Taiwan Stock Market Tipped To End Losing Streak

(RTTNews) - The Taiwan stock market has finished lower in back-to-back sessions, slumping more than 600 points or 3 percent in that span. The Taiwan Stock Exchange now sits just beneath the 18,800-point plateau although it's due for support on Wednesday.

The global forecast for the Asian markets is positive on optimism that the U.S. and China may scale back their tariff talk. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply lower on Tuesday following losses from the financial shares and technology stocks, while the plastics companies offered support.

For the day, the index plunged 312.77 points or 1.64 percent to finish at the daily low of 18,793.43 after peaking at 19,059.65.

Among the actives, Cathay Financial eased 0.16 percent, while First Financial retreated 1.20 percent, Fubon Financial tanked 215 percent, E Sun Financial declined 1.27 percent, Taiwan Semiconductor Manufacturing Company stumbled 2.28 percent, United Microelectronics Corporation jumped 1.49 percent, Hon Hai Precision plunged 3.30 percent, Largan Precision dropped 0.95 percent, Catcher Technology surrendered 2.34 percent, MediaTek crashed 3.35 percent, Delta Electronics shed 0.64 percent, Novatek Microelectronics plummeted 3.24 percent, Formosa Plastics perked 0.14 percent, Nan Ya Plastics rallied 1.33 percent, Asia Cement slumped 1.34 percent and Mega Financial and CTBC Financial were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher and improved as the day progressed, ending near session highs.

The Dow surged 1,016.57 points or 2.66 percent to finish at 39,186.98, while the NASDAQ rallied 429.52 points or 2.71 percent to close at 16,300.42 and the S&P 500 jumped 129.56 points or 2.51 percent to end at 5,287.76.

The rally on Wall Street came as traders looked to pick up stocks at reduced levels following the steep drop on Monday, amid lingering trade war concerns and President Donald Trump's continued attacks on Federal Reserve Chair Jerome Powell.

Further buying interest was generated in reaction to reports indicating Treasury Secretary Scott Bessent told a closed-door investor summit he expects the trade dispute between the U.S. and China to de-escalate.

The markets also benefitted from positive earnings news from the likes of 3M (MMM) and aircraft engine supplier GE Aerospace (GE), which both beat the street.

Crude oil moved sharply higher on Tuesday after the Treasury Department announced new sanctions against Iran. West Texas Intermediate crude for May delivery surged $1.23 or 2.0 percent to $64.31 a barrel.

Closer to home, Taiwan will provide March data for industrial production later today; in February, production was up 17.91 percent on year.