Asian traders endeavored to regain momentum in the recent rally on Thursday following a lukewarm performance on Wall Street. However, soaring achievements in Europe underscored optimism surrounding potential interest rate cuts by central banks.

London celebrated another milestone, reaching an all-time high ahead of an anticipated Bank of England meeting. Many anticipate that officials will signal their intention to commence the normalization of monetary policy in the summer.

This development follows Sweden’s central bank’s decision to lower borrowing costs for the first time in eight years, hinting at further reductions in the future.

The Riksbank’s move comes almost two months after the Swiss National Bank’s groundbreaking decision, making it the first major Western central bank to adjust its policies amidst a global tightening campaign aimed at combatting inflation driven by Covid recovery and the Ukraine conflict.

Traders, who had been anticipating rate cuts from the Federal Reserve, experienced a tumultuous journey this year. A series of inflation readings surpassing forecasts compelled them to revise down their expectations. Initially estimated at six, the consensus now stands at around two rate cuts by January 2024.

Several Federal Reserve policymakers have also attempted to moderate expectations. Boston Fed President Susan Collins, the latest to weigh in, suggested that rates might need to remain at their highest levels in two decades for a longer period to rein in prices. Her sentiments echoed those expressed by her Minneapolis counterpart, Neel Kashkari, the previous day.

Nevertheless, a slew of positive corporate results, reassuring remarks from Fed Chair Jerome Powell regarding the likelihood of a rate hike, and a significant shortfall in US jobs data last month have buoyed trader sentiment over the past week.

Analysts maintain a generally positive outlook on equities despite the absence of encouraging news on inflation. Mark Hackett of Nationwide noted, “As the Federal Reserve extends the timeline for interest rate cuts, historical data shows that longer Fed pauses often correlate with better equity returns. This should give investors reasons to be optimistic.”

Following London’s record-breaking performance and gains in Paris and Frankfurt, New York witnessed a mixed session, while Asian markets encountered challenges.

Hong Kong resumed its upward trajectory after a two-day decline following a ten-day winning streak, with Tokyo, Shanghai, and Manila also posting gains. However, Sydney, Singapore, Seoul, Wellington, and Taipei experienced marginal declines.

Oil prices saw a second consecutive increase as investors monitored efforts towards a ceasefire in the Middle East, notwithstanding Israel’s ongoing assault on Rafah in southern Gaza.

Dhaka Stock Exchange’s Managing Director, ATM Tariquzzaman, has been designated as a commissioner at the Bangladesh Securities and Exchange Commission (BSEC), the regulatory authority overseeing the capital market. The Financial Institutions Division (FID) of the Finance Ministry issued a notification confirming this appointment, alongside two other commissioners, including Dr. Shaikh Shamsuddin Ahmed from Dhaka University’s Finance Department, and Md Mohsin Chowdhury, formerly of the Bangladesh Karmachari Kallyan Board (BKKB).

The newly appointed commissioners, as per the gazette, will serve a four-year term upon joining the commission. This announcement comes as the current five-member commission’s tenure is set to conclude this month.

Notably, Dr. Rubana Islam, the current commissioner and the first female to hold the position at BSEC since May 2022, will continue her tenure with the new commission for another two years.

ATM Tariquzzaman’s transition from executive director at BSEC to commissioner underscores his significant role in regulatory affairs. His predecessor, Prof Swapan Kumar Bala, also formerly of DSE, had similarly served as a commissioner.

Dr. Shaikh Shamsuddin Ahmed, a seasoned academic and economist, previously served as a director at Janata Bank and held a senior position at the World Bank’s Dhaka office before his appointment to BSEC.

Md Mohsin Chowdhury, with a background in government service, notably as DG of BKKB, brings valuable experience to his new role as commissioner, effective June 2nd.

This reshuffling within BSEC’s leadership reflects the ongoing efforts to ensure effective governance and oversight within Bangladesh’s capital market regulatory framework.

One of the listed companies, Premier Bank PLC discloses its financial reports for the first quarter, (January – March 24).

The company’s Consolidated earnings per share (EPS) was Tk 0.64 paisa in Q1 of the current financial year (January – March 24). Consolidated EPS was Tk 0.59 (restated) 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 Consolidated net asset value (NAV) per share stood at Tk 22.71.