European stocks dropped for the first week in three, with the benchmark STOXX Europe 600 Index failing to extend a four-month high, dragged lower by utilities and banks.
E.ON AG and RWE AG fell as brokers downgraded Germany’s largest utilities. Allied Irish Banks PLC and Bank of Ireland PLC slumped amid renewed concern that the lenders need further financial help. Carrefour SA surged 6.9 percent after announcing a US$2 billion store revamp plan. Crucell NV soared 56 percent as Johnson & Johnson announced plans to take full control of the Dutch vaccine maker.
The STOXX Europe 600 Index slid 0.7 percent to 262.86 this past week, trimming this year’s gain to 3.5 percent and the increase from its low for this year in May to 13 percent. The benchmark gauge reached its highest level since April on Monday as regulators agreed new capital rules for banks and economic reports from China and Europe boosted confidence in the recovery.
“Investors are waiting to see if markets can now break out of trading ranges to higher levels,” said Adrian Darley, who helps oversee about US$100 billion as head of European equities at Ignis Investment Services Ltd in London. “At some point, sovereign debt concerns will no doubt rise to the fore again.”
Credit-default swaps on Ireland rose 38 basis points to a record 428.3 on Sept. 17, according to data provider CMA.
A Chinese freighter that allegedly snapped an undersea cable linking Taiwan proper to Penghu County is suspected of being owned by a Chinese state-run company and had docked at the ports of Kaohsiung and Keelung for three months using different names. On Tuesday last week, the Togo-flagged freighter Hong Tai 58 (宏泰58號) and its Chