Win Streak May Continue For Taiwan Stock Market

(RTTNews) - The Taiwan stock market has moved higher in consecutive trading days, gathering almost 480 points or 1.8 percent along the way. The Taiwan Stock Exchange now sits just above the 26,900-point plateau and it's expected to open in the green again on Wednesday.

The global forecast for the Asian markets is positive on an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The TSE finished sharply higher on Tuesday following gains from the technology stocks.

For the day, the index spiked 407.93 points or 1.54 percent to finish at 26,912.17 after trading between 26,793.71 and 27,118.02.

Among the actives, Cathay Financial dipped 0.17 percent, while Mega Financial tumbled 1.98 percent, First Financial retreated 1.57 percent, Fubon Financial collected 0.98 percent, E Sun Financial tanked 2.27 percent, Taiwan Semiconductor Manufacturing Company spiked 2.91 percent, United Microelectronics Corporation stumbled 3.11 percent, Hon Hai Precision shed 0.45 percent, Largan Precision climbed 1.17 percent, MediaTek rallied 3.04 percent, Delta Electronics jumped 1.90 percent, Novatek Microelectronics advanced 0.90 percent, Formosa Plastics plunged 3.95 percent, Nan Ya Plastics plummeted 4.38 percent, Asia Cement slumped 1.30 percent and CTBC Financial and Catcher Technology were unchanged.

The lead from Wall Street is upbeat as the major averages opened mixed on Tuesday but then trended to the upside throughout the session, ending near daily highs.

The Dow surged 664.18 points or 1.43 percent to finish at 47,112.45, while the NASDAQ added 153.59 points or 0.67 percent to end at 23,025.59 and the S&P 500 climbed 60.76 points or 0.91 percent to close at 6,765.88.

The strength that emerged on Wall Street reflected renewed optimism about the outlook for interest rates following recent dovish comments from Federal Reserve officials as well as the latest U.S. economic data.

The Commerce Department said retail sales in the U.S. increased less than expected in September, while the Conference Board also released a report showing a substantial deterioration by U.S. consumer confidence in November.

Payroll processor ADP released a report showing U.S. private sector employers shed an average of 13,500 jobs per week in the four weeks ending November 8th compared to an average loss of 2,500 jobs in the previous four-week period.

CME Group's FedWatch Tool indicates the chances the Fed will cut interest rates by another quarter point next month have surged to 82.7 percent from 50.1 percent a week ago.

Crude oil prices slumped on Tuesday on reports that a revised Russia-Ukraine peace plan has been accepted by Ukraine. West Texas Intermediate crude for January delivery was down $0.96 or 1.61 percent at $57.89 per barrel.