Asian stocks posted the biggest weekly advance in a month as US economic data and a surprise interest-rate increase in Australia renewed optimism that the global economic recovery is on track.
Mazda Motor Corp, partly owned by Ford Motor Co, surged 16 percent after it narrowed its full-year loss forecast and US services industries grew after 11 months of contraction. Alumina Ltd rose 7.5 percent after partner Alcoa Inc reported better-than-estimated profit. Sumitomo Mitsui Financial Group Inc climbed 17 percent after the government said lenders won’t have to boost provisions for bad loans to struggling small companies.
The MSCI Asia-Pacific Index advanced 3.8 percent to 118.77 this week, its biggest gain since the period to Sept. 11. The gauge has climbed 68 percent from a five-year low on March 9 as better-than-estimated economic and earnings reports boosted speculation the global economy is recovering from the worst slowdown since World War II.
Australia’s S&P/ASX 200 Index gained 3.3 percent as signs of growth prompted the country to become the first among the G20 nations to lift borrowing costs. The Hang Seng Index climbed 5.5 percent as property stocks rallied after Goldman Sachs Group Inc recommended buying Sino Land Co.
Taiwanese share prices are expected to encounter pressure as the market moves closer to the 7,700 point level amid high liquidity, dealers said on Friday.
Old-economy stocks may continue to draw attention as investors try to park money in a safe haven, while the bellwether electronic sector is likely to see profit-taking after recent strong gains, they said.
For the week to Friday, the weighted index rose 160.08 points, or 2.16 percent, to 7,571.96 after a 0.91 percent increase a week earlier.
Average daily turnover stood at NT$138.80 billion (US$4.31 billion), compared with NT$110.68 billion a week ago.
Other markets on Friday:
SHANGHAI: Up 4.76 percent. The Shanghai Composite Index, which covers both A and B shares, was up 132.29 points to 2,911.72.
SINGAPORE: Flat. The Straits Times Index gained 1.56 points, or 0.06 percent, to 2,652.51. The government is due to release its preliminary estimates of economic data for the third quarter and analysts expect GDP to rise 0.5 percent from a year ago.
KUALA LUMPUR: Up 0.30 percent. The Kuala Lumpur Composite Index gained 3.73 points to 1,233.82.
MUMBAI: Down 1.19 percent. The 30-share SENSEX fell 200.88 points to 16,642.66.
STILL COMMITTED: The US opposes any forced change to the ‘status quo’ in the Strait, but also does not seek conflict, US Secretary of State Marco Rubio said US President Donald Trump’s administration released US$5.3 billion in previously frozen foreign aid, including US$870 million in security exemptions for programs in Taiwan, a list of exemptions reviewed by Reuters showed. Trump ordered a 90-day pause on foreign aid shortly after taking office on Jan. 20, halting funding for everything from programs that fight starvation and deadly diseases to providing shelters for millions of displaced people across the globe. US Secretary of State Marco Rubio, who has said that all foreign assistance must align with Trump’s “America First” priorities, issued waivers late last month on military aid to Israel and Egypt, the
‘UNITED FRONT’ FRONTS: Barring contact with Huaqiao and Jinan universities is needed to stop China targeting Taiwanese students, the education minister said Taiwan has blacklisted two Chinese universities from conducting academic exchange programs in the nation after reports that the institutes are arms of Beijing’s United Front Work Department, Minister of Education Cheng Ying-yao (鄭英耀) said in an exclusive interview with the Chinese-language Liberty Times (the Taipei Times’ sister paper) published yesterday. China’s Huaqiao University in Xiamen and Quanzhou, as well as Jinan University in Guangzhou, which have 600 and 1,500 Taiwanese on their rolls respectively, are under direct control of the Chinese government’s political warfare branch, Cheng said, citing reports by national security officials. A comprehensive ban on Taiwanese institutions collaborating or
France’s nuclear-powered aircraft carrier and accompanying warships were in the Philippines yesterday after holding combat drills with Philippine forces in the disputed South China Sea in a show of firepower that would likely antagonize China. The Charles de Gaulle on Friday docked at Subic Bay, a former US naval base northwest of Manila, for a break after more than two months of deployment in the Indo-Pacific region. The French carrier engaged with security allies for contingency readiness and to promote regional security, including with Philippine forces, navy ships and fighter jets. They held anti-submarine warfare drills and aerial combat training on Friday in
COMBAT READINESS: The military is reviewing weaponry, personnel resources, and mobilization and recovery forces to adjust defense strategies, the defense minister said The military has released a photograph of Minister of National Defense Wellington Koo (顧立雄) appearing to sit beside a US general during the annual Han Kuang military exercises on Friday last week in a historic first. In the photo, Koo, who was presiding over the drills with high-level officers, appears to be sitting next to US Marine Corps Major General Jay Bargeron, the director of strategic planning and policy of the US Indo-Pacific Command, although only Bargeron’s name tag is visible in the seat as “J5 Maj General.” It is the first time the military has released a photo of an active
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