The Taiwan stock market has experienced consecutive positive sessions, gaining over 720 points or 3.5% in total. The Taiwan Stock Exchange (TSE) currently stands slightly above the 21,750-point mark, and anticipates further gains in Monday’s trading.Global forecasts for Asian markets are favorable, driven by optimism regarding a potential interest rate cut this week. With the European and U.S. markets closing higher, Asian markets are expected to follow suit.On Friday, the TSE saw modest gains led by financial and plastic stocks, although technology companies presented a mixed performance. The index closed at 21,759.65, up 106.45 points or 0.49%, fluctuating between 21,643.22 and 21,796.39 throughout the day.Key performers included Cathay Financial, which rose 0.48%, and Mega Financial, up 0.38%. CTBC Financial surged 1.25%, while First Financial dropped 0.55%. Fubon Financial climbed 1.05%, E Sun Financial increased by 0.36%, and Taiwan Semiconductor Manufacturing Company gained 0.74%. Conversely, United Microelectronics Corporation fell 1.09%, Hon Hai Precision decreased 0.85%, and Catcher Technology dipped 0.21%. MediaTek saw a significant decline of 2.60%, Delta Electronics was down 1.03%, while Novatek Microelectronics managed a slight gain of 0.19%. The plastics sector outperformed, with Formosa Plastics soaring 4.33% and Nan Ya Plastics up 3.47%. Asia Cement modestly increased by 0.45%, and Largan Precision remained unchanged.Wall Street’s performance on Friday provides a positive lead, with major indices maintaining gains. The Dow Jones Industrial Average rallied 296.98 points or 0.72% to 41,393.78, the NASDAQ rose 114.28 points or 0.65% to 17,683.98, and the S&P 500 increased by 30.26 points or 0.54% to 5,626.02.For the week, the NASDAQ surged 6.0%, the S&P 500 increased by 4.0%, and the Dow grew by 2.6%. The strength in Wall Street is attributed to optimism around potential interest rate cuts ahead of the Federal Reserve’s monetary policy meeting. It is widely expected that the Fed will announce a rate reduction of at least 25 basis points on Wednesday.Additional positive sentiment was fueled by the University of Michigan’s report indicating an unexpected improvement in U.S. consumer sentiment for September.In commodities, oil futures declined on Friday. West Texas Intermediate crude oil futures for October fell by $0.32 or 0.46%, settling at $68.65 per barrel, following reports of resumed crude oil production at several facilities in the U.S. Gulf of Mexico.The material has been provided by InstaForex Company – www.instaforex.com
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