Taiwan Bourse Tipped To Open Under Water On Friday

(RTTNews) - The Taiwan stock market on Thursday ended the two-day slide in which it had dropped more than 870 points or 3.3 percent. The Taiwan Stock Exchange now sits just above the 27,420-point plateau and it may extend its losses on Friday.

The global forecast for the Asian markets is soft on a declining outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The TSE finished sharply higher on Thursday following gains from the technology stocks, financial shares and plastics companies.

For the day, the index rallied 846.24 points or 3.18 percent to finish at 27,426.36 after trading between 27,183.03 and 27,493.63.

Among the actives, Cathay Financial dipped 0.17 percent, while Mega Financial jumped 1.80 percent, First Financial collected 1.62 percent, Fubon Financial strengthened 1.36 percent, E Sun Financial added 0.67 percent, Taiwan Semiconductor Manufacturing Company accelerated 4.30 percent, United Microelectronics Corporation gained 0.68 percent, Hon Hai Precision spiked 3.28 percent, Largan Precision rallied 3.37 percent, Catcher Technology expanded 1.69 percent, MediaTek vaulted 2.16 percent, Delta Electronics surged 6.71 percent, Novatek Microelectronics rose 0.26 percent, Formosa Plastics soared 3.12 percent, Nan Ya Plastics skyrocketed 5.20 percent, Asia Cement was up 0.27 percent and CTBC Financial was unchanged.

The lead from Wall Street is negative as the major averages were unable to hold early gains on Thursday and finished deeply under water.

The Dow stumbled 386.51 points or 0.84 percent to finish at 45,752.26, while the NASDAQ plummeted 486.18 points or 2.15 percent to close at 22,078.05 and the S&P 500 dropped 103.40 points or 1.56 percent to end at 6,538.76.

The early rally on Wall Street was a positive reaction to highly anticipated earnings news from market leader and AI darling Nvidia (NVDA), which reported better than expected third quarter results and providing upbeat guidance - although the stock tumbled later in the day.

The subsequent downturn by the broader markets reflected concerns about the outlook for interest rates after the release of the Labor Department's long-delayed jobs report for September. While the report showed an unexpected uptick by the unemployment rate, job growth in September far exceeded economist estimates.

The mixed data further eroded confidence that the Federal Reserve will lower interest rates by another quarter point in December. While CME Group's FedWatch Tool indicates the chances of a rate cut next month have risen to 39.8 percent from 30.1 percent on Wednesday, that figure is down sharply from 98.8 percent a month ago.

Crude oil prices edged lower on Thursday as investors assessed reports of renewed efforts to end the Russia-Ukraine war ahead of the U.S. deadline. West Texas Intermediate crude for December delivery was down $0.27 or 0.44 percent at $59.18 per barrel.