On Tuesday, the Taiwan stock market managed to break its four-day decline where it lost over 1,150 points, equivalent to a 4.3% drop. The Taiwan Stock Exchange now hovers just below the 22,800 mark, and there is potential for a slight rise on Wednesday.
The global outlook for Asian markets remains uncertain, influenced by mixed signals regarding interest rates. Both European and U.S. markets ended the day with little change, suggesting that Asian markets might follow suit.
The Taiwan Stock Exchange saw significant gains across all sectors on Tuesday, particularly in financials, technology stocks, and plastics companies.
The index surged 309.19 points, or 1.37%, concluding at its daily high of 22,797.52 after dipping to a low of 22,542.93 earlier in the day.
In active stocks, Cathay Financial saw an increase of 0.17%, Mega Financial rose by 1.17%, First Financial improved by 0.91%, and E Sun Financial jumped by 1.85%. Taiwan Semiconductor Manufacturing Company advanced 1.40%, United Microelectronics soared by 3.30%, Hon Hai Precision enhanced by 1.75%, and Largan Precision edged up by 0.19%. Other notable gains included Catcher Technology's 1.02% rise, MediaTek's 0.72% increase, Delta Electronics' 2.50% surge, Novatek Microelectronics' impressive 4.13% climb, while Formosa Plastics and Nan Ya Plastics surged by 8.04% and 6.10%, respectively. Meanwhile, Asia Cement added 1.01%, while CTBC Financial and Fubon Financial remained unchanged.
On Wall Street, the major indices provided little direction. They started higher on Tuesday but quickly leveled off, finishing in a mixed manner. The Dow Jones Industrial Average gained 221.16 points, or 0.52%, to conclude at 42,518.28. Conversely, the NASDAQ dropped by 43.71 points, or 0.23%, closing at 19,044.39, and the S&P 500 inched up 6.69 points, or 0.11%, ending at 5,842.91.
The initial boost in Wall Street's performance was attributed to a Labor Department report indicating that producer prices rose slightly less than predicted in December. This marginal increase provided some relief concerning inflation and interest rate expectations, although the higher annual growth tempered buying enthusiasm.
Investors showed caution, anticipating a more significant consumer price inflation report expected later today.
In other market news, oil prices retreated from five-month highs on Tuesday as attention shifted towards the potential impact of Donald Trump's proposed tariffs on imports. West Texas Intermediate Crude oil futures for February dropped by $1.32, or approximately 1.67%, settling at $77.50 per barrel.
The material has been provided by InstaForex Company -
www.instaforex.com
