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Alibaba Surges as Wall Street Drop Leaves Global Markets Mixed

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Global markets were mixed Friday after Wall Street ended the previous session with a decline, while Chinese e-commerce giant Alibaba saw its shares jump sharply on strong earnings.....KINDLY READ THE FULL STORY HERE▶

In Asia, major indexes moved in different directions. Hong Kong’s Hang Seng index rose 2.4% as Alibaba stock soared more than 6% following quarterly results that beat analyst expectations. The company reported stronger revenue in its cloud and retail divisions, boosting investor confidence.

Japan’s Nikkei 225, however, slipped 0.8% as technology and export-oriented stocks came under pressure from a stronger yen. South Korea’s Kospi edged lower by 0.5%, weighed down by losses in chipmakers.

In Europe, trading opened cautiously. London’s FTSE 100 was nearly flat, while Germany’s DAX posted a modest 0.3% gain. France’s CAC 40 was little changed. Investors were watching for signals from central banks and fresh economic data, including inflation reports expected later in the week.

The mixed performance followed a weak session on Wall Street, where the S&P 500 dropped 0.7% on Thursday, the Dow Jones Industrial Average lost 0.6%, and the Nasdaq composite fell 0.8%. The pullback came after several days of gains driven by optimism over potential Federal Reserve interest rate cuts.

Investors in the United States grew cautious as bond yields rose and uncertainty increased over when the Fed might move to ease borrowing costs. Analysts say markets are still sensitive to inflation trends, which could influence the central bank’s timing.

“After a strong rally, markets are pausing to reassess,” said Hao Wu, a market strategist at an investment firm in Singapore. “Alibaba’s performance shows some bright spots, but the overall global picture remains cloudy.”

Alibaba’s gains gave a boost to Chinese equities, which have been under pressure this year due to weak consumer spending and concerns about slowing growth. The company’s earnings showed resilience in key business lines, giving some investors reason to hope that China’s tech sector could stabilize.

Still, broader market sentiment remained cautious. Concerns linger over global growth, high interest rates in the United States, and geopolitical tensions in several regions.

Oil prices slipped slightly in early trading, with benchmark U.S. crude at $78.60 per barrel and Brent crude at $82.10. Energy traders said worries about demand were outweighing supply concerns.

Currency markets also reflected investor caution. The U.S. dollar weakened against the Japanese yen, trading near 147.8, while the euro held steady around $1.07.

Analysts say the coming days will be key for direction. U.S. inflation data is due next week, and central bank meetings in Europe and Asia could also shape expectations.

“Investors are looking for clarity,” said Sarah Lin, chief economist at a London research group. “Right now, there is no single story driving markets. It’s a push and pull between earnings optimism, rate expectations, and growth concerns.”

For now, markets remain divided. Alibaba’s strong earnings provided a lift in Asia, but Wall Street’s decline and global economic worries kept gains in check.

The focus will now shift to whether upcoming data confirms a cooling of inflation in the U.S. and Europe. A clearer picture could set the tone for the final quarter of the year.

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BREAKING: Oyo Budget Commissioner Resigns From Makinde’s Cabinet.

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The Oyo State Commissioner for Budget and Economic Planning, Ayobami Ojo, has resigned from his position in Governor Seyi Makinde’s administration.....KINDLY READ THE FULL STORY HERE▶

Ojo announced his decision in a letter dated Monday, November 2, 2026, addressed to the governor through the Secretary to the State Government.

In the letter, the commissioner stated that his resignation would take immediate effect, making reference to his appointment letter dated June 22, 2026.

“With reference to your letter dated 22nd June, 2026 (SP.S.662/2/VOL.IV/192), I respectfully write to formally resign my appointment as Honourable Commissioner for Budget and Economic Planning, with effect from today, 2nd November, 2026,” the letter read.

Ojo also expressed gratitude to Makinde for giving him the opportunity to serve the state, describing his time in office as a privilege and an honour.

“I want to express my sincere appreciation for the opportunity to serve our dear State under the administration of Your Excellency. Serving the Government and the good people of Oyo State has been a great honour that I do not take lightly,” he wrote.

The former commissioner, however, did not disclose the reason behind his decision to leave the cabinet.

His resignation is the latest in a series of departures from the Makinde administration.

Others who have previously resigned include the governor’s Executive Assistant on Security Coordination, Kabiru Salami; former Chief of Staff, Segun Ogunwuyi; and the Director-General of the Oyo State Due Process Office, Tara Adefope.

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2027: ‘Peter Obi Will Break One-Term Agreement’ – Sambo Raises Alarm.

