Record-breaking stocks take a breather, data weighs on dollar
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Wednesday
February 08, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
WEDNESDAY, FEBRUARY 08, 2023
Record-breaking stocks take a breather, data weighs on dollar

Global Economy

Reuters
21 August, 2020, 10:45 am
Last modified: 21 August, 2020, 10:46 am

Related News

  • Prompt export proceeds to get Tk0.50 more per dollar
  • Dollar climbs as central banks see inflation risks unwind
  • Oil climbs as dollar slumps, OPEC+ keeps output cut policy
  • Banks raise dollar price for export earnings
  • Remittance inflow increases 15% in January

Record-breaking stocks take a breather, data weighs on dollar

Overnight, clouds returned to the US labour market outlook, with weekly jobless claims back over a million to put the total number of Americans on unemployment benefits at 28 million

Reuters
21 August, 2020, 10:45 am
Last modified: 21 August, 2020, 10:46 am
George Washington is seen with printed medical mask on the one Dollar banknotes in this illustration taken, March 31, 2020. Photo:Reuters
George Washington is seen with printed medical mask on the one Dollar banknotes in this illustration taken, March 31, 2020. Photo:Reuters

Asia's stock markets bounced on Friday following Wall Street's lead, but were set for their softest week in about a month as investors grapple with tepid economic data and lofty valuations after a huge rally that has wiped out coronavirus losses.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6% on Friday, though it is it poised to snap a four-week winning streak with a small weekly loss.

Japan's Nikkei edged up 0.3% but was headed for a 1.5% weekly drop, while a bond market selloff has also moderated in recent days as caution and summer-time lassitude weighs on the mood after the S&P 500 touched another record intraday peak.

Another surge in tech stocks took the Nasdaq to a new all-time closing high. [.N]

"It's always going to be a little harder, once that's happened, to figure out where things are going," said ING's head of Asia research, Rob Carnell of the US stock market.

In the absence of a disaster, he said, upward drift is probably the most likely direction, though perhaps with less conviction than the exuberance that has driven world stocks up 50% from March troughs.

"The news is just too mixed at the moment rather than outright catastrophically, apocalyptically bad. And so (investors are) going to keep on cautiously adding and things will carry on going up - and it can go on a long time like that."

S&P 500 futures rose 0.2%, FTSE futures were steady and European futures were up 0.3%.

Overnight, clouds returned to the US labour market outlook, with weekly jobless claims back over a million to put the total number of Americans on unemployment benefits at 28 million.

The Philadelphia Federal Reserve's business index also missed expectations and together the weak readings pushed down nominal US yields and dragged on the dollar. Benchmark US 10-year debt yields were last steady at 0.6558%.

Investors are looking ahead to purchasing managers' index surveys across Europe, Britain and the United States - where steady, slightly positive, readings are expected - for the next broad gauge of the recovery's progress.

Japan's factory activity fell in August for a 16th month, a private business survey showed, casting doubt over manufacturers' hopes for a rapid recovery.

Dollar blues

In currency markets, the US dollar seems unable to shake downward pressure.

A bounce in the wake of the release of Federal Reserve minutes that fell short of dovish market expectations wore off fairly quickly and it looks headed for a ninth consecutive weekly loss against a basket of currencies. [FRX/]

Sterling reversed losses against the dollar overnight to sit at $1.3122 and the risk-sensitive Australian dollar again sojourned above $0.72. The euro was steady at $1.1864.

Currency traders are increasingly focused on an address next Thursday by Fed Chair Jerome Powell in case he reveals any details of an expected shift in policy emphasis - especially around inflation - that were absent in the minutes.

The Japanese yen inched up to 105.67 after an inflation miss supported real yields. The Thai baht is tracking for its worst week in a month as investors begin to fret about political unrest.

Elsewhere, and perhaps indicating the low bar for impressing traders, markets interpreted the lack of a US rebuff to a Chinese push for trade talks soon as a positive sign and the yuan hit a seven-month high of 6.8935. [CNY/]

In commodity markets, the prospect of production cuts had oil prices on track for a third straight weekly gain. Brent crude futures were last up 0.4% at $45.06 a barrel and US crude future rose 0.2% to $42.90 a barrel.

Gold was steady at $1,947.66 an ounce.

Top News

record breaking stocks / breather / Dollar

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: TBS
    RMG turns to India from China to get cheaper man-made yarn
  • Electric power transmission pylon miniatures and Adani Green Energy logo are seen in this illustration taken, December 9, 2022. REUTERS/Dado Ruvic/Illustration/Files
    Bangladesh seeks new terms for Adani coal electricity deal: Washington Post report
  • HSC, equivalent exams result 2020
    Girls performed better in HSC exam: PM Hasina

MOST VIEWED

  • RBI Governor Shaktikanta Das. Photo: Collected
    India cenbank hikes repo rate to 6.5%, real GDP growth at 6.4% for 2023-24
  • Sri Lanka's President Ranil Wickremesinghe arrives with commanders of three forces to attend the country's 75th Independence Day celebrations in Colombo, Sri Lanka February 4, 2023. REUTERS/Dinuka Liyanawatte
    Sri Lanka seen returning to growth by year-end, president says
  • Sacks of refined sugar at a store in New Delhi, India.Photographer: T. Narayan/Bloomberg
    The world is about to have more sugar than it needs. So why have prices surged?
  • A policeman walks past the Supreme Court building in Islamabad, Pakistan October 31, 2018. REUTERS/Faisal Mahmood/File Photo
    Pakistan supreme court orders taxpayers to deposit 50pc super tax in seven days
  • A wooden case holding US dollars bills on display at the Sara-e Shahzada exchange market in Kabul in October 2022.Source: Bloomberg
    Dollars smuggled from Pakistan provide lifeline for the Taliban
  • Photo: Collected
    Indonesia to review its palm oil export quota ratio -ministry

Related News

  • Prompt export proceeds to get Tk0.50 more per dollar
  • Dollar climbs as central banks see inflation risks unwind
  • Oil climbs as dollar slumps, OPEC+ keeps output cut policy
  • Banks raise dollar price for export earnings
  • Remittance inflow increases 15% in January

Features

Illustration: TBS

Planning to study abroad? Explore these four underrated scholarships

2h | Pursuit
Representational image. Photo: Collected.

The understated perks of journaling

1h | Pursuit
Photo: Reuters

A tragedy that will also shake up the region's geopolitics

15h | Panorama
Nimah designed by Compass Architects- Wooden tiles. Photo: Junaid Hasan Pranto

Trendy flooring designs to upgrade any space

1d | Habitat

More Videos from TBS

30% companies see double-digit growth even in hard times

30% companies see double-digit growth even in hard times

18h | TBS Insight
Challenging time waiting for RMG

Challenging time waiting for RMG

1d | TBS Round Table
"Full Moon Meditation" organized by Department of Theater and Performance Studies, University of Dhaka

"Full Moon Meditation" organized by Department of Theater and Performance Studies, University of Dhaka

1d | TBS Graduates
10 cricketers who have played over 400 T20 matches

10 cricketers who have played over 400 T20 matches

1d | TBS SPORTS

Most Read

1
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

2
Master plan for futuristic Chattogram city in the making
Districts

Master plan for futuristic Chattogram city in the making

3
Photo: Collected
Crime

Prime Distribution MD Mamun arrested in fraud case

4
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

5
Photo: Collected
Startups

ShopUp secures $30m debt financing to boost expansion, supply chain

6
ICB to withdraw Padma Bank investment as return eludes
Banking

ICB to withdraw Padma Bank investment as return eludes

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]