Economy

Asian Markets Rise as Wall Street Rally Continues

Published

11 months ago

December 3, 2025

Asian markets mostly rose following Wall Street gains as investors await US jobs and inflation data ahead of Fed’s December meeting

Asian markets mostly rose on Wednesday following a resumption of Wall Street’s rally, although gains were muted ahead of key US economic data.

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Investors are awaiting the final tranche of indicators before next week’s Federal Reserve meeting. With a third successive interest rate cut already priced in, trading has softened ahead of the private jobs report from payroll firm ADP, due Wednesday, and Friday’s personal consumption expenditure (PCE) index, the Fed’s preferred inflation gauge.

Money markets place the likelihood of a December 10 cut at around 90 percent, with three more possible by the end of next year.

Optimism has been further boosted by reports that President Donald Trump’s top economic adviser, Kevin Hassett, a proponent of rate reductions, is the frontrunner to lead the Fed when Jerome Powell’s tenure ends in May.

Analysts note some differences on the policy board regarding how to tackle a soft labour market versus persistent inflation, potentially resulting in a “hawkish cut,” according to Andrew Brenner of NatAlliance Securities.

Fabien Yip, IG market analyst, added that Friday’s PCE release could alter expectations for the Fed’s policy stance, alongside personal income and spending data providing insight on consumer resilience.

Despite concerns over the jobs outlook and a slowing US economy, the National Retail Federation reported upbeat Black Friday shopping, with a record 202.9 million consumers across five days, reflecting highly engaged shoppers.

All three main indexes on Wall Street ended in the green, leading most Asian markets higher.

Tokyo rose over 1 percent, followed by Seoul, Sydney, Singapore, Wellington, Taipei, and Jakarta. Meanwhile, Hong Kong, Shanghai, Mumbai, Bangkok, and Manila declined.

London opened in the red, while Paris and Frankfurt rose. Bitcoin recovered above $90,000 after a recent dip, though crypto sentiment remains cautious following last month’s slump from a record high of $126,250.

The Indian rupee weakened past 90 per dollar, reflecting foreign fund outflows and trade deal uncertainties with the US.

Analysts highlighted limited interventions from the Reserve Bank of India, citing a policy focus on supporting growth rather than defending an artificial level.

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Key figures (approx. 0815 GMT):

Tokyo – Nikkei 225: UP 1.1% at 49,864.68
Hong Kong – Hang Seng: DOWN 1.3% at 25,760.73
Shanghai – Composite: DOWN 0.5% at 3,878.00
London – FTSE 100: DOWN 0.1% at 9,694.82
Dollar/Yen: DOWN at 155.71 from 155.86
Euro/Dollar: UP at $1.1643 from $1.1622
Pound/Dollar: UP at $1.3242 from $1.3209
WTI Crude: UP 0.5% at $58.95/bbl
Brent Crude: UP 0.5% at $62.74/bbl

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

2 days ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.