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Arise News Political Editor, Sumner Sambo, has predicted that the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, will seek a second term if he wins the 2027 presidential election.....KINDLY READ THE FULL STORY HERE▶

Sambo made the prediction during an appearance on Arise Television’s Morning Show on Monday.

The journalist dismissed claims by some political figures that Obi would serve only one term in office before handing over power to another person.

“Nothing will stop Peter Obi from seeking a second term if he wins. He will betray a one-term pact,” Sambo said.

He argued that the Nigerian Constitution guarantees Obi the right to seek re-election if elected president, adding that no informal agreement could prevent him from exercising that constitutional right.

Sambo further maintained that politicians who secure the presidency generally seek a second term, insisting that Obi would be no exception.

In a related development, former Labour Party (LP) vice-presidential candidate, Datti Baba-Ahmed, has expressed doubts about the willingness of voters in Northern Nigeria to support a presidential ticket featuring Peter Obi and Rabiu Kwankwaso.

Baba-Ahmed also cautioned Obi’s supporters, popularly known as Obidients, against attacking him over his position.

The economist made the remarks during an interview with Symfoni TV, explaining that his assessment was informed by his personal experience as Obi’s running mate in the 2023 presidential election.

“First, these people (Obidients) are always eager to attack. I said it is very unlikely that the North will support Peter Obi, very unlikely because I know what I have faced,” he said.

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Finidi Blasts Rangers Over Alleged Time-Wasting Tactics After NPFL Draw.

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Chijioke Mbaoma gave Rivers United the lead in the 17th minute at the Adokiye Amiesimaka Stadium after taking advantage of a defensive mistake. However, Rangers drew level eight minutes into the second half through Godwin Obaje.....KINDLY READ THE FULL STORY HERE▶

Both sides pressed for a decisive goal but were unable to find the breakthrough, settling for a share of the points.

Speaking after the encounter, Rivers United head coach Finidi George accused Rangers players of deliberately disrupting the flow of the game, particularly towards the closing stages.

“They got a draw, and they should not complain,” Finidi said.

“You saw the way the players were falling as if they were not fit, but I wasn’t pleased with their time-wasting tactics.”

The draw left Rivers United and Enugu Rangers level on points at the top of the Nigeria Premier Football League (NPFL) standings, with the Port Harcourt-based side maintaining first place on goal difference.

Meanwhile, Kano Pillars head coach Daniel Ogunmodede praised his players after they secured a 2-0 victory over Nasarawa United at the Sani Abacha Stadium.

Ibrahim Yahaya opened the scoring in the 15th minute before Fabian Nworie added a second in the 65th minute to seal maximum points for the hosts.

The victory extended Kano Pillars’ unbeaten run to three matches and moved them to fourth position with 18 points.

Ogunmodede acknowledged the pressure that comes with playing before the club’s demanding supporters but said their high expectations could serve as motivation for the team.

“Most of the time we play with so much pressure here. Obviously we want to win; our fans want us to win every game. We know what it means when we are leading 2-0, and they still want more. But for me that is the kind of hunger I want from the spectators, from the players. The good thing is that we are adapting gradually to it,” he said.

The coach also attributed the victory to his tactical adjustments, explaining that his decision to use inverted wing-backs during the opening 20 minutes unsettled Nasarawa United’s full-backs and opened up spaces in central areas.

After the break, Pillars altered their approach and focused on exploiting the wide areas. The adjustment created several scoring opportunities, although they failed to increase their advantage.

Ogunmodede described the win as significant for the club’s position on the league table, the players’ confidence and the satisfaction of supporters. He also expressed satisfaction with the team’s clean sheet.

In another Matchday 11 encounter, Katsina United technical adviser Azeez Audu Mohammed praised his players following their 2-1 victory over Sporting Lagos at the Muhammadu Dikko Stadium.

Luis Dadong scored twice in the 10th and 28th minutes to put the Chanji Boys 2-0 ahead before Aliyu Baba pulled one back for Sporting Lagos in the 65th minute.

Katsina United, however, held on to secure all three points.

Mohammed said defeating a strong opponent was more important than keeping a clean sheet, highlighting Sporting Lagos’ impressive away record.

“It’s not about a clean sheet. The important thing is that we won against a quality side. In 11 matches, they picked up 10 points away from home, so it’s not a small feat for us to beat them,” he told the NPFL media.

The coach also praised his players for executing their instructions but admitted that the team’s defensive organisation declined in the second half.

“I think my boys did well, aside from conceding. We will continue working hard until we get it right,” he said.

“I think we didn’t defend well in the second half. We are going to talk to the defenders on how to do things right. Overall, they did well and played according to instructions because we faced a very good team. The plan was to stop them from playing, which we did.”

Katsina United will next travel to Ozoro to take on Warri Wolves as they seek to build on their Matchday 11 victory.

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