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Asian markets extend losses with Wall St as rate hopes dim

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Asian Markets

Asian markets fell Thursday, with traders tracking losses on Wall Street fuelled by concerns over rising Treasury yields and fading hopes for US interest rate cuts.

The losses in equities extended a more than week-long sell-off that came on the back of forecast-beating data and warnings from Federal Reserve officials that they were in no rush to lower borrowing costs.

A second straight day of weak demand in a Treasuries auction forced yields — a proxy for interest rates — to extend a recent advance.

Traders are now focusing on the release Friday of the crucial personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation, hoping for signs that prices are being brought under control enough to allow officials to ease monetary policy.

The central bank’s “Beige Book” survey of the world’s top economy suggested the outlook had become gloomier, with discretionary spending cooling and consumers more sensitive to costs in recent weeks.

It also said job gains were largely modest to negligible.

The report provided a little hope that the Fed’s tight policy stance was having some effect, though with inflation still stubbornly well above its two percent target, rate-cut hopes remain dimmed.

Still, Cantor Fitzgerald’s Eric Johnston said the latest spike in Treasury yields might not be entirely down to sticky prices.

“Bond yields may be moving higher mainly due to supply of bonds and the continued massive deficit — and not because of a concern around inflation or strong economy,” he said.

All three main indexes retreated in New York, with the Dow off more than one percent.

And Asia again followed the US lead.

Tokyo gave up more than one percent, while there were also losses in Hong Kong, Shanghai, Singapore, Seoul, Wellington, Taipei, Manila and Jakarta.

Sydney was in the red, with mining giant BHP giving back around 1.5 percent after giving up on its proposed $49-billion takeover of British rival Anglo American, which would have been one of the biggest in the industry and created a copper titan.

Hopes for a softening of the Fed’s monetary policy have been weighed by comments from a succession of decision-makers saying they wanted to see more data convincing them that inflation was on its way back to two percent.

The latest was Atlanta Fed chief Raphael Bostic, who saw a cut potentially coming at the end of the year, though many of the indicators he closely watched were moving in the right direction.

“My outlook is that if things go according to what I expect — inflation goes slowly, the labour market slowly and orderly moves back into a sort of a weaker stance, but a stable-growth stance,” he told a conference.

“I’m looking at the end of the year, the fourth quarter, as the time where we might actually think about and be prepared to reduce rates.”
– Key figures around 0230 GMT –

Tokyo – Nikkei 225: DOWN 1.5 percent at 37,974.47 (break)

Hong Kong – Hang Seng Index: DOWN 0.7 percent at 18,353.13

Shanghai – Composite: DOWN 0.1 percent at 3,108.62

Dollar/yen: DOWN at 157.36 from 157.70 yen on Wednesday

Euro/dollar: DOWN at $1.0797 from $1.0804

Pound/dollar: DOWN at $1.2694 from $1.2702

Euro/pound: UP at 85.07 from 85.03 pence

West Texas Intermediate: FLAT at $79.24 per barrel

Brent North Sea Crude: UP 0.1 percent at $83.68 per barrel

New York – Dow: DOWN 1.1 percent at 38,441.54 (close)

London – FTSE 100: DOWN 0.9 percent at 8,183.70 (close)

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Bullish Market Skyrockets

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dse bourse indices turnover

Dhaka Stock Market DSE, Bourse on the last working day of the week, 25th July, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.

497 crore 34 lakh taka shares were traded on this day. 337 crore 97 lakh more tradings were done in DSE today compared to the previous workday, July 24th, Shares worth Tk 159 crores 37 lakh shares were traded last time, Wednesday.

The benchmark DSEX increased 62.81 points or 5,413 The Shariah-based index DSES added 13.81 points or 1,183 and the blue-chip index DS30 gained by 24.25 points or 1,932.

Of the issues traded, 286 advanced, 66 declined and 40 remained unchanged.

Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 3.80 paisa or 9.87 percent. On this day, the share was last traded at Tk 42.30 paisa.

Rangpur Foundry Limited ranked top loser on the DSE, the share price dropped by Tk 5.40 paisa or 2.98 percent. On this day, the share was last traded at Tk 175.70 paisa.

DSE topped on trade is Square Pharmaceuticals PLC 35 crore 9 lakh takas of company shares have been traded.

A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 82 lakh 94 thousand 29 shares of the companies were traded. The financial value of which is 21 crore 92 lakh taka

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Eastland Insurance releases Q2 Financials

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Eastland Insurance r

One of the listed companies, Eastland Insurance Company Limited discloses its financial reports for the second quarter, (April – June 24).

The company’s earnings per share (EPS) Tk 0.27 paisa in Q2 of the current financial year (April – June 24). EPS was Tk. 0.41 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS  was Tk 0.80 paisa during the same period last year. NAV per share was Tk. 20.85  as of June 30, 2024.

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Shahjalal Islami Bank reveals unchanged Q2 Financials

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One of the listed companies, Shahjalal Islami Bank PLC discloses its financial reports for the second quarter, (April – June 24).

The company’s Consolidated earnings per share (EPS) Tk 1.50 paisa in Q2 of the current financial year (April – June 24). Consolidated EPS was Tk. 1.50 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS  was Tk 0.80 paisa during the same period last year. Consolidated NAV per share was Tk. 20.85 as of June 30, 2024.

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