Tokyo stocks open lower on interest rate worries

Rtv news

11 Apr 2022, 12:27

Photo: Collected

Tokyo stocks opened lower Monday as unease lingered over tightening monetary policy by the United States and investors awaited earnings reports by retailers due this week.

Follow Rtv Online English on Google news

The benchmark Nikkei 225 index was down 0.49 percent, or 133.40 points, at 26,852.40 in early trade, while the broader Topix index slipped 0.21 percent,
or 3.95 points, to 1,892.84.

"Focus this week is on the US and Chinese consumer price indexes for March," among other data, to glean clues on the Federal Reserve's monetary policy and that of other central banks, said Takashi Hiroki, chief strategist of Monex.

The Fed has recently taken a hawkish tone as it embarks on an aggressive tightening path, prompting traders to fret over the prospect of higher interest rates.

Investors in Tokyo are also paying attention to earnings reports by retailers, including convenience store chain Lawson, Muji casualwear operator Ryohin Keikaku, and Uniqlo operator Fast Retailing, Hiroki said.

The dollar fetched 124.89 yen in early Asian trade against 124.30 yen in New York late Friday.

In Tokyo, Lawson was down 0.88 percent at 4,470 yen ahead of its full-year to February earnings report due later in the day.

Takeda Pharmaceutical was up 0.43 percent at 3,711 yen after a report said it will halt new drug trials in Russia.

Among others, SoftBank Group was down 1.44 percent at 5,601 yen and Hitachi was off 0.91 percent at 5,853 yen, but Toyota was up 0.76 percent at 2,111 yen.

Source: AFP/BSS

Comments

Most Viewed News Of Economy

Bribery, corruption main barriers to promote business in Bangladesh: US report

The '2024 National Trade Estimate Report on Foreign Trade Barriers' published on March 29 identified barriers to government procurement, intellectual property protection, digital trade, investment and labour rights in Bangladesh. According to the NTE report published by United States Trade Representative Catherine Tai, the United States faces several obstacles in doing business with Bangladesh. Bangladesh faces obstacles in the export of goods and services, foreign direct investment and e-commerce. NTE reports have been published regularly since 1985. This year's NTE report highlights significant foreign trade barriers in 59 markets. According to the report, corruption is a widespread and chronic problem in Bangladesh. And the implementation of anti-corruption laws is not enough. It also said that bribery and extortion are common in commercial transactions despite bribery transactions and gifts being illegal. US companies have also complained that they are forced to pay bribes to get licenses. The report also mentions that the government has tried to weaken the anti-corruption rules in procurement. According to the report, US companies have complained that it takes a long time to get licenses and tenders approved because government officials in Bangladesh demand bribes.

Export earnings rise 10% in March

The export of goods valued at $5.10 billion in March this year. Export earnings increased by about 10 percent. This information was revealed in the updated report of the Export Promotion Bureau (EPB) released on Tuesday (April 2). However, The earnings from exported goods fell short of the export target form the last month by 0.88 percent. In the first nine months (July-March) of the current fiscal year, overall exports worth $43.55 billion, which is 4.39 percent higher than the same period of the previous year, according to the EPB data. Meanwhile, export earnings in readymade garments, agriculture and plastic sectors have increased. In the nine months of the fiscal year, export earnings in the readymade garment sector increased by about 5.5 percent.

LPG price cut by Tk 40 for 12 kg cylinder

Bangladesh Energy Regulatory Commission (BERC) has reduced the price of a 12-kg cylinder of liquefied petroleum gas (LPG) by Tk 40 at the retailer level. The newly fixed price of LPG is Taka 1,442, which was Taka 1,482. BERC Chairman Nurul Amin announced the new price at a press conference on Wednesday (April 3) noon. The new prices will be effective from 6 pm. Meanwhile, On March 3, the price of LPG was increased at the consumer level for the eighth consecutive month. Earlier On February 4, the BERC raised the price of a 12-kg cylinder by Tk 41 to Tk 1,474.

BASIC Bank to merge with City Bank

This time, BASIC Bank will merge with City Bank. This decision was taken in a meeting held at Bangladesh Bank on Monday. The decision was taken at a meeting held at Bangladesh Bank on Monday (April 8). The meeting was held between Bangladesh Bank Governor Abdur Rauf Talukdar and City Bank Chairman Aziz Al Kaiser along with Managing Director (MD) Mashrur Arefin. Earlier on March 19, City Bank's board was advised to merge BASIC Bank. Then the matter was discussed between the boards of City and BASIC Bank. According to some sources, even if the two banks are merged, they will report separate financials for the next three years.

Gold prices hit a record high

Gold prices creating records one after another in the world market. The price of this precious metal is constantly increasing. For the first time in history, gold prices rose above $2,400 per ounce to an all-time high on Friday ( April 12). Earlier, on April 5, gold prices crossed $ 2,300 an ounce for the first time in the world market. Just seven days later, on Friday, the price exceeded $ 2,400. Which is the highest in the world market. Experts had expected the price of gold to exceed $ 2,300 per ounce this year. It has already exceeded. The price of gold will increase further. Economist Mahfuz Kabir said that the price of gold is increasing in the world market mainly due to the Federal Reserve's indication of reducing interest rates and geopolitical tensions. When interest rates fall, people choose gold as a medium of investment. As a result, the price surges. Gold is now being sold at the highest price in the world market. This price may increase further.

Bottled Soybean oil prices raised by Tk 4 per litre

The price of bottled soybean oil has been hiked by Tk 4 on the other hand the price of loose soybean oil reduced by Tk 2 per litre. State Minister for Commerce Ahasanul Islam said this at a press briefing at the secretariat on Thursday (April 18). According to the new decision, price of bottled soybean oil hiked to Tk 167 from Tk 163 per litre. The State Minister said that the price of loose soybean oil has been reduced to Tk 147 from Tk 149 per liter. However, the price of bottled soybean oil has been increased from Tk 163. This price will be effective from tomorrow. Earlier, on Monday Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers proposed the government to raise the price of soybean oil by Tk 10 to Tk 173 per liter.

Tokyo stocks open lower on interest rate worries

Bribery, corruption main barriers to promote business in Bangladesh: US report

Export earnings rise 10% in March

LPG price cut by Tk 40 for 12 kg cylinder

BASIC Bank to merge with City Bank

Gold prices hit a record high

Bottled Soybean oil prices raised by Tk 4 per litre

Fire engulfs Copenhagen's historic stock exchange building

Nation set to celebrate Pahela Baishakh on Sunday

World's oldest gorilla celebrates 67th birthday in Berlin

Saudi Arabia to celebrate Eid on Wednesday