Business
Yen Falls as Emerging-Market Stocks Gain; Treasuries Drop
TOKYO – The yen weakened against most of its counterparts and emerging-market shares climbed for a second day on expectations for continued Federal Reserve stimulus. European stocks and U.S. equity-index futures were little changed, while yields on 10-year Treasuries advanced.
Japan’s currency fell 0.4 percent to 100.39 per dollar at 10:51 a.m. in London today after earlier reaching the weakest since Sept. 11. The MSCI Emerging Markets Index gained 1.2 percent. The Stoxx Europe 600 Index rose less than 0.1 percent and Standard & Poor’s 500 Index futures added 0.1 percent. The 10-year Treasury yield appreciated two basis points. U.K. natural-gas prices jumped to a seven-month high and gold dropped 0.4 percent.
An economic report in the U.S. later today may show that industrial output growth slowed in October. Janet Yellen, the nominee for chairman of the Federal Reserve, signaled during her Senate confirmation hearing yesterday that she’ll maintain record monetary stimulus until the economy is stronger. China may release details of its economic policy plans as early as next week, according to Morgan Stanley.
“It’s generally a more risk-on environment,” said Kiran Kowshik, a foreign-exchange strategist at BNP Paribas SA in London. “That’s why you’re seeing the yen weakening. Yellen’s testimony has sparked a risk-on move.”
Japan’s currency weakened 0.1 percent to 134.93 per euro, after reaching 135.05, the least this month. The U.S. currency was little changed at $1.3444 per euro, set for a 0.6 percent weekly decline.
Yen Decline
The yen slumped 1.4 percent this week, the worst performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar rose 0.1 percent and the euro gained 0.7 percent.
Yields on 10-year Treasuries rose two basis points to 2.71 percent.
The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong (HSCEI) rose 3 percent, bringing the two-day gain to 4.2 percent, amid optimism for detailed economic policy changes in the nation. The Shanghai Composite Index jumped 1.7 percent, the most in more than a month.
Samsung Electronics Co. led gains in the broader emerging-markets measure, driving technology shares up the most since Oct. 18. The world’s largest maker of handsets plans to release a Galaxy smartphone next year with a three-sided display that wraps around the edges, two people familiar with the plans said yesterday. The stock rose 2.7 percent in Seoul, the most since August.
Domestic Product
Hungary’s BUX Index rose for a second day, gaining as much as 0.9 percent, after Economy Minister Mihaly Varga told state-run Duna television yesterday that fourth-quarter economic growth may exceed 2 percent. Gross domestic product accelerated more than economists forecast in the three months through Sept. 30, data showed yesterday.
Poland’s benchmark WIG30 Index rallied 1.4 percent, set for the first weekly gain in three, led by technology, financial and basic-material companies. The zloty appreciated 0.1 percent per euro.
Yellen said during her hearing that it’s important that policy makers do not remove support for the U.S. economy too soon given the limited range of tools available to the Fed, which has to promote a “very strong recovery.”
Fed Stimulus
The Federal Open Market Committee probably will wait to taper its bond buying to $70 billion at its March 18-19 meeting from the current pace of $85 billion a month, according to the median estimate of 32 economists in a Bloomberg survey Nov. 8.
U.S. data today may show that industrial production cooled in October, reflecting a pause in manufacturing during the 16-day partial shutdown of the federal government. Output rose 0.2 percent last month after gaining 0.6 percent in September, economists forecast before the Fed releases the data at 9:15 a.m. in Washington.
Manufacturing in the New York region grew at a faster pace in November after slowing for three consecutive months, according to the median economist projection. The Fed Bank of New York’s index probably rose to 5, rebounding from a five-month low. Positive readings signal expansion in New York, northern New Jersey and southern Connecticut.
Dredging Company
The Stoxx 600 Index gained 15 percent this year and reached a five-year high on Nov. 11. Vivendi SA (VIV) gained 3.8 percent today after the Paris-based company said it will spin off its French phone carrier SFR by July 2014 and posted third-quarter adjusted profit that beat analysts’ estimates. Royal Boskalis Westminster NV jumped 3.9 percent after the world’s largest dredging company increased its 2013 profit forecast.
