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Zawya
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Wall St futures ease after Nvidia's $4trln run; data, trade talks in focus
U.S. stock index futures were marginally lower on Thursday, cooling after Nvidia's sprint to a $4 trillion valuation supported markets the day before, while investors turn their attention to economic data and trade talks. At 6:52 a.m. ET, Dow E-minis were down 69 points, or 0.15%, U.S. S&P 500 E-minis were down 5 points, or 0.08%, and Nasdaq 100 E-minis were down 6 points, or 0.03%. President Donald Trump announced on Wednesday a new 50% tariff on copper to start on August 1 and threatened a 50% tariff on exports to the U.S. from Brazil. He also issued tariff notices to seven minor trading partners. U.S.-listed shares of Brazilian firms fell in premarket trading, with Petrobras down 1.2%, Itau Unibanco sliding 2.1% and Banco Santander falling 3.5%. Yet, several countries are still waiting for official word from the White House, as investors closely monitor the evolving trade negotiations. Hopes are also high for a breakthrough with India, with both Trump and top officials hinting a deal is within reach, while talks with the European Union inch closer to a framework agreement. Wall Street closed higher on Wednesday, with the tech-heavy Nasdaq notching a record close - propelled by Nvidia's historic leap to a $4 trillion valuation, making it the first company ever to hit that mark. The chip giant's shares continued to climb, up 0.7% before the bell. The S&P 500 and the Dow also eked out gains, buoyed by the minutes from the Federal Reserve's June meeting that showed most officials said they expect rate cuts will be appropriate later this year, with price shocks from Trump's import taxes expected to be "temporary or modest." While a July Fed rate cut seems off the table, the odds of a September reduction stand at 67%, up from around 60% before the minutes' release, according to CME Group's FedWatch tool. "The resilient U.S. economic backdrop gives the Fed time to study the effects of tariff increases on prices and growth before resuming interest-rate reductions," said Elias Haddad, senior markets strategist at Brown Brothers Harriman. Last week's robust labor market report sent Wall Street's major indexes to fresh record highs, signaling a rebound from April's sharp sell-off following "Liberation Day" tariff announcements. Now, the blue-chip Dow is 1.4% away from reclaiming its December 4 all-time high. Investors will parse through a reading of initial jobless claims figures for the week of July 5, due at 8:30 a.m. ET, for the next pulse check on the labor market. Additionally, Federal Reserve Board Governor Christopher Waller, St. Louis Fed President Alberto Musalem and San Francisco Fed President Mary Daly are expected to offer remarks later in the day. Among stocks, WK Kellogg leapt 50.6% following reports that Italian candy maker Ferrero was nearing a deal to buy the cereal maker. Shares of Delta Air Lines jumped 10.5% after forecasting third-quarter and full-year profits above Wall Street estimates. Peers United Airlines rose 7%, while American Airlines gained 6.4%. (Reporting by Pranav Kashyap in Bengaluru; Editing by Maju Samuel)
Zawya
an hour ago
- Zawya
Senate probes Ponzi schemes in Nigeria, loss of $850mln to CBEX crash
Operators of Ponzi schemes in Nigeria have come under the Senate's spotlight following the passage of a resolution on Wednesday to investigate their activities and other similar online transactions that defraud investors of their hard-earned money. Of particular concern to the Senate is the recent collapse of the Crypto Bullion Exchange (CBEX), which resulted in Nigerian investors losing a staggering N1.3 trillion. Four Senate committees—Capital Market and Institutions; Banking, Insurance and Other Financial Institutions; Anti-Corruption and Financial Crimes; and ICT/Cybersecurity—were mandated on Wednesday to 'conduct a comprehensive investigative hearing, including public hearings, on the operations of Ponzi schemes in Nigeria' within the next four weeks. The resolution was passed while the Senate President, Godswill Akpabio, presided over the plenary. It followed a motion jointly sponsored by Senators Mukhail Adetokunbo Abiru (Lagos East) and Osita Izunaso (Imo West), drawing attention to the immense economic hardship caused by failed Ponzi schemes over the years. ALSO READ: Nigeria's automotive sector key to Nigeria's economic growth — Oyebanji The Senate expressed deep concern over the 'rapid proliferation and alarming rise of unregulated and fraudulent investment schemes—commonly known as Ponzi or pyramid schemes—such as MMM Nigeria in 2016 and MBA Forex in 2020, among others, which have repeatedly defrauded millions of Nigerians, causing severe financial hardship, and in some cases, leading to depression, family breakdowns, and even suicide.' The motion also noted the recent case of CBEX, a digital investment platform that lured millions of Nigerians with promises of outrageous returns before suddenly collapsing. The result: over N1.3 trillion (about $847 million) lost, making it one of the most devastating financial scams in the country's history. It further highlighted that the CBEX incident was not isolated but part of an existing and growing pattern of unregulated, tech-driven schemes leveraging social media, referral commissions, celebrity endorsements, and fake testimonials to deceive the public. Leading the debate, Senator Abiru expressed shock that such schemes could grow so rapidly despite supposed regulatory oversight by institutions such as the Central Bank of Nigeria (CBN). He questioned how CBEX continued to operate without sanctions from regulatory bodies like the Securities and Exchange Commission (SEC), CBN, the Nigerian Financial Intelligence Unit (NFIU), or the Economic and Financial Crimes Commission (EFCC). Abiru called it a failure of regulatory agencies and urged the National Assembly, as representatives of the people, to intervene through detailed investigations. 