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Asian Markets Gain as Investors Bet on Fed Rate Cut Amid Job Figures

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Asian Markets

Most Asian markets climbed on Monday following data indicating fewer US jobs were created last month, renewing optimism that interest rates may be cut this year. Mainland Chinese equities also bounced on hopes for fresh government economic support.

A tech rally propelled the Nasdaq, leading Wall Street up after Friday’s non-farm payrolls figures. The data helped allay concerns that high inflation figures earlier in the year would keep borrowing costs at elevated levels.

April’s NFP report revealed 175,000 new jobs, significantly lower than the previous month and falling short of expectations. Wage growth was also slightly lower than forecast.

While the figures indicated a slowdown in the world’s second-largest economy, they did not raise fears of an impending recession.

The news increased bets on the Fed cutting rates in September, with investors revising their outlook. However, the anticipated rate cuts remain below the six initially envisaged at the start of the year.

“The softer wage growth and a slight increase in unemployment may ease some of the Federal Reserve’s concerns about implementing rate cuts this summer,” said Stephen Innes at SPI Asset Management.

Wall Street’s gains on Friday, along with another record for London, provided Asian investors with a positive lead, prompting most markets to follow suit.

Shanghai stood out as mainland investors returned from a long break, catching up with the global rally of the past few days. Traders also welcomed reports of potential measures to support China’s property sector and provide fresh support to the economy.

Market sentiment appeared to be incrementally improving, with factors such as improving traveler figures, market reforms, and strong corporate releases cited by Nicholas Yeo of abrdn.

Hong Kong extended recent gains into a tenth successive trading day, while Sydney, Singapore, Taipei, and Manila also posted gains. Wellington and Jakarta experienced slight declines.

The dollar strengthened against the yen, recovering some of the losses it incurred Friday following the US jobs report. The Japanese unit had a volatile week, hitting its weakest level in 34 years, prompting reported intervention in forex markets by authorities on Monday and Wednesday.

– Key figures around 0300 GMT –

Hong Kong – Hang Seng Index: UP 0.2 percent at 18,505.51

Shanghai – Composite: UP 1.0 percent at 3,135.57

Tokyo – Nikkei 225: Closed for a holiday

Dollar/yen: UP at 153.75 yen from 152.99 yen on Friday

Euro/dollar: DOWN at $1.0765 from $1.0767

Pound/dollar: UP at $1.2549 from $1.2546

Euro/pound: UP at 85.79 from 85.78 pence

West Texas Intermediate: UP 0.4 percent at $78.38 per barrel

Brent North Sea Crude: UP 0.3 percent at $83.19 per barrel

New York – Dow: UP 1.2 percent at 38,675.68 (close)

London – FTSE 100: UP 0.5 percent at 8,213.49 (close)

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PM Sheikh Hasina Hails Bangladesh as a Role Model for Global Peace

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Sheikh Hasina

Prime Minister Sheikh Hasina declared today that Bangladesh has become a role model in global peacekeeping, urging for the cessation of ongoing wars and advocating for dialogue to resolve conflicts, redirecting funds from arms races to human welfare.

“Bangladesh is a dependable name in the efforts of protecting peace and safety alongside establishing global peace. We are acknowledged by all and have become a role model on the global stage,” she stated.

The Prime Minister made these remarks while addressing an event at the Bangabandhu International Conference Centre (BICC) marking the International Day of UN Peacekeepers 2024.

She noted that 6,092 Bangladeshi peacekeepers, including 493 women, are serving with distinction in 13 UN peacekeeping missions.

“Our peacekeepers are working with fame and glory,” she said, adding that heads of state and government where Bangladeshi peacekeepers are deployed have highly praised their efforts.

“I feel really proud hearing the appreciation,” she continued.

Sheikh Hasina emphasized that Bangladesh follows the ideals of Father of the Nation Bangabandhu Sheikh Mujibur Rahman in its pursuit of global peace.

“We are actively participating in other international forums alongside the UN peacekeeping missions to establish global peace,” she said.

She recalled that Bangladesh’s “Culture of Peace” proposal was unanimously adopted by the UN in 1999, leading to the declaration of the year 2000 as the “International Year of the Culture of Peace.”

The Prime Minister highlighted Bangabandhu’s role as an envoy of peace and a voice for the oppressed, which earned him the “Joliot Curie Peace Medal” on May 23, 1973.

Sheikh Hasina commended Bangladeshi peacekeepers for their dedication to protecting civilians, human rights, and establishing peace globally, noting that they have shared Bangladeshi culture and language with the communities they serve.

“The people of those countries have given you untold love and affection,” she said.

“Overall, our professionalism, efficiency, and commitment in establishing global peace have set an example for others,” she continued, urging peacekeepers to continue their efforts to enhance Bangladesh’s reputation further.

She paid tribute to the 168 Bangladeshi peacekeepers who lost their lives and the 266 who were severely injured in the line of duty.

Chief of Army Staff General S M Shafiuddin Ahmed, Senior Foreign Secretary Masud Bin Momen, and United Nations Resident Coordinator Gwyn Lewis also spoke at the event. The program began with a minute of silence to honor the fallen peacekeepers.

A video documentary showcasing the achievements of Bangladeshi peacekeepers in UN missions was screened, and the Prime Minister handed out awards to three injured peacekeepers.

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Takaful Insurance reveals their Dividends, Q1 Financials

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Insurance takaful

One of the Listed companies, Takaful Islami Insurance Co. Limited has recommended 10% Cash Dividend for the year ended December 31, 2023.

In terms of financial performance, The Company has also reported EPS  of Tk. 1.47 for the year ended December 31, 2023. NAV per share of Tk. 19.18.

The Annual General Meeting (AGM) of the company will be held on August 10, through the digital platform. The record date for this has been fixed at June 27.

Q1 Financials: The company’s earnings per share (EPS) was Tk 0.38 paisa in Q1 of the current financial year (January – March 24). EPS was Tk 0.37 paisa during the same period last year. As of March 31, 2024, at the end of the first quarter of the fiscal year, the company’s net asset value (NAV) per share stood at Tk 19.26.

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DSE Dips Again

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dse bourse index turnover stock

Dhaka Stock Exchange DSE, Bourse on the third working day of the week, 28th May, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.

442 crore 72 lakh taka shares were traded on this day. 65 crore 39 lakh less tradings were done in DSE today compared to the previous workday, 27th May , Shares worth Tk 506 crores 12 lakh shares were traded last time, Monday

The benchmark DSEX lost 31.63 points or 5,278 The Shariah-based index DSES dropped 7.63 points or 1,152, and the blue-chip index DS30 decreased by 13.92 points or 1,886.

Of the issues traded, 92 advanced, 265 declined and 37 remained unchanged.

Global Heavy Chemicals Limited ranked top gainer on DSE, the share price increased by Tk 2.30 paisa or 9.70 percent. On this day, the share was last traded at Tk 26.00 paisa.

National Life Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 3.20 paisa or 3 percent. On this day, the share was last traded at Tk 103.60 paisa.

DSE topped on trade is IFIC Bank PLC 21 crore 39 lakh takas of company shares have been traded.

A total of 38 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 2 crore 9 lakh 42 thousand 4 shares of the companies were traded. The financial value of which is 41 crore 34 lakh taka

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