Singapore, May 2 (AP/UNB) — Asian stocks were mixed on Thursday after the U.S. Federal Reserve kept its benchmark interest rate intact and steered clear of suggesting that a cut was possible this year. Trading was light with markets in Japan and mainland China closed.
Hong Kong's Hang Seng rose 0.4% to 29,829.76 while Australia's S&P ASX 200 lost 0.6% to 6,340.20. The Kospi in South Korea was 0.3% higher at 2,209.33. Stocks rose in Taiwan but fell in Singapore and Indonesia.
On Wednesday, the Federal Reserve left its benchmark interest rate — which determines the cost of borrowing for individuals and businesses — in a range of 2.25% to 2.5% as expected.
Still, some traders had hoped the Fed would signal a rate cut to lift persistently low inflation to its 2% target rate. The Fed's preferred 12-month inflation barometer is running at about 1.5%.
Chairman Jerome Powell steered clear of this at a news conference. "The committee is comfortable with our current policy stance," he said.
Powell added that current inflation readings may be transitory and not fully indicative of real-world price increases.
"Equity markets were looking for so much more from the Fed and were shocked when Chair Powell said the Fed did not see a convincing case to move rates in either direction," Stephen Innes of SPI Asset Management said in a commentary.
Over on Wall Street, stocks closed lower after climbing earlier in the day on strong earnings reports.
The broad S&P 500 index retreated 0.8% to 2,923.73 on Wednesday. The Dow Jones Industrial Average dropped 0.6% to 26,430.14 and the Nasdaq composite fell 0.6% to 8,049.64. The Russell 2000 index of smaller company stocks shed 0.9% to 1,576.38.
ENERGY: Benchmark U.S. crude fell 14 cents to $63.46 per barrel in electronic trading on the New York Mercantile Exchange. It lost 31 cents to settle at $63.60 per barrel on Wednesday. Brent crude, the international standard, gave up 19 cents to $71.99 per barrel. It added 12 cents to close at $72.18 per barrel in the previous session.
CURRENCIES: The dollar rose to 111.54 Japanese yen from 111.38 yen late Wednesday. The euro strengthened to $1.1207 from $1.1198.
Bangkok, May 1 (AP/UNB) — Financial markets were mostly closed in Asia on Wednesday for holidays after Wall Street capped a wobbly trading session with meager gains.
Australia's S&P ASX 200 rose 0.8% on Wednesday after ANZ reported a 2% increase in its profit, kicking off the earnings season for the country's Big Four banks. New Zealand's benchmark fell 0.6%.
There was no word of specific progress in trade talks between the U.S. and China that were underway in Beijing. With most global markets closed, investors are focusing on a meeting of the U.S. Federal Reserve on Wednesday.
On Wall Street, a late spurt of buying helped the S&P 500 claim an all-time high for the third straight trading session after hovering below its previous high for most of the day.
Household goods makers, health care stocks, utilities and other sectors helped lift the market, narrowly offsetting a steep decline in communications companies.
Google's parent company, Alphabet, led the slide after the search giant reported a slowdown in revenue growth. Retailers and hospitality industry companies also fell.
The market's latest gyrations came as investors weighed the latest batch of corporate earnings reports.
"This is a market that's trying to find its way after advancing nearly 18% through last night on a year-to-date basis," said Lindsey Bell, investment strategist at CFRA. "While the numbers have been good, there still remains a cautious tone in the market."
The S&P 500 rose 0.1%, to 2,945.83, while Dow Jones Industrial Average added 0.1% to 26,592.91.
The Nasdaq, which is heavily weighted with technology companies, fell 0.8% to 8,095.39. The Russell 2000 index of smaller company stocks dropped 0.4% to 1,591.21.
Major indexes in Europe finished mostly higher.
Bond prices rose. The yield on the 10 year Treasury fell to 2.50% from 2.53% late Monday.
The U.S. stock market has been riding high this year after mounting a big comeback from a steep slump at the end of 2018. Investors have been feeling more optimistic this year as fears of a global economic recession eased and negotiations between the U.S. and China over their costly trade war appear to be making progress.
The Federal Reserve has done the most to allay the market's jitters this year by signaling that it may not raise interest rates at all in 2019 after seven increases the previous two years.
Traders will get to hear from the Fed again on Wednesday, when the central bank's policymakers issue another update on interest rate policy and their view on the U.S. economy.