'The lack of coordinated oversight, real-time monitoring, and strict enforcement by relevant agencies has created an enabling environment for these schemes to flourish. This erodes public trust in legitimate financial institutions and poses systemic risks to the economy,' he added. Senate Whip, Senator Mohammed Monguno (Borno North), while contributing to the debate, observed that Ponzi operators take advantage of vulnerable and gullible Nigerians, defrauding them of their hard-earned money and even driving some to early graves. He called for tougher legislative measures to address the economic threats posed by these fraudulent schemes. Kwara State Senator, Sadiq Suleiman, urged the Senate to step in to protect Nigerians, many of whom he said are unaware of the risks involved in staking their limited resources on such online investments. 'We must continually monitor financial schemes to protect citizens. Our agencies must rise to the occasion and carry out their regulatory functions,' he said. Senator Solomon Olamilekan (Ogun West), Chairman of the Senate Committee on Appropriations, pointed out that young Nigerians are often the largest group of investors in these schemes, attracted by the promise of quick returns. 'I wonder how this monumental fraud happened under the watch of the CBN. We will summon the CBN to explain what regulations were in place to prevent such scams. Beyond Ponzi schemes, there are many other online platforms defrauding Nigerians. Are we saying Nigeria is so porous that we lose trillions of naira just like that?' he queried. Senator Abdul Ningi (Bauchi Central) described the motion as 'extraordinary,' requiring equally extraordinary action. 'We have laws, but Ponzi schemes keep evolving. Who are the people behind them, and why have there been no arrests?' Ningi asked. He also shared personal stories of constituents who invested their meager stipends—N5,000, N10,000, and N20,000—into Ponzi schemes, only to lose everything. Before the debate concluded, Senate President Akpabio recalled the infamous Umanah Umanah scheme in Port Harcourt during the 1990s, which promised quick returns and collapsed after people were encouraged to continuously deposit more money. 'It was a terrible nightmare. Many people lost their savings,' he recalled. He directed that the Senate's investigation must include zonal public hearings where necessary and be thorough enough to bring all Ponzi scheme operators to justice. Akpabio also recommended a nationwide public awareness campaign—including road walks and other activities—to educate vulnerable Nigerians about the risks of investing in fraudulent schemes.
Zawya
an hour ago
- Zawya
US weekly jobless claims fall unexpectedly in latest week
The number of Americans filing new applications for jobless benefits unexpectedly fell last week, suggesting employers may be holding on to workers despite other indications of a cooling labor market. Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 227,000 for the week ended July 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast 235,000 claims for the latest week. The data included last week's July Fourth holiday and claims tend to be volatile around public holidays. Economists and U.S. central bankers have generally viewed the labor market as solid, if weakening somewhat. This is a view reinforced by last week's monthly jobs report that showed the unemployment rate ticking down to 4.1%, though largely because the workforce shrank, and a bigger-than-expected gain of 147,000 jobs, though highly concentrated in just a few sectors. Fed Chair Jerome Powell has noted that in the current low-hiring and low-firing environment, any increase in layoffs could rapidly push up the unemployment rate. So far that has not happened, though nearly 100 U.S. companies have announced layoffs this month, including Microsoft and Intel. Economists say President Donald Trump's still unsettled tariff policy is making it difficult for businesses to plan ahead. Hiring has been lackluster, making it harder for people out of work to find jobs. Last month's jobs report showed the median duration of unemployment rose in June to 10.1 weeks from 9.5 weeks in May. The number of people receiving unemployment benefits after an initial week of aid, a proxy for hiring, increased 10,000 to a seasonally adjusted 1.965 million during the week ending June 28, Thursday's claims report showed. The so-called continuing claims are at their highest level since November 2021, suggesting those who lose a job are taking longer to find a new position. The Federal Reserve last week left its policy rate in the 4.25%-4.50% range where it has been since December as central bankers wait to see if tariffs push up inflation before moving to lower rates. (Reporting by Ann Saphir; Editing by Chizu Nomiyama)
