Taiwan Stock Market Expected To Open Under Pressure

(RTTNews) - The Taiwan stock market on Tuesday halted the three-day winning streak in which it had advanced more than 280 points or 1.8 percent. The Taiwan Stock Exchange now sits just above the 16,450-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets suggests consolidation on rising concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The TSE finished modestly lower on Tuesday following losses from the financial shares and plastics stocks, while the technology companies were mixed.

For the day, the index shed 102.97 points or 0.62 percent to finish at 16,454.34 after trading between 16,453.80 and 16,571.66.

Among the actives, Cathay Financial declined 1.12 percent, while Mega Financial collected 0.13 percent, CTBC Financial retreated 1.22 percent, First Financial lost 0.56 percent, Fubon Financial fell 0.49 percent, E Sun Financial eased 0.21 percent, Taiwan Semiconductor Manufacturing Company sank 0.75 percent, United Microelectronics Corporation skidded 1.09 percent, Hon Hai Precision shed 0.48 percent, Largan Precision dipped 0.23 percent, MediaTek soared 3.62 percent, Delta Electronics and Taiwan Cement both rose 0.30 percent, Novatek Microelectronics improved 0.70 percent, Formosa Plastics dropped 0.63 percent, Nan Ya Plastics slumped 1.20 percent, Asia Cement slid 0.25 percent, China Steel tumbled 1.58 percent and Catcher Technology was unchanged.

The lead from Wall Street is broadly negative as the major averages opened lower on Tuesday and continued to sink as the day progressed, ending near session lows.

The Dow plunged 430.97 points or 1.29 percent to finish at 33,002.38, while the NASDAQ tumbled 248.31 points or 1.87 percent to close at 13,059.47 and the S&P 500 sank 58.94 points or 1.37 percent to end at 4,229.45.

The sell-off on Wall Street followed a report from the Labor Department unexpectedly showing a notable increase in U.S. job openings in August.

The data added to interest rate concerns amid worries strength in the labor market could convince the Federal Reserve to raise rates higher than had been anticipated and keep rates an elevated level for longer than expected.

The interest rate worries contributed to a continued surge by treasury yields, with the yield on the benchmark 10-year note jumping to its highest level in 16 years.

Oil futures settled higher on Tuesday on optimism that OPEC+ won't change its production policy at the committee's meeting later today. West Texas Intermediate Crude oil futures for November added $0.41 or 0.5 percent at $89.23 a barrel.