European stocks rose for a third week as earnings from companies including Storebrand ASA and Royal Dutch Shell PLC beat estimates and the US Treasury and the Bank of England signaled the worst of the credit turmoil is over.
Storebrand, Norway’s largest publicly traded insurer, led insurers higher after reporting a first-quarter profit that beat analysts’ projections of a net loss. Shell and BP PLC, Europe’s largest oil producers, also posted profit that topped estimates.
Earnings reports provide “some glimmering of hope the worst might be over,” Andrew Bell, head of research and strategy at Rensburg Sheppards PLC in London, said in a Bloomberg Television interview.
The Dow Jones STOXX 600 Index added 2.3 percent to 329.21 this past week, the highest since Feb. 27. The STOXX 50 advanced 2.6 percent and the Euro STOXX 50, a measure for the euro region, increased 2.2 percent.
Concern that credit-market losses will lower earnings and send the US into recession pushed the STOXX 600 down as much as 27 percent from a record on June 1. Since March 17, that loss has been cut to 18 percent after earnings reports from Ericsson AB to Bayer AG exceeded analyst projections and central banks moved to shore up the financial system.
National indexes rose in all 18 western European markets, except Iceland. France’s CAC 40 added 1.8 percent and Germany’s DAX advanced 2.1 percent. The UK’s FTSE 100 climbed 2 percent.
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
SUPPORT: Arms sales to NATO Plus countries such as Japan, South Korea and Israel only have to be approved by the US Congress if they exceed US$25m The US should amend a law to add Taiwan to the list of “NATO Plus” allies and streamline future arms sales, a US commission said on Tuesday in its annual report to the US Congress. The recommendation was made in the annual report by the US-China Economic and Security Review Commission (USCC), which contained chapters on US-China economic and trade ties, security relations, and Taiwan and Hong Kong. In the chapter on Taiwan, the commission urged the US Congress to “amend the Arms Export Control Act of 1976 to include Taiwan on the list of ‘NATO Plus’ recipients,” referring to
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Minister of Labor Ho Pei-shan (何佩珊) said she would tender her resignation following criticism of her handling of alleged bullying by Ministry of Labor Workforce Development Agency branch director Hsieh Yi-jung (謝宜容) resulting in the death of an employee. The ministry yesterday gave Hsieh two demerits and said she is subject to review by the Disciplinary Court. The severest possible punishment would be her removal from office and being barred from government jobs indefinitely. Workforce Development Agency Director-General Tsai Meng-liang (蔡孟良) also received a major demerit and was transferred to another position. Premier Cho Jung-tai (卓榮泰) issued a formal apology
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