recorded on the project, describing Train 7 as a benchmark for project delivery, partnership, Nigerian content development and investor confidence.
He assured the NLNG management that the Federal Government would continue to improve the business environment, provide greater regulatory clarity and remove bottlenecks affecting major oil and gas investments.
“Nigeria is open for business, but it must be business that creates value at home — building capacity, supporting communities, protecting the environment and contributing to national prosperity. NLNG must continue to lead by example,” he added.
Responding, Falade thanked the President for his administration’s support for NLNG and the broader gas sector, assuring him that the company remained committed to the safe and successful completion of Train 7.
“With the project now over 90 percent complete, our immediate priority is to deliver the remaining work safely, efficiently and to the required quality, while preparing the plant for reliable and sustainable operations,” Falade said.
He said the project would increase Nigeria’s LNG production capacity, support export growth, create opportunities for Nigerian workers and businesses, deepen local participation and generate greater long-term value from the country’s gas resources.
Falade also restated NLNG’s commitment to supporting the domestic LPG market and improving access to cleaner cooking fuel for households and businesses.
He, however, called for coordinated action among the Federal Government, regulators and industry operators to increase domestic supply, improve storage and distribution infrastructure, eliminate avoidable costs and create a more transparent and efficient LPG market.
“Improving LPG accessibility is important to Nigeria’s energy transition and to the wellbeing of millions of Nigerian households. NLNG remains committed to supporting the domestic market, but improving affordability requires coordinated action across the entire LPG value chain,” he said.
The NLNG chief also sought the President’s intervention in addressing ease-of-doing-business challenges, particularly the proliferation of taxes, levies, charges and regulatory demands imposed by different tiers and agencies of government.
According to him, multiple and sometimes conflicting fiscal and regulatory obligations raise operating costs, create uncertainty and could discourage existing operations and future investments.
Falade assured the President that NLNG was ready to align more closely with the Federal Government’s development agenda and explore additional areas of partnership.
The meeting ended with a renewed commitment by the Federal Government and NLNG to sustain momentum on Train 7 as the project enters its final phase.
Both sides also agreed to strengthen their partnership to support the project’s successful delivery and NLNG’s broader contribution to Nigeria’s gas development and economic growth.