Safran SA (SAF) slipped 3.7 percent after the French government, its biggest shareholder, sold a 4.7 percent stake in the manufacturer. Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, dropped 1.8 percent after saying gross margins dropped at the end of October.
The increase in S&P 500 futures indicated the equity gauge may extend its all-time high. The index climbed 0.5 percent to 1,790.62 yesterday. The S&P 500 surged 26 percent this year, headed for its biggest annual gain in a decade.
Exxon Mobil Corp. increased 1.8 percent in early New York trading after Berkshire Hathaway Inc. reported a stake in the oil company valued at about $3.7 billion, the largest new holding since Warren Buffett’s company adding International Business Machines Corp. in 2011.
Goldman Sachs
Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of New York Mellon Corp. had their senior holding company ratings lowered one level by Moody’s Investors Service, which decided the U.S. government would be less likely to help them repay creditors in a crisis.
The yield on Morgan Stanley’s 4.1 percent subordinated notes due in May 2023 fell 26 basis points to 4.52 percent, while the yield on JPMorgan’s 3.375 percent subordinated notes due May 2023 slipped 10 basis points to 4.3 percent. The yield on Goldman Sachs’s 5.95 percent subordinated bonds due January 2027 rose one basis point to 5.4 percent. There was little trading in notes of Bank of New York Mellon.
Yields on downgraded bonds typically rise after a rating reduction to account for the perceived deterioration of the issuer’s creditworthiness.
U.K. day-ahead natural-gas prices jumped as much as 2.4 percent to 70.25 pence a therm, the highest price since April 11, according to broker data compiled by Bloomberg. Temperatures may average 1.9 degrees Celsius (35.4 degrees Fahrenheit) next week, compared with a seasonal average of 6.9 degrees Celsius, according to MetraWeather. Gold dropped to $1,282.67 an ounce and silver fell 0.7 percent to $20.6385 an ounce.
– BLOOMBERG
The landed cost of imported Premium Motor Spirit (petrol) has climbed above the gantry price offered by the Dangote Petroleum Refinery, reinforcing calls by petroleum marketers for Nigeria to halt fuel importation and prioritise local refining.
The latest Energy Bulletin released by the Major Energies Marketers Association of Nigeria showed that the spot landed cost of imported petrol stood at N1,223.32 per litre as of July 29.
The price is higher than the Dangote refinery’s gantry price of N1,215 per litre, indicating that imported petrol currently costs marketers more than supplies sourced from the 650,000-barrels-per-day Lekki-based refinery.
The MEMAN bulletin also showed that Brent crude averaged $90 per barrel during the review period.
The development comes days after the Independent Petroleum Marketers Association of Nigeria renewed its call for an end to petrol importation, arguing that local refining capacity is sufficient to meet the country’s fuel demand.
IPMAN National Publicity Secretary, Chinedu Ukadike, recently told The PUNCH that there was no justification for continued petrol imports when local refineries, particularly the Dangote refinery, were producing enough to supply the domestic market.
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He argued that importing petrol when locally refined products were available only exerted additional pressure on foreign exchange and undermined investments in domestic refining.
The latest pricing data appears to support the marketers’ position, with the landed cost of imported petrol now exceeding the Dangote refinery’s gantry price.
According to the MEMAN bulletin, Dangote’s coastal price for PMS stood at N1,195 per litre, while its gantry price was N1,215 per litre, inclusive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority charges.
The report also showed that the naira averaged N1,367.03/$ during the review period, while international crude oil prices remained elevated, contributing to higher import costs.
The rise in global crude prices also pushed up the cost of refined petroleum products internationally. The price of diesel traded on the Intercontinental Exchange in Europe averaged $1,246.54 per metric tonne during the review period.
The bulletin further revealed that the spot landed cost of diesel rose to N1,739.96 per litre, compared with a 30-day average of N1,427.00 per litre, while aviation fuel climbed to N1,616.43 per litre against a 30-day average of N1,421.10 per litre.
