Renewed Support Anticipated For Taiwan Stock Market

RTTNews | 958 days ago
Renewed Support Anticipated For Taiwan Stock Market

(RTTNews) - The Taiwan stock market headed south again on Monday, one session after snapping the four-day losing streak in which it had retreated more than 1,080 points or 7.5 percent. The Taiwan Stock Exchange now rests just beneath the 12,970-point plateau although it's likely to bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on bargain hunting after several days of volatility and heavy selling, while stability in the bond markets adds to the positive sentiment. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The TSE finished sharply lower on Monday following losses from the technology and cement stocks, while the financials were mixed and the plastics offered support.

For the day, the index retreated 162.07 points or 1.23 percent to finish at 12,966.05 after trading between 12,814.82 and 12,988.83.

Among the actives, Mega Financial shed 0.51 percent, while Fubon Financial collected 0.52 percent, First Financial declined 1.84 percent, E Sun Financial surrendered 1.91 percent, Taiwan Semiconductor Manufacturing Company tanked 3.64 percent, United Microelectronics Corporation tumbled 2.45 percent, Catcher Technology dropped 0.87 percent, MediaTek retreated 1.20 percent, Delta Electronics advanced 0.94 percent, Formosa Plastics improved 0.88 percent, Nan Ya Plastics added 0.47 percent, Asia Cement skidded 1.17 percent, Taiwan Cement slumped 2.16 percent and Hon Hai Precision, Largan Precision, Cathay Financial and CTBC Financial were unchanged.

The lead from Wall Street is broadly positive as the major averages opened sharply higher on Monday and stayed that way throughout the session.

The Dow surged 550.99 points or 1.86 percent to finish at 30,185.82, while the NASDAQ soared 354.41 points or 3.43 percent to end at 10.675.80 and the S&P 500 jumped 94.88 points or 2.65 percent to close at 3,677.95.

An early pullback by treasury yields fueled the buying interest, although yields regained ground over the course of the session. The markets also benefitted from strong earnings news from financial giant Bank of America (BAC).

The strength also followed news that the U.K. government is reversing course on previously announced fiscal plans that contributed to turmoil in the global bond markets.

In economic news, the Federal Reserve Bank of New York reported that regional manufacturing activity contracted more than expected in October.

Crude oil futures slumped on Monday, extending losses from the previous session as worries about a recession weighed on the outlook for energy demand and pushed down oil prices. West Texas Intermediate Crude oil futures for November eased $0.15 or 0.2 percent at $85.46 a barrel.

read more
UK Manufacturing Sector Shrinks Sharply

UK Manufacturing Sector Shrinks Sharply

The UK factory sector shrank further in May as the weak global demand, trade tensions and rising cost burdens weighed on production and new orders, the purchasing managers' survey results from S&P Global showed on Monday. The final manufacturing PMI rose to a three-month high of 46.4 in May from 45.4 in April. The reading was also above the flash estimate of 45.1.
RTTNews | 35 minutes ago
Eurozone Manufacturing Activity Contraction Slows

Eurozone Manufacturing Activity Contraction Slows

Euro area factory activity fell at the slowest pace in more than two years in May, signaling a gradual progress towards recovery, final results of the purchasing managers' survey from S&P Global showed on Monday. The HCOB final manufacturing Purchasing Managers' Index rose to 49.4 in May, in line with the flash estimate, from 49.0 in April.
RTTNews | 51 minutes ago
UK Mortgage Approvals Fall Unexpectedly; House Prices Rise

UK Mortgage Approvals Fall Unexpectedly; House Prices Rise

UK mortgage approvals declined unexpectedly to the lowest level in more than a year in April as stamp duty holiday ended in March, data from the Bank of England revealed Monday. Elsewhere, data from the mortgage lender Nationwide Building Society showed that house prices rebounded unexpectedly in May suggesting momentum in underlying demand. Approvals for home loans rose to 60,463 in May.
RTTNews | 2h 5min ago
Bay Street May Open Higher On Firm Commodity Prices

Bay Street May Open Higher On Firm Commodity Prices

Canadian shares may open higher on Monday as firm crude oil and bullion prices are expected to trigger some strong buying in energy and materials sectors. Worries about trade tensions may hurt a bit and limit market's upside.
RTTNews | 2h 39min ago
FTSE Up Slightly As Stocks Turn In Mixed Performance

FTSE Up Slightly As Stocks Turn In Mixed Performance

U.K. stocks are turning in a mixed performance in cautious trade on Monday, amid concerns about the Trump administration's tariff stance. The Sino-U.S. trade tensions, with the two nations accusing each other of violating trade agreement, and U.S. President Donald Trump's remarks that the tariffs on steel and aluminum will be doubled to 50%, are weighing sentiment.
RTTNews | 3h 29min ago
U.S. Dollar Falls On Re-escalating US-China Trade Tensions

U.S. Dollar Falls On Re-escalating US-China Trade Tensions

The U.S. dollar weakened against other major currencies in the European session on Monday, as U.S. President Donald Trump's decision to double tariffs on steel and aluminum imports along with rising Sino-U.S. tensions threatened to rekindle global trade tensions.
RTTNews | 4h 5min ago
Swiss GDP Growth Accelerates In Q1

Swiss GDP Growth Accelerates In Q1

Switzerland's economic growth accelerated in the first quarter on a notable rebound in exports to the US ahead of the increase in trade tariffs, official data revealed on Monday. Gross domestic product expanded by adjusted 0.8 percent sequentially after rising 0.6 percent in the fourth quarter of 2024, the State Secretariat for Economic Affairs, or SECO, reported.
RTTNews | 4h 21min ago