General News
Stocks Continue to Wane Amid Higher Yields
By Han Tan, Market Analyst at FXTM
Global risk sentiment remains poor, as investors continue contending with this week’s surge in Treasury yields, with 10-year yields above the psychologically important 1.30% level at the time of writing. US stock futures are edging lower following three consecutive days of losses for the S&P 500 and the Nasdaq. Most Asian benchmark indices are currently in the red.
Market participants are willing to bet that the swathes of fiscal and monetary support for the US economy will lead to bigger inflationary pressures. Amid this Fed-fiscal fete, investors are trying to pre-empt when the central bank might ease up on its asset purchases which could then pave the way for a rate hike.
Reflation trade stoked by US economic optimism
Investors have been paring their exposure to equities as they attempt to sort through this conundrum, and it remains to be seen whether the reflation bet will be vindicated by a strong showing in US inflation.
Still, investors would be remiss if they were to already fully exclude the pandemic’s downside risks. Thursday’s larger-than-expected US weekly jobless claims dented some of the optimism surrounding the positive surprises earlier in the week, validating the Fed’s insistence that the US economy remains a “long way” from a full recovery.
The February US Markit PMIs due later today may add more colour to investors’ views as to whether the rosier economic outlook remains warranted.
Stocks to get more cues from the Biden-Powell show next week
In order for risk-on sentiment to be restored over the coming week, it may require the Biden-Powell tag team to really come through. Fed Chair Jerome Powell is set to deliver his semi-annual testimony before the Senate next Tuesday, and it remains to be seen whether the scheduled Fed speak over the coming days will help or hamper rising yields. Then, a week from today, President Joe Biden’s $1.9 trillion fiscal stimulus package could be put through its first floor vote in the House of Representatives.
The hopes for more incoming US fiscal stimulus remain a pillar for equity bulls, even though it may herald a ramping up of US inflationary pressures. Should the Fed be able to convince markets that any tapering remains a distant event, that should spell more upside for stock markets as they continue wallowing in the abundant money flows in the interim.
Gold losing out as inflation hedge
Spot gold has clearly languished in the wake of this surge in Treasury yields, with the precious metal trading around its lowest levels since July. Bullion is on course for seven consecutive days of losses, its longest losing streak since November 2018.
Gold is having a tough time trying to win investors over in validating its role as an inflation hedge, with other assets currying more favour instead. The optimism surrounding the US economic outlook also does not play into gold bulls’ hands, while the surge in Treasury yields is eroding demand for the non-yielding precious metal.
Until investors are shown real signs that inflation is picking up, they’re unlikely to have much reason to hold on to the precious metal in the interim. Gold’s waning appeal is evidenced by ETFs shedding their holdings by almost 974,000 ounces so far this year.
From a technical perspective, the downtrend remains firmly intact since posting that record high back in August. Having formed a death cross earlier this week, with the 100-day simple moving average (SMA) set to join its 50-day counterpart below the 200-day SMA, such a technical event typically heralds further declines over the near term. With momentum pointing south, coupled with the fact that prices have yet to conclusively drop into oversold territory, spot gold could yet dive closer towards the key psychological $1700 mark.
Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, has issued an interim Mareva injunction freezing copyright levy funds due to the Musical Copyright Society of Nigeria (MCSN).
The order prevents the Central Bank of Nigeria (CBN) and at least 20 commercial banks from disbursing these funds until further court proceedings.
The injunction stems from Suit No. FHC/L/CS/207/2026, following an ex parte application filed on February 5, 2026, by the Record Label Proprietors’ Initiative on behalf of 11 major record labels and music companies.
Plaintiffs include industry heavyweights such as Mavin Records, Davido Music Worldwide, Chocolate City Music, Universal Music Group, Sony Music Africa, and Warner Music South Africa.
The plaintiffs, through their attorney, sought to restrain the CBN from releasing any copyright levy funds related to sound recordings earmarked for MCSN.
They also asked the court to bar MCSN and its agents from accessing, transferring, or using the funds, whether received directly from the CBN or routed through commercial banks.
The National Information Technology Development Agency (NITDA), in partnership with the House of Representatives Spouses Association (HORSA), organized a specialized two‑day digital literacy and capacity‑building workshop for the spouses of members of the House of Representatives.
The initiative, themed “Empowering Women for a Digital Future: Leadership, Wellbeing, and Opportunity,” is designed to equip spouses of lawmakers with the tools needed to navigate the modern digital economy and the unique demands of public life.
Moving beyond basic computer literacy, the workshop offers a comprehensive suite of skills, including financial and digital literacy—focused on using digital tools for business growth and personal finance management; cybersecurity and digital wellbeing—promoting online safety, data protection, and mental health resilience; and economic empowerment—unlocking opportunities in remote work, Business Process Outsourcing (BPO), and digital entrepreneurship.