The pricing trend suggests that locally refined petrol currently offers marketers a cheaper alternative than imports.
Earlier, the Independent Petroleum Marketers Association of Nigeria urged the Federal Government to halt the importation of petrol, arguing that imported petrol has become more expensive than locally refined products and is frustrating efforts to stabilise prices in the downstream sector.
The association said the continued issuance of fuel import licences was worsening price volatility, putting additional pressure on the naira and undermining the competitiveness of domestic refineries, particularly the Dangote Petroleum Refinery.
Speaking with The PUNCH, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the recent import licences issued by the NMDPRA had failed to achieve their intended objective of moderating domestic fuel prices.
According to him, petrol imported under the new licences is being sold at rates significantly higher than the price of products supplied by the Dangote refinery.
Meanwhile, data from Petroleumprice.ng also showed that some depot owners continued to adjust their ex-depot petrol prices on Thursday amid changing market conditions. AIPEC sold at N1,216 per litre.
Ardova reduced its ex-depot price by N1 to N1,217 per litre, while Ascon and T-Time each cut their prices by N2 to N1,216 per litre. Emadeb, however, increased its price by N1 to N1,218 per litre, while NIPCO retained its price at N1,217 per litre.
Outside Lagos, Aradel raised its ex-depot price by N5 to N1,240 per litre in Port Harcourt. Matrix and Sigmund reduced their prices by N10 each to N1,225 and N1,224 per litre, respectively, while T.S.L. cut its price by N15 to N1,225 per litre.
In Calabar, Hong Petroleum, Mainland and Sobaz each reduced their depot prices by N5 to N1,220 per litre. In Warri, A.Y.M. Shafa increased its price by N3 to N1,233 per litre, while Optima raised its price by N2 to N1,232 per litre. Matrix reduced its price by N3 to N1,230 per litre, while Rainoil cut its price by N2 to N1,240 per litre.
The PUNCH reports that the pump prices of petrol currently hover around N1,250 to N1,300 per litre in Lagos and Ogun states, while they are higher in the North and other distant locations.
A call has gone to the political leadership across the Economic Community of West African States (ECOWAS) for the institution of a regional pricing benchmark for oil and gas to address rising concerns of uneven pricing.
Making the call on Wednesday in Abuja, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, noted that a standard pricing formula across the region would promote cross-border trade and attract investment into the downstream petroleum sector.
He expressed concern that Africa still relies on international markets to determine the prices of petroleum products produced within the continent despite its abundant resources.
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He used the media briefing to disclose that Nigeria, in partnership with S&P Global Commodity Insights and the West Africa Regulators Forum (WARF), would organise the second West Africa Refined Fuel Conference from 11 to 12 August in Abuja.
The theme of the conference is: “Funding West Africa Infrastructure & Distribution to Create a Transparent Market for Regional Price Benchmarks.”
According to him, the event is aimed at developing a formidable regional marketplace where petroleum products can be traded competitively.
He said: “The vision is to establish West Africa as a credible regional marketplace where petroleum products can be traded efficiently, transparently and competitively.
“By strengthening infrastructure, harmonising regulations and improving market data, the region can enhance price discovery, facilitate cross-border trade and attract greater investment.”
Umar said progress had been recorded since the maiden edition of the conference in 2025, including the establishment of the West Africa Regulators Forum, the publication of West African reference prices, and the opening of S&P Global Commodity Insights’ regional office in Abuja.
He said the 2026 edition would focus on infrastructure financing, regional cooperation, market transparency, logistics development, and expanding refining capacity to improve energy security and reduce dependence on imported petroleum products.
He identified pipelines, storage facilities, marine terminals, ports, rail infrastructure, digital commodity exchanges, trading platforms, strategic petroleum reserves, LNG infrastructure, and logistics corridors as critical investments needed to create an integrated regional energy market.
Umar stressed that regulators have a key role to play in ensuring fair competition, investor confidence, consumer protection, and regional cooperation through harmonised standards and regulations.
He cited the Amsterdam-Rotterdam-Antwerp (ARA) trading hub in Europe as an example of a benchmark that considers supply, demand, transportation, and logistics costs.
