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Asian markets rise ahead of US election, Chinese stimulus meeting

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Asian markets rise ahead of US election, Chinese stimulus meeting

 

Asian markets rose Monday as investors steel themselves for a too-close-to-call US presidential election, while Chinese leaders meet to hammer out a stimulus package that experts say could be determined by the vote.

The gains came after a positive lead from Wall Street and data showing far fewer US jobs were created last month than expected, boosting hopes for a Federal Reserve interest rate cut when it gathers this week.

With Democratic Vice President Kamala Harris and her Republican rival Donald Trump neck and neck ahead of Tuesday’s poll, traders are keeping a close eye on any hint of an advantage either way.

The dollar slipped Monday as a fresh opinion poll in Iowa — which Trump won in 2016 and 2020 — showed Harris leading.

A victory for Trump is seen as being positive for the dollar and pushing up Treasury yields owing to his pledges to cut taxes and impose hefty tariffs on imports.

Elections for the Senate and House of Representatives are also being closely watched amid speculation the Republicans could take control of both.

“It’s not just about who wins the presidency but also the composition of the House and Senate,” said Peter Esho, founder of Esho Capital.

“If the Republicans sweep all three, that will open the door to significant fiscal changes, which is negative for bondholders and could spell higher yields until the dust settles.”

The election comes days before the Fed is due to make its latest policy decision, with investors expecting 25-basis-point reduction after a bumper 50-point cut at its last gathering.

The vote is of particular interest to China, where Beijing is this week meeting to hammer out an economic stimulus.

The concrete measures are expected to be announced Friday, allowing time for officials to digest the result and make allowances for either.

“We believe the US election results will have some impact on the size of Beijing’s stimulus package,” said Ting Lu, Nomura’s Chief China Economist, in a research note.

Both candidates in the race have pledged to get tougher on Beijing, with Trump promising tariffs of 60 percent on all Chinese goods coming into the country.

“We are expecting more details on the proposals to be passed,” said Heron Lim of Moody’s Analytics, including “how this extra funding would be allocated to address the near-term economic issues”.

Nomura economists expect lawmakers this week to approve around a trillion yuan ($140 billion) in extra budget — mostly for indebted local governments.

Observers also expect Beijing to approve a one-off one trillion yuan for banks, aimed at writing off non-performing loans over the past four years.

Markets rose across Asia, with Hong Kong and Shanghai among the best performers, while Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta were also well up.

Oil prices rose more than one percent after eight members of the OPEC+ group of producers said Sunday they would extend supply cuts until the end of next month.

They had been delaying output hikes on worries about slowing demand in China and the United States.

The commodity was also being supported by geopolitical tensions after Iran’s supreme leader Ayatollah Ali Khamenei warned at the weekend that Israel and the United States “will definitely receive a tooth-breaking response” to Israeli attacks on October 26.

That strike was in response to an October 1 barrage of about 200 missiles against its rival.

Key figures around 0230 GMT

Hong Kong – Hang Seng Index: UP 0.2 percent at 20,546.35

Shanghai – Composite: UP 0.3 percent at 3,282.42

Tokyo – Nikkei 225: Closed for a holiday

Euro/dollar: UP at $1.0888 from $1.0833 on Friday

Pound/dollar: UP at $1.2975 from $1.2917

Dollar/yen: DOWN at 151.79 yen from 153.01 yen

Euro/pound: UP at 83.92 from 83.86 pence

West Texas Intermediate: UP 1.5 percent at $70.50 per barrel

Brent North Sea Crude: UP 1.4 percent at $74.09 per barrel

New York – Dow: UP 0.7 percent at 42,052.19 (close)

London – FTSE 100: UP 0.8 percent at 8,177.15 (close)

Politics

Accord Party Crisis Deepens As Another Governorship Candidate Emerges For Osun Polls

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A faction of Accord Party has held its own governorship primary, where Mr. Clement Bamigbola emerged as the faction’s governorship candidate for the 2026 Osun State election.

This is coming just four days after the emergence of Governor Ademola Adeleke as the party’s flag-bearer.

Recall that the party under the leadership of Maxwell Mgbudem, on Wednesday, held a similar exercise which produced Governor Ademola Adeleke as the party’s candidate.

However, a faction of the party rejected his emergence, insisting that Barrister Maxwell Mgbudem is not the legally recognized national chairman of the Accord Party.

In a fresh development on Sunday, about 300 delegates of the Accord Party from across Osun State elected Bamigbola as the factional candidate during a primary held at Regina Suite, Osogbo.

Bamigbola emerged through a voice vote conducted by the delegates, after which the Chairman of the Primary Committee, Hon. Olufemi Ogundare, declared him the party’s candidate for the 2026 Osun State governorship election.

 

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Tinubu, ECOWAS leaders meet in Abuja over Benin coup, regional stability

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President Bola Tinubu and leaders of ECOWAS countries are currently meeting in Abuja.

The 68th Ordinary Session of the ECOWAS Authority of Heads of State and Government is taking place at the State House Conference Centre, in Abuja.

Leaders of West African countries at the meeting include President Julius Bio (Sierra Leone, ECOWAS Chair), President Patrice Talon (Benin), José Maria Neves (Cabo Verde) and Alassane Ouattara (Côte d’Ivoire).

Others are Adama Barrow (The Gambia), John Mahama (Ghana), Umaro Embaló (Guinea-Bissau), Joseph Boakai (Liberia), Bassirou Faye (Senegal) and Faure Gnassingbé (Togo).

The meeting is coming against the backdrop of five turbulent years for West Africa, which saw coups in Mali (2020, 2021), Burkina Faso (twice in 2022), and Niger (2023).

The latest incidents include an attempted coup in Benin on December 7, 2025, and renewed instability in Guinea-Bissau.

At the time of filing this report, details of the meeting are yet to be disclosed.

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Breaking: Diri Orders Autopsy on Bayelsa Deputy Governor’s Death, Warns Against Politicisation

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Bayelsa State Governor, Senator Douye Diri, has ordered an autopsy to determine the cause of death of the state’s Deputy Governor, Lawrence Ewhrudjakpo.

Governor Diri gave the directive on Saturday while receiving former President Goodluck Jonathan at the Government House in Yenagoa.

Ewhrudjakpo reportedly collapsed in his office on Thursday and was rushed to the Federal Medical Centre (FMC), Yenagoa, where he was pronounced dead on arrival.

Reacting to the incident, the governor condemned what he described as widespread misinformation and speculation on social media, warning against any attempt to politicise the deputy governor’s death.

“I want to make an appeal. I have seen people politicise his death. In Ijaw land, there is no enmity in death. Let nobody politicise the passing of our dearly beloved deputy governor,” Diri said.

“If anyone truly loves him, this is the time to show it. I have directed that an autopsy be carried out to reveal the cause of his death. There is a lot of nonsense going on on social media.”

The governor further urged the public to focus on mourning and honouring the late deputy governor, noting that the state government had declared three working days of mourning in his honour.

“If anyone is issuing statements to eulogise him, let it end there. Let us mourn him because Bayelsa State is in a mourning mood,” he added.

Governor Diri also called for unity and love among the people, reminding them of the inevitability of death.

Speaking during the condolence visit, former President Goodluck Jonathan described the late Ewhrudjakpo as a committed and dedicated individual who played a key role in the activities of his foundation.

“For me, he was someone my foundation and I will never forget. He represented the governor in all our programs,” Jonathan said, adding that Ewhrudjakpo worked tirelessly in that role, even more than when he served as deputy governor.

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