European stocks rose for a second week, with the Dow Jones STOXX 600 Index capping its longest stretch of monthly gains since May 2007, as investors speculated the worst of the global recession is over.
Anglo American PLC and Total SA led commodity producers higher after base metals and crude oil increased.
Tesco PLC paced an advance among retailers as investors sought shares of companies whose profits are more closely tied to economic growth.
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United Internet AG rallied 27 percent after agreeing to buy Freenet AG’s digital subscriber-line business.
The Dow Jones STOXX 600 Index rose 0.6 percent this week to 208.21.
The measure added 4 percent this month, gaining for a third straight month and bringing the rally since March 9 to 32 percent amid optimism the US$12.8 trillion pledged by the US government and the Federal Reserve will help to end the first global recession since World War II.
“People are on the lookout for bright spots and every time one appears it serves as a relief,” said Peter Braendle, who oversees about US$50 billion at Swisscanto Asset Management in Zurich.
“The economic data is no longer as alarming as it used to be. If we see an economic upturn, raw-material producers will continue to be in demand,” he said.
National benchmark indexes rose in 11 of the 18 western European markets. The UK’s FTSE 100 climbed 1.2 percent, led by a rally in mining shares.
France’s CAC 40 added 1.5 percent and Germany’s DAX advanced 0.5 percent.
SILICON VALLEY HUB: The office would showcase Taiwan’s strengths in semiconductors and artificial intelligence, and help Taiwanese start-ups connect with global opportunities Taiwan has established an office in Palo Alto, one of the principal cities of Silicon Valley in California, aimed at helping Taiwanese technology start-ups gain global visibility, the National Development Council said yesterday. The “Startup Island Taiwan Silicon Valley hub” at No. 299 California Avenue is focused on “supporting start-ups and innovators by providing professional consulting, co-working spaces, and community platforms,” the council said in a post on its Web site. The office is the second overseas start-up hub established by the council, after a similar site was set up in Tokyo in September last year. Representatives from Taiwanese start-ups, local businesses and
EXPRESSING GRATITUDE: Without its Taiwanese partners which are ‘working around the clock,’ Nvidia could not meet AI demand, CEO Jensen Huang said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and US-based artificial intelligence (AI) chip designer Nvidia Corp have partnered with each other on silicon photonics development, Nvidia founder and CEO Jensen Huang (黃仁勳) said. Speaking with reporters after he met with TSMC chairman C.C. Wei (魏哲家) in Taipei on Friday, Huang said his company was working with the world’s largest contract chipmaker on silicon photonics, but admitted it was unlikely for the cooperation to yield results any time soon, and both sides would need several years to achieve concrete outcomes. To have a stake in the silicon photonics supply chain, TSMC and
‘DETERRENT’: US national security adviser-designate Mike Waltz said that he wants to speed up deliveries of weapons purchased by Taiwan to deter threats from China US president-elect Donald Trump’s nominee for US secretary of defense, Pete Hegseth, affirmed his commitment to peace in the Taiwan Strait during his confirmation hearing in Washington on Tuesday. Hegseth called China “the most comprehensive and serious challenge to US national security” and said that he would aim to limit Beijing’s expansion in the Indo-Pacific region, Voice of America reported. He would also adhere to long-standing policies to prevent miscalculations, Hegseth added. The US Senate Armed Services Committee hearing was the first for a nominee of Trump’s incoming Cabinet, and questions mostly focused on whether he was fit for the
INDUSTRIAL CLUSTER: In Germany, the sector would be developed around Taiwan Semiconductor Manufacturing Co’s plant, and extend to Poland and the Czech Republic The Executive Yuan’s economic diplomacy task force has approved programs aimed at bolstering the nation’s chip diplomacy with Japan and European nations. The task force in its first meeting had its operational mechanism and organizational structure confirmed, with Premier Cho Jung-tai (卓榮泰) the convener, and Vice Premier Cheng Li-chiun (鄭麗君) and Minister Without Portfolio Ma Yung-cheng (馬永成) the deputy conveners. Minister of Foreign Affairs Lin Chia-lung (林佳龍) would be the convener of the task force’s strategy group in charge of policy planning for economic diplomacy. The meeting was attended by the heads of the National Development Council, the Ministry of Economic Affairs, the
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