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Asian markets mixed as traders pause ahead of US inflation data



Asian Markets

Equities fluctuated Monday as traders took a breather after the past weeks’ healthy run as they absorbed weak Chinese data and reports that the United States planned to ramp up tariffs on clean energy products from the Asian country.

A sharp drop in US consumer confidence and a pick-up in inflation expectations also weighed on sentiment as eyes turn to the release later this week of the latest consumer price index (CPI).

The readings follow a recent rally across world markets fuelled by optimism that the Federal Reserve and other major central banks will soon cut interest rates.

The week was set to begin on a tepid note after figures showed a drop in a broad measure of credit in China that sparked worries of a further slackening in the world’s number two economy.

That came as the Wall Street Journal reported that the White House is looking at almost quadrupling tariffs on Chinese electric vehicles as part of a plan that will also target batteries and solar cells.

A decision, expected on Tuesday according to reports, would come as President Joe Biden gears up for a rematch with Donald Trump in November’s presidential election.

Last month, he urged for a tripling on tariffs for steel and aluminium as he courted blue-collar voters.

Still, analysts said the decision on EVs would not likely have much impact on China’s growth as the sector was not reliant on US buyers, while some said retaliatory actions were unlikely.

The news came after weekend figures showing China’s CPI rose more than expected in April, marking the third straight month of gains and providing some fresh hope for the economy.

In New York, the Dow and S&P 500 rose, even as a report showed consumer sentiment tumbled in April to its lowest level since November, while a survey of inflation expectations over the next year picked up.

Investors are now keeping a close eye on the US CPI, which is due Wednesday and will be pored over for an idea about the Fed’s plans. The reading comes after three straight months of forecast-beating readings that have seen a whittling away of rate cut expectations.

Meanwhile, Dallas Fed chief Lorie Logan warned she thought it too early to think about any reductions, while governor Michelle Bowman did not see so far foresee any this year.

“As long as the labour market remains tight, consumer resilience could continue to dampen hopes of inflation cooling off,” Subadra Rajappa, at Societe Generale in New York, said.

“A resumption of the disinflationary trend is imperative for the Fed to consider cutting this year.”

Discussion on the US rate outlook comes as expectations rise that the European Central Bank and Bank of England are planning to cut in the summer.

London, Paris, Frankfurt and Amsterdam all hit new heights, with shares also benefitting from strong first-quarter earnings.

However, Asian markets were mixed in early exchanges, with Shanghai, Sydney, Seoul, Wellington and Jakarta all down, while Hong Kong, Singapore, Taipei and Manila rose, with Tokyo flat.

– Key figures around 0230 GMT –

Tokyo – Nikkei 225: FLAT at 38,243.59 (break)

Hong Kong – Hang Seng Index: UP 0.6 percent at 19,084.04

Shanghai – Composite: DOWN 0.5 percent at 3,139.55

Dollar/yen: DOWN at 155.85 yen from 155.88 yen on Friday

Euro/dollar: DOWN at $1.0770 from $1.0772

Pound/dollar: DOWN at $1.2522 from $1.2525

Euro/pound: DOWN at 86.01 from 86.06 pence

West Texas Intermediate: DOWN 0.6 percent at $77.82 per barrel

Brent North Sea Crude: DOWN 0.6 percent at $82.32 per barrel

New York – Dow: UP 0.3 percent at 39,512.84 (close)

London – FTSE 100: UP 0.6 percent at 8,433.76 (close)

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Dhaka Bourse on a Losing Streak



dse index turnover bourse

Dhaka Stock Exchange DSE, Bourse on the fourth working day of the week, 29th May, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.

306 crore 67 lakh taka shares were traded on this day. 134 crore 4 lakh less tradings were done in DSE today compared to the previous workday, 28th May , Shares worth Tk 442 crores 72 lakh shares were traded last time, Tuesday

The benchmark DSEX lost 50.35 points or 5,228 The Shariah-based index DSES dropped 13.59 points or 1,138, and the blue-chip index DS30 decreased by 16.79 points or 1,869.

Of the issues traded, 64 advanced, 286 declined and 39 remained unchanged.

Global Heavy Chemicals Limited ranked top gainer on DSE, the share price increased by Tk 2.60 paisa or 10.00 percent. On this day, the share was last traded at Tk 28.60 paisa.

CVO Petrochemiacal Refinery PLC ranked top loser on the DSE, the share price dropped by Tk 4.00 paisa or 3 percent. On this day, the share was last traded at Tk 129.40 paisa.

DSE topped on trade is Alif Industries Limited 14 crore 01 lakh takas of company shares have been traded.

A total of 58 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 36 lakh 53 thousand 351 shares of the companies were traded. The financial value of which is 33 crore 48 lakh taka

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



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



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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