ENERGY: Benchmark U.S. crude gave up 58 cents to $63.33 per barrel in electronic trading on the New York Mercantile Exchange. It rose 0.6% to settle at $63.91 per barrel on Tuesday. Brent crude, the international standard, lost 47 cents to $71.59 per barrel. It added 1.1% to close at $72.80 per barrel in the previous session.
CURRENCIES: The dollar rose to 111.49 Japanese yen from 111.42 yen late Tuesday. The euro strengthened to $1.1219 from $1.1215.
Dhaka, Apr 30 (UNB)- Vision Emporium, retail chain shop of electronics products, is going to introduce ‘Super-Hit offer’ on the occasion of cricket world cup.
The two and a half month long offer will start on May 3 and will continue until the world cup cricket ends.
Under the offer, a total of 300 customers will get free LED TV after purchasing the LED television from Vision Emporium. Besides, customers will get tk 1000 to 10,000 cash back in every purchase of any LED TV. This offer will be available at 165 outlets of Vision Emporium across the country.
RN Paul, Managing Director of RFL group, announced the offer through a program held at the group’s head office in capital’s Badda on Tuesday.
Addressing the program, RN Paul said, “Vision Emporium has got popularity for having wide ranges of electronics and home appliance products in its showroom.
Rahat Jahan Shamim, Chief Operating Officer at RFL Retail, said “Customers will be able to buy their desired model of television from tk 11,800 to 3,60,000. After purchasing the LED television, customers will get a scratch card for receiving the prize.”
Mahbubur Rahman, Head of Operation at RFL Electronics, Mehedee Hasan, Head of Marketing, Retail Chain of RFL Group and Mahmudul Hasan, Deputy Brand Manager of Vision Emporium, among others were present at the program.
Dhaka, Apr 30 (UNB)- The country’s electronics giant ‘Walton’ has declared a new offer - ‘Sadhooer Moddhe Srestho TV’ marking the upcoming ICC Cricket World Cup 2019, scheduled to held from May 30 to July 14 in England and Wales.
Under this offer, customers may get attractive cash back on the purchase of 24, 32, 39 and 43-inch LED and smart televisions of Walton from any plaza or distributors’ outlet across the country.
The matter was disclosed in a programme at the conference room of the company’s corporate office in the capital on Tuesday.
By registering the purchased televisions from any Walton Plaza or outlet all over the country, customers may get a chance of buying the local brand’s 24-inch LED TV at Tk 8,990 instead of its regular price of Tk 12,990; 32-inch LED TV at Tk 12,990 as against its regular price Tk 17,500 and the same size’s smart TV at 18,990 instead of the current price Tk 22,900.
The offer may allow the customers buying Walton’s 39-inch smart TV at Tk 19,990 as against the regular price Tk 33,900 as well as 43-inch smart TV at Tk 22,990 in lieu of its present price Tk 36,900.
Under this offer, the customers of Walton TVs will get different amounts of sure cash back. Customers will enjoy this offer from May 1 to the World Cup final match.
Dhaka, Apr 30 (UNB) – Private Industry and Investment Adviser to the Prime Minister and Member of the Parliament (MP) Salman F. Rahman, on Tuesday emphasized on preparation for Fourth Industrial Revolution in a programme at Hotel Westin Dhaka in the capital.
Salman F. Rahman came up with the observation at a business luncheon on Fourth Industrial Revolution - Preparation as the chief guest organised by Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) supported by BBS Cables Ltd, said a press release.
The adviser urged the business leaders to prepare themselves to face challenges of the fourth industrial revolution adding that “Challenges will be created as the upcoming fourth industrial revolution will be extremely tough.”
Amir Farid Abu Hasan said due to industrial automation in developed countries, currently new employment opportunities are being created, while the traditional professions were abolishing.
“Already, the negative impacts of automation have fallen on the ASEAN countries; as a result, a large number of people have become jobless.”, he said suggesting all involvement of researchers, innovators, policy-makers and citizens to be informed, adequately trained to ensure building a better future.
Syed Moazzam Hossain, President of BMCCI welcomed the guests and said that the new age is differentiated by the speed of technological breakthroughs, the pervasiveness of scope and the tremendous impact of new systems.
Salman also received a crest from BMCCI President Syed Moazzam Hossain for his achievements while Amir Farid Abu Hasan, Acting High Commissioner of High Commission of Malaysia, Raquib Mohammad Fakhrul, Vice President of BMCCI and Shabbir Ahmed Khan, Secretary General of BMCCI were present.
BMCCI members, presidents of leading Chambers and Associations, bankers, Government officials, business leaders, media personalities, and journalists took part in the Business Luncheon.