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Global Markets Rally as Strong U.S. Data Sparks Optimism Ahead of Key Inflation Reports
Global Markets Rally as Strong U.S. Data Sparks Optimism Ahead of Key Inflation Reports....KINDLY READ THE FULL STORY HERE▶
Global markets surged on Friday, buoyed by a record-setting day on Wall Street, as strong economic data from the United States reassured investors about the health of the world’s largest economy. The focus now shifts to the upcoming release of crucial inflation figures, which are expected to influence the Federal Reserve’s next moves on interest rates.
The upbeat sentiment followed reports showing that the U.S. Gross Domestic Product (GDP) expanded more than initially expected in the second quarter, while jobless claims saw a decline. These figures suggested that the Federal Reserve is successfully navigating the economy toward a soft landing, even as it works to control inflation.
The attention now turns to the Fed’s preferred inflation gauge, set to be released later on Friday, followed by the much-anticipated non-farm payrolls report next week. These reports will be critical in determining whether the Fed will opt to cut borrowing costs in its upcoming meeting and, if so, by what margin.
Luca Santos of ACY Securities highlighted that while Fed Chair Jerome Powell recently indicated that the time may be ripe for lowering rates, some officials remain cautious. Atlanta Fed President Raphael Bostic, for instance, signaled a more measured approach, emphasizing the need for additional data to avoid premature decisions that could necessitate future rate hikes. “His comments underscore how pivotal the upcoming jobs report will be in determining the Fed’s next steps,” Santos noted.
In the U.S. markets, the Nasdaq and S&P 500 ended on a mixed note, weighed down by a 6.4% drop in Nvidia’s shares following a disappointing earnings report. Despite this, the Dow Jones Industrial Average bucked the trend, closing at a new record high.
Asian markets wrapped up the week on a positive note, with tech stocks, which had suffered from Nvidia-related losses on Thursday, recovering some of their ground. Hong Kong’s Hang Seng Index rose over 1%, while Tokyo, Shanghai, Sydney, Seoul, Singapore, and other major Asian markets also posted healthy gains.
European markets followed suit, with London’s FTSE 100 and Paris’s CAC 40 opening on a strong footing. Notably, French inflation hit a three-year low of 1.9% in August, although the country’s economic growth for the second quarter was revised downwards. In contrast, Frankfurt’s DAX fell slightly after closing at a record high on Thursday.
Key Market Figures as of 0710 GMT:
- Tokyo – Nikkei 225: UP 0.7% at 38,647.75 (close)
- Hong Kong – Hang Seng Index: UP 1.6% at 18,073.20
- Shanghai – Composite: UP 0.7% at 2,842.21 (close)
- London – FTSE 100: UP 0.3% at 8,407.38
- Dollar/Yen: UP at 145.00 yen from 144.93 yen on Thursday
- Euro/Dollar: UP at $1.1079 from $1.1077
- Pound/Dollar: UP at $1.3171 from $1.3170
- Euro/Pound: UP at 84.12 pence from 84.11 pence
- West Texas Intermediate: UP 0.5% at $76.25 per barrel
- Brent North Sea Crude: UP 0.4% at $80.28 per barrel
- New York – Dow: UP 0.6% at 41,335.05 (close)
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“I Have Jonathan’s Certificate Of Return!” – Agbedi Drops Shocking Political Claim.
Fredrick Agbedi, a House of Representatives member representing Bayelsa State, has called on Nigerians to applaud the Peoples Democratic Party (PDP) for encouraging former President Goodluck Jonathan to make a political comeback. During an appearance on Arise Television’s morning show this Wednesday, Agbedi maintained that Jonathan holds the full right to seek the presidency in 2027.....KINDLY READ THE FULL STORY HERE▶
Regarding the former president’s potential candidacy, Agbedi remarked:
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The PDP has repeatedly discussed Jonathan’s potential run, and the internal processes are nearly finished.
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He is currently in possession of the official Certificate of Return, which is intended for presentation to Jonathan.
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Given Jonathan’s track record of “credible transformation” during his tenure, Agbedi argued that citizens should support the PDP’s efforts to nominate him as a solution to Nigeria’s current challenges.
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Emphasizing the spirit of national service, Agbedi questioned the opposition to Jonathan’s potential return, asking where else a dedicated leader should serve if not for the betterment of his own country.
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He confirmed that should Jonathan choose to run, it would be under the banner of the PDP.
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“Oborevwori Ran To APC Because I Am A Threat”: Omo-Agege Drops Political Bombshell.
Former Deputy Senate President Ovie Omo-Agege recently alleged that Delta State Governor Sheriff Oborevwori joined the All Progressives Congress (APC) from the Peoples Democratic Party (PDP) due to fears regarding electoral competition. Speaking on Arise Television’s The Morning Show on Wednesday, Omo-Agege claimed the Governor’s decision was motivated by political survival rather than ideological alignment. The former senator specifically asserted, “Oborevwori chickened out from the PDP to the APC because I am a threat” in anticipation of the 2027 elections.....KINDLY READ THE FULL STORY HERE▶
Highlighting the APC’s performance during his leadership in the 2023 elections, Omo-Agege noted that the party secured two of the three senatorial seats in Delta State. He further emphasized his influence by pointing out his victory in Delta Central, where he claimed to have defeated the governor’s candidate by a margin of roughly 15,000 votes. Omo-Agege also attributed the recent wave of defections from the PDP to the APC to his post-election mobilization efforts across the state. Despite the Governor’s shift in party affiliation, Omo-Agege expressed confidence in his political influence and remains certain of his electoral base leading into 2027.
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Owo Church Massacre: Four Sentenced To Death By Hanging In Landmark Terror Verdict.
Ondo State Governor, Lucky Aiyedatiwa, has expressed his support for the court ruling that sentenced four individuals to death for their participation in the June 5, 2022, attack on St. Francis Catholic Church in Owo. Through his spokesperson, Ebenezer Adeniyan, the Governor affirmed that this verdict proves justice will ultimately prevail against those who harm innocent people.....KINDLY READ THE FULL STORY HERE▶
The ruling was delivered by Justice Emeka Nwite of the Federal High Court in Abuja, following a terrorism case initiated by the Department of State Services (DSS). Governor Aiyedatiwa characterized the decision as a triumph for the rule of law and a moment of relief for the families impacted by the tragedy. He further praised the judicial and investigative teams for their dedication to bringing the perpetrators to account.
Highlighting the state’s stance against violence, the Governor stated, “This judgment sends a strong message that those who take innocent lives will face the full weight of the law, regardless of how long it takes to secure justice”. He also lauded the Owo community and the Catholic Church for maintaining peace throughout the difficult aftermath.
While acknowledging that the court’s decision cannot replace the lives lost, Aiyedatiwa noted that it provides some closure to the grieving families and bolsters faith in the justice system. Finally, he pledged his administration’s continued partnership with security agencies to enhance public safety and prevent future occurrences, while offering prayers for the victims and their families.
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