Taiwan’s stock market is expected to head south again on Thursday
(RTTNews) – The Taiwan stock market on Wednesday halted the two-day slide in which it had fallen more than 500 points or 3.7%. The Taiwan Stock Exchange is now just above the plateau of 14,320 points, although it should experience further consolidation on Thursday.
The overall forecast for Asian markets is negative due to concerns over the outlook for interest rates. European and American markets were down and Asian markets are expected to open similarly.
The TSE ended strong with gains across the board, especially among financials, technology stocks and cement companies.
For the day, the index jumped 374.06 points or 2.68% to end at 14,324.68 after trading between 14,194.94 and 14,403.51.
Among assets, Cathay Financial soared 3.88%, while Mega Financial climbed 4.19%, CTBC Financial gained 2.18%, Fubon Financial soared 5.20%, First Financial rose 3.27%, E. Sun Financial rose 2.26%, Taiwan Semiconductor Manufacturing Company jumped 4.67%. , United Microelectronics Corporation climbed 3.54%, Hon Hai Precision jumped 1.99%, MediaTek rose 3.26%, Largan Precision strengthened 1.36%, Catcher Technology improved 1.55%, Delta Electronics accelerated 3.68%, Asia Cement rose 1.14%, Taiwan Cement gained 1.95%, Formosa Plastic rose 0.35% and Nan Ya Plastics rose 2.31%.
Wall Street’s lead is weak as major averages opened lower on Wednesday, flirting with the unchanged line before finally ending with modest losses.
The Dow Jones fell 208.54 points or 0.67% to end at 30,772.79, while the NASDAQ fell 17.15 points or 0.15% to end at 11,247.58 and the S&P 500 fell 17.02 points or 0.45% to close at 3,801.78.
Wall Street’s early weakness came as a Labor Department report showing a bigger-than-expected rise in US consumer prices added to concerns about the outlook for interest rates.
The bigger-than-expected jump in inflation has bolstered expectations that the Federal Reserve will raise interest rates by 75 basis points later this month and raises the likelihood of another rate hike by 75 basis points. base in September.
Later that day, the Fed released its Beige Book, a compilation of anecdotal evidence on economic conditions in each of the Fed’s twelve districts, which noted that U.S. economic activity has grown at a modest pace since mid-May.
Crude oil prices shrugged off a surge in US inflation and climbed higher on Wednesday, rebounding smartly after suffering a steep loss in the previous session. West Texas Intermediate crude oil futures for August ended up $0.46 at $96.30 a barrel.
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