Declaring the workshop open on behalf of the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, PhD, the Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, said the workshop underscores the crucial role spouses play in supporting public office holders. He described spouses as trusted advisers whose understanding of legislative responsibilities helps lawmakers perform more effectively.
He noted that the demanding nature of legislative work often places strain on family life, adding that empowering spouses with digital and leadership skills would strengthen their capacity to provide informed support and constructive feedback to their partners in public service. He urged participants to take full advantage of the training, stressing that continuous learning is essential in an increasingly digital world.
Kalu further observed that many spouses already lead humanitarian and development initiatives in their communities, and that the skills gained from the programme would enhance communication, strategic planning, and resource mobilisation, thereby deepening their contribution to community development and national growth.
In his welcome address, the NITDA Director‑General, Kashifu Inuwa, said the initiative aligns with the Federal Government’s drive to build a sustainable digital economy by ensuring that no group is excluded from digital opportunities due to skills gaps. He noted that the Renewed Hope Agenda of Bola Ahmed Tinubu places digitalisation and innovation at the heart of economic diversification and inclusive growth.
He added that NITDA is implementing a national digital literacy framework aimed at achieving 95 per cent digital literacy by 2030, driven through three key focus areas: integrating digital skills into formal education, upskilling public servants, and expanding community‑level digital inclusion.
Inuwa described women as critical drivers of Nigeria’s digital transformation, noting that empowering spouses of lawmakers with digital skills would strengthen leadership at home and positively influence legislative processes at the National Assembly. He explained that NITDA is working with the Ministry of Education and global technology partners to train teachers nationwide, while over 54,000 public servants are currently enrolled in the Agency’s digital literacy programmes.
He also stated that through community champions deployed across the 36 states and the Federal Capital Territory, millions of Nigerians are being reached annually with basic digital skills training, stressing that national leaders must not be left behind in Nigeria’s digital transition. According to him, digitally literate spouses can play a vital role in encouraging technology‑driven governance, including ongoing efforts to digitise legislative processes.
In her goodwill message, the Leader of HORSA and wife of the Speaker, House of Representatives, Hajiya Fatima Tajudeen Abbas, described the workshop as a historic milestone and the first comprehensive capacity‑building programme organised by the 10th Assembly for spouses of lawmakers. She noted that public life in a digital age now extends beyond physical spaces into online platforms, making digital and financial literacy, cyber protection, and digital wellbeing essential skills for spouses of national leaders.
Hajiya Abbas emphasised that the sessions on mental health, emotional resilience, entrepreneurship, and leadership were timely, as spouses of public office holders often shoulder invisible emotional responsibilities. According to her, empowering women economically strengthens families and communities, adding that the knowledge gained from the workshop would not only support lawmakers behind the scenes but also enable women to contribute more meaningfully to national development in the digital economy.
The event also featured goodwill messages and contributions from senior government officials, including the Chief of Staff to the President, Hon. Femi Gbajabiamila; the Honourable Minister of Women Affairs and Social Development, Hon. Imaan Sulaiman Ibrahim; the Chairperson of the Nigeria Governors’ Spouses’ Forum, Prof. (Mrs.) Olufolake Abdulrazaq; the Chairman of the House Committee on ICT, Hon. Stanley Olajide; the Chairperson of the House Committee on Women Affairs and Social Development, Hon. Kafilat Ogbara; and the Managing Director of the South-South Development Commission, Usoro Offiong Akpabio.
PalmPay is thrilled to announce the first set of winners of its highly anticipated Valentine-themed #LoveWithPalmPay campaign, following a week of receiving entries from users across the country, celebrating their real love stories shaped by simple money moments.
The #LoveWithPalmPay, a two-week campaign which started on the 9th of February until the 21st of February, has unveiled the first set of four (4) couples who shared their heartfelt stories of how PalmPay has positively impacted their relationships, from seamless transfers and bill payments to shared savings goals, dates, and everyday financial support.
The first batch of selected winners are:
- Abdulsalam Aishat Omowumi ( Facebook)
- Symply Omotoshan (Instagram)
- Unusual_aaron (Tiktok)
- MTN_DATA_VENDOR (X)
Speaking on the campaign, Olorunfemi Hanson, the Head of Marketing of PalmPay, stated, “We are using the campaign to appreciate our over 35 million users and the many ways they use the PalmPay app to make life seamless. The four (4) couples, each rewarded with ₦100,000, were chosen based on how effectively they highlighted PalmPay’s features and demonstrated how the platform helped their everyday payments be reliable and seamless.
PalmPay noted that with the campaign still ongoing, four (4) more couples will be announced in the coming days, encouraging more users to continue sharing their love stories using the hashtag #LoveWithPalmPay on PalmPay’s social media platforms.
The campaign reinforces PalmPay’s commitment to creating financial solutions that not only simplify transactions but also bring people closer through meaningful, everyday money moments.
PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
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