European stocks posted their first back-to-back weekly gains since May as better-than-estimated earnings and lower oil prices fueled a rally in carmakers and banks climbed on speculation that credit-market losses will abate.
Volkswagen AG, Fiat SPA and PSA Peugeot Citroen advanced after the automakers reported profit that exceeded projections and crude fell for a third consecutive week. Credit Suisse Group AG, the second-biggest Swiss bank, rallied the most since March 2003 on earnings that were almost double what analysts expected.
Europe’s Dow Jones STOXX 600 Index increased 0.4 percent this week to 281.76, extending its rebound from a three-year low on July 15 to 5.7 percent. The measure has tumbled 23 percent this year after US$467 billion of credit losses and asset writedowns at banks prolonged the global economy’s slump and inflation eroded profits.
The STOXX 600’s rally from its low this month was led by bank and consumer shares as earnings from Credit Suisse to Citigroup Inc topped estimates and oil tumbled more than 15 percent from its all-time high on July 11. Second-quarter profits at financial firms in the STOXX 600 that reported results so far exceeded analysts’ projections by 15 percent, while consumer-goods makers beat expectations by 7.8 percent, Bloomberg data show.
National benchmark indexes gained in six of the 18 western European markets. The Swiss Market Index added 2.8 percent, and France’s CAC 40 increased 1.8 percent. The UK’s FTSE 100 slipped 0.4 percent, while Germany’s DAX climbed 0.9 percent.
The STOXX 50 rose 0.7 percent and the Euro STOXX 50, a measure for the euro region, advanced 0.9 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
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
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday held an equipment installation ceremony for its first 2-nanometer fab in Kaohsiung, six months ahead of schedule, Kaohsiung Mayor Chen Chi-mai (陳其邁) said. “To cope with the strong global demand for advanced chips, TSMC is to start moving in equipment for its first-ever 2-nanometer fab half a year earlier than scheduled,” Chen said at an question-and-answer session at the Kaohsiung City Council. TSMC’s 2-nanometer process technology would help accelerate the development of artificial intelligence (AI) applications as well as the transformation of local industries in Kaohsiung, Chen said in a
TEAM TAIWAN: While lawmakers proposed declaring Nov. 24 a national day, the CPBL commissioner urged the legislature to pass the budget for sports development Lawmakers yesterday proposed designating Nov. 24 as National Baseball Day and updating the design of the NT$500 bill to honor the national team’s victory in the World Baseball Softball Confederation’s Premier12 championship on Sunday, as thousands of fans came out to see the players parade down the streets of Taipei. Players, coaches and staff from the national team returned home on Monday night after achieving their best-ever performance in an international baseball tournament. After receiving a rapturous welcome at the airport, the players turned out yesterday for a street parade in front of thousands of adoring fans waving Taiwanese flags and
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