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Stock Indices Climb Worldwide as China’s Economy Matches Projections
Markets climbed on Tuesday after data showed that China’s economic growth aligned with forecasts, while hopes that global leaders could strike deals to avert the worst of Donald Trump’s tariff threats buoyed sentiment.....KINDLY READ THE FULL STORY HERE▶
Beijing reported that gross domestic product grew by 5.2 per cent in the April–June period, driven by a surge in exports as firms rushed shipments ahead of the US president’s steep tariffs and following a tentative agreement between the two superpowers to work toward a long-term pact.
Although the figure was slightly lower than the first quarter, it matched projections from an AFP survey and came a day after data revealed exports in June jumped more than expected — including a notable rebound in shipments to the United States. Industrial output also exceeded expectations.
However, the consumer side of the economy remained sluggish. Retail sales rose just 4.8 per cent last month, well below the Bloomberg consensus, underscoring the challenge of reviving domestic spending.
“Recent measures, like the expansion of the consumer goods trade-in scheme earlier this year, did temporarily lift retail sales,” said Sarah Tan, economist at Moody’s Analytics. “But the support quickly faded as funding reportedly dried up in several provinces. This highlights deeper structural issues behind consumers’ caution.”
China’s recovery remains constrained by its long-running trade dispute with the United States, fuelled by Trump’s sweeping tariffs. Although tensions cooled somewhat after talks in London produced a framework for further negotiations, uncertainty still looms.
On Monday, Trump escalated pressure by warning Russia’s trading partners — including China — that he would slap tariffs of up to 100 per cent if Moscow did not end its war in Ukraine within 50 days.
“China remains on course to meet this year’s growth target, though a slowdown could still emerge,” said Lynn Song, chief economist for Greater China at ING.
Following a shaky start, Hong Kong gained more than one per cent, with Tokyo, Sydney, Seoul, Singapore, Taipei, Wellington, Mumbai and Jakarta also finishing in the green, alongside London, Frankfurt and Paris. Shanghai and Manila, however, ended lower.
US futures advanced on news that tech giant Nvidia would resume sales of its H20 artificial intelligence chips to China, after Washington signalled plans to lift licensing restrictions that had halted exports.
Trump also announced plans to impose antidumping duties on most fresh tomato imports from Mexico, accusing the country of unfair trade practices. This followed his threat to hit both Mexico and the European Union with 30 per cent levies if agreements were not reached by August 1.
Analysts suggested investors see these threats as bargaining tactics rather than firm policy shifts, citing previous instances where similar warnings were later softened.
The mixed Asian performance followed a strong session on Wall Street, where the Nasdaq notched another record high. Meanwhile, Bitcoin eased after briefly crossing $123,200 on Monday amid optimism over potential regulatory changes in the US crypto market.
Former Vice President Atiku Abubakar has revealed that his push for an opposition coalition was initially rejected by members of the Peoples Democratic Party (PDP).....KINDLY READ THE FULL STORY HERE▶
Atiku made the disclosure during an interview on Arise Television on Wednesday, where he reflected on events following the PDP’s defeat in the 2023 presidential election. According to him, he warned party leaders after the election that the PDP could struggle politically without forming alliances with other opposition forces. “To be honest, I was one of the major initiators of this coalition. After the PDP lost the last election, I told the party clearly that I did not see a future for the PDP without a coalition,” he said. Atiku said his advice was rejected at the time, despite his conviction that Nigeria’s political history had shown the importance of alliances. “They disagreed with me then. I have studied Nigeria’s political transition over the years and saw how previous alliances worked, so it was not difficult for me to foresee this,” he stated. The former vice president added that his support for coalition politics was also influenced by his desire to encourage the emergence of younger leaders he believes are vital to Nigeria’s future. “I saw some of these younger politicians as the future leaders of this country, and I felt it was my duty to point that out,” he said. However, Atiku claimed the resistance he encountered within the party was driven more by personal feelings than by disagreement over the substance of his proposal. “They disagreed with me simply because they did not want to see my face, not because of what I was suggesting,” he said. Atiku added that recent political developments have now vindicated his position on the need for a broad opposition alliance ahead of future elections.
Former Vice President Atiku Abubakar has said the African Democratic Congress (ADC) will first pursue a consensus arrangement before considering a primary election for its 2027 presidential ticket.....KINDLY READ THE FULL STORY HERE▶
Atiku made this known during an interview on Arise Television on Wednesday while discussing the party’s leadership and strategy ahead of the next general election.
He said he is open to backing a consensus candidate if that becomes the party’s collective decision, stressing that such support should not be interpreted as stepping aside.
“It is not about stepping aside, but whether I am willing to support, and yes, I will,” Atiku said.
According to him, the ADC’s first priority is to build internal unity and reach an agreement among stakeholders before considering a competitive primary process.
“Our first option will be to work out a consensus. If that doesn’t happen, then of course we will explore other options. And yes, I will support whoever eventually emerges,” he stated.
Atiku also expressed confidence in the political experience within the party, saying he believes a consensus is achievable and may make a full-scale primary contest unnecessary.
“That remains our preferred path. We will go for primaries if consensus fails, but I honestly do not expect it to get to that stage because we are dealing with mature and experienced politicians,” he added.
His comments come amid growing political consultations and coalition talks as parties begin to position themselves ahead of the 2027 general elections.
Former Vice President Atiku Abubakar has said the opposition coalition under the African Democratic Congress (ADC) has significantly strengthened his chances of winning the 2027 presidential election.....KINDLY READ THE FULL STORY HERE▶
Atiku made the remarks during an interview on Arise Television’s Prime Time programme on Wednesday. Speaking on what makes his latest presidential bid different from previous attempts, Atiku said the ADC coalition brings together key political figures from across major parties, including the APC, PDP and Labour Party. He described the alliance as a broader and more strategic political arrangement ahead of the 2027 general elections. According to him, the coalition has created a stronger platform that improves his prospects. “Now, we have a broader coalition — a combination of APC, PDP and LP — which gives me a better chance of becoming president in 2027,” he said. Atiku also noted that the coalition reflects both experience and generational inclusion, which he said shows a clear succession plan. “You see people of my generation, and you see younger people coming behind us, so you can clearly see a succession pattern,” he added. Meanwhile, Atiku described former President Goodluck Jonathan as a decent but inexperienced leader. According to him, Jonathan’s lack of experience contributed to shortcomings in governance and played a role in his defeat in the 2015 presidential election. “I know Goodluck Jonathan very well. He is a decent young man, but he was also inexperienced, and that contributed to his failure in managing the affairs of the country,” Atiku said. He made the remarks while stressing the need for experienced and capable leadership in Nigeria.
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