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Bye-bye Frenzy, Back to the Familiar

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By Han Tan, Market Analyst at FXTM

 

Global markets are now revisiting a familiar script, with investors pushing broad asset classes higher on more signs pointing to the US economic recovery.

Stock markets Stateside posted new record highs and the futures contracts are holding steady at the time of writing. The S&P 500 is boasting a year-to-date gain once more, led by energy and financial stocks this week. Tech companies remain favoured by investors amidst a string of better-than-expected earnings, pushing the Nasdaq 100 to its highest-ever close.

Oil prices are also getting in on the act, with WTI futures set for a fifth consecutive daily gain to reach its best levels in over a year. This return to the way things were is also marked by signs of subdued day-trader mania, with GameStop having plummeted almost 90 percent from its 2021 peak amid the WallStreetBets-fueled frenzy. However, the stock is still showing gains of 184 percent so far this year.

Stronger jobs recovery to set base for more gains in risk-asset

Risk sentiment has been buoyed by Thursday’s lower-than-expected US jobless claims data, which marked its third weekly decline and lowest reading since late November.

This positive surprise has already prompted economists to make upward revisions to their forecasts for the January non-farm payrolls data due later today. Markets are expecting the headline print to increase by around 105,000 jobs, which would be an about-turn from the 140,000 positions lost in December.

But, the unemployment rate is set to remain unchanged at 6.7 percent, which is still some three percentage points higher compared to pre-pandemic levels. This elevated figure still underscores the need for more government support, even though President Biden’s $1.9 trillion proposal risks being diluted if we see evidence today that the job market recovery is truly underway.

With more states easing their respective virus-curbing measures as the Covid-19 vaccine continues to make its way through the US population, the labour market may find itself on firmer ground in the weeks and months ahead. On top of that, economic conditions are expected to be restored at a faster clip once more fiscal stimulus is unleashed upon households and businesses.

Such a risk-on narrative is what’s prompting market participants to push risk assets higher and this momentum in the markets could gain more impetus with a better-than-expected NFP print.

Gold declines on Dollar resilience

However, the US dollar and gold are apparently not singing the same tune as the rest of the choir.

The greenback has defied consensus calls for weakness this year, which in turn has sent bullion to its lowest levels since early December. The precious metal has also struggled against the steepening US yield curve. The idea that the US economic recovery would lead to faster inflationary pressures has not played out in gold’s favour, to the chagrin of the precious metal’s bulls.

With spot prices now trying to claw their way back to the psychologically important $1800 level, gold is set to have a battle on its hands over the near-term in trying to get on the market’s good side. A technical death cross, when the 50-day moving average crosses below the 200-day moving average, looks imminent which indicates the potential for a major selloff.


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General News

Catholic Bishops Urge FG to Give Tax Laws Human Face

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Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

Catholic Bishops Urge FG to Give Tax Laws Human Face

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.

The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.

Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.

They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.

In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.

“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.

“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”

The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.

The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.

“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.


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Taraba Adopts Electronic Case Management System

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Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


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Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

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Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.

BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.

Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.

The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.

“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.

The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:

  • Do not click on links or respond to unsolicited emails.
  • Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
  • Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.

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