Thursday, August 16, 2018 | ePaper

Trump, N Korea move sees Wall Street slide

  • Print
AFP, New York :
A volatile day on Wall Street saw US stocks swing to a negative finish after US President Donald Trump canceled a planned June summit with North Korean leader Kim Jong Un.
The major indices rebounded off the day's lows but were still negative due to falling oil prices and persistent trade jitters after Trump late Wednesday announced a national security investigation into auto imports.
Trump called off the North Korea meeting, citing Pyongyang's purported "open hostility."
The Dow Jones Industrial Average fell 0.3 percent to close at 24,811.76 while the S&P gave up 0.2 percent to settle at 2,727.76.
The tech-heavy Nasdaq was essentially flat at 7,424.43.
"There are two cases on which the market is really focused. It's trade negotiations and the geopolitical situation with North Korea," Tom Cahill of Ventura Wealth Management told AFP.
"Donald Trump just backed down on both."
After suffering an initial shock, stocks recovered much of their losses.  But Cahill said each day's lot of worrisome trade headlines could have a cumulative effect on the market.
"These conflicts are not dramatic one by one," he said. "But their accumulation will eventually undermine business confidence and growth."
The word of the national security auto investigation, which could result in fresh tariffs on foreign-made cars and auto parts, sent US automakers higher.

More News For this Category

ADN Telecom gets IPO approval

Business Desk :Leading IT and telecoms company ADN Telecom has received the green light from the securities regulator to go public.ADN will raise Tk 570 million through the book

FBCCI leaders meet US congress member

Business Desk :Leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), led by its President M Shafiul Islam (Mohiuddin), held a meeting with Member of the

South Bangla Agriculture and Commerce (SBAC) Bank Ltd Managing Director Md Golam Faruque, EC Committee Chairman M Moazzem Hossain, Additional Managing Director Mostafa Jalal Uddin Ahmed and senior officials placing floral wreaths at the portrait of Bangabandhu Sheikh Mujibur Rahman on the occasion of National Mourning Day at the city's Dhanmondhi-32 on Wednesday.

South Bangla Agriculture and Commerce (SBAC) Bank Ltd Managing Director Md Golam Faruque, EC Committee Chairman M Moazzem Hossain, Additional Managing Director Mostafa Jalal Uddin Ahmed and senior officials placing floral wreaths at the portrait of Bangabandhu Sheikh Mujibur Rahman on the occasion of National Mourning Day at the city's Dhanmondhi-32 on Wednesday.

.

European stocks enjoy breather as Turkish lira rebounds

Business Desk :Turkish lira regained in Asia on Tuesday when European stocks rose although Indian rupee hit a record low.According to Reuters, European shares bounced back on Tuesday after

NRB Global Bank Limited Chairman Nizam Chowdhury, inaugurating its Auturar Depot Branch at Chittagong on Sunday. Managing Director Syed Habib Hasnat, Independent Director Mohammed Kutub Uddowllah, Director Hasan Mansur, Divisional heads of the Bank and local elites were also present.

NRB Global Bank Limited Chairman Nizam Chowdhury, inaugurating its Auturar Depot Branch at Chittagong on Sunday. Managing Director Syed Habib Hasnat, Independent Director Mohammed Kutub Uddowllah, Director Hasan Mansur, Divisional heads of the Bank and local elites were also present.

.

US finalizes $4.9b fine on RBS for financial crisis conduct

AFP, New York :Britain's Royal Bank of Scotland will pay $4.9 billion to settle charges it misled investors on mortgage-backed securities ahead of the financial crisis, the US Justice

GP adds new smartphones to its 4G ecosystem

Business Desk :Grameenphone, the number one mobile operator in the country, has added two new co-branded smartphones to its 4G ecosystem. The two smartphone, Symphony G100, and Micromax B5

No pressure in call money market ahead of Eid

Economic Reporter :Various initiatives have been taken from the government and non-government sides to tackle the severe liquidity crisis in the country's banks. But during the crisis, there is

Md. Ridwanul Hoque, Head of Retail Distributions of Midland Bank Limited and Mahbub-Ur-Rahman Shajib, Director (Operations) of Butterfly Marketing Limited (an importer, manufacturer and marketeer of wide range consumer electronics, home appliances and energy products), exchanging an agreement signing document at the Bank's head office in the city recently. Under the deal, Visa Credit Cardholders of the Bank will enjoy EMI facility up to 12 months at 0 percent interest while purchasing electronic goods from the company outlets in the country. Senior officials from both organizations were also present.

Md. Ridwanul Hoque, Head of Retail Distributions of Midland Bank Limited and Mahbub-Ur-Rahman Shajib, Director (Operations) of Butterfly Marketing Limited (an importer, manufacturer and marketeer of wide range consumer electronics, home appliances and energy products), exchanging an agreement signing document at the Bank's head office in the city recently. Under the deal, Visa Credit Cardholders of the Bank will enjoy EMI facility up to 12 months at 0 percent interest while purchasing electronic goods from the company outlets in the country. Senior officials from both organizations were also present.

.

National Bank Ltd and Z.H. Sikder Women's Medical College & Hospital, arranged special prayer and feeding of destitute people on the occasion of the 43rd death anniversary of Bangabandhu Sheikh Mujibur Rahman held at Sikder Medical College premises on Wednesday.

National Bank Ltd and Z.H. Sikder Women's Medical College & Hospital, arranged special prayer and feeding of destitute people on the occasion of the 43rd death anniversary of Bangabandhu Sheikh Mujibur Rahman held at Sikder Medical College premises on Wednesday.

.