He said: “The more we are able to produce, the more relevant it becomes to have our own reference pricing.”
In line with its corporate vision, Summit Bank has reinforced its commitment to opportunities and business expansion, entrepreneurship, and Nigeria’s growing digital economy through its support of the newly-commissioned Hajaj-Zoec Digital Market in Kano. Established as a landmark commercial initiative, the digital market will enhance ecommerce and economic opportunities for the African market. It is projected to create more than 100,000 jobs and generate an estimated N50bn annually in economic activity.
Summit Bank joined government officials, industry leaders, and initiative stakeholders on Saturday for the official commissioning of the market. Among the dignitaries were Barr. Abdulkarim Kabiru Maude, Kano State Commissioner of Justice; Yusuf Ata, Minister of State for Housing and Urban Development, represented by his Special Assistant (Technical), Kabir Aminu Dutse; Ahmed Idris, former Accountant General of the Federation; Dr. Mansur Muhtah, Chairman of Bank of Industry; and Alhaji Jamilu Abdussalam, CEO, Hajjaj Real Estate.
In his remarks, Dr. Sirajo Salisu, Summit Bank’s MD/CEO, reaffirmed the bank’s belief that access to ethical finance and a thriving commercial ecosystem remain key drivers of sustainable economic growth.
Developed under a public-private partnership (PPP) involving Kano State Government, Hajjaj ZOEC Real Estate, and ZOEC Construction, with Summit Bank as a proud sponsor, the digital market was inaugurated in Tudun Wada, Sabon Gari, Kano. As a transformative project, the bank’s support reflects a commitment to supporting businesses, deepening financial inclusion, and building a more connected digital economy. “We believe this market is not only an opportunity for Kano State or Northern Nigeria but for the entire African continent. Instead of travelling all the way to China to purchase goods in bulk, traders will be able to come to Kano and place their orders here,” Alhaji Abdussalam said, during his remarks.
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While speaking during the ceremony, Dr. Salisu said the significance of the digital market goes beyond its physical infrastructure. “Markets have always been at the centre of enterprise. What the Hajaj-Zoec Digital Market represents is the next stage of evolution that blends physical and digital commerce into a modern ecosystem where businesses can grow, technology can thrive, and entrepreneurs can unlock new opportunities,” he said.
Dr. Salisu said supporting enterprise is a core purpose of Summit Bank as a non-interest financial institution. “We believe banking should do more than provide financial services; it should help create the conditions that allow businesses to flourish,” adding that when entrepreneurs have access to the right ecosystem, markets become stronger, jobs are created, families earn better livelihoods, and communities prosper. He said this is the kind of impact that Summit Bank supports.
Hajaj-Zoec Digital Market is designed as the largest, purpose-built modern business hub for electronic dealers, tech entrepreneurs, wholesalers, retailers, and investors across Nigeria and West Africa. It will provide more than 1500 trading spaces, according to Abdussalam, with state-of-the-art amenities and digital infrastructure. This development strengthens Kano’s longstanding position as a frontline commercial center in Nigeria, and a hub other region can feed into.
For Summit Bank, the development aligns closely with its broader mission of supporting productive enterprise through ethical, transparent and customer-focused banking solutions. The Bank believes that sustainable economic development is built not only through access to finance but also through meaningful partnerships that drive business growth.
The commissioning also reflects Summit Bank’s growing engagement with Nigeria’s SME sector. Through initiatives such as its recent Market Storm activations across key commercial centers in Kano, Kaduna and Abuja, the Bank has continued to deepen relationships with traders, entrepreneurs and small business owners, taking financial education and banking solutions directly to the communities where commerce happens every day.
Summit Bank said it remains committed to supporting initiatives that advance entrepreneurship, expand financial inclusion and strengthen Nigeria’s digital economy, while helping businesses build lasting value for themselves, their customers and their communities.
As an innovative non-interest financial institution, the bank continues to champion a banking model rooted in ethics, transparency, partnership, shared prosperity and responsible growth, connecting finance with real economic activity and contributes meaningfully to national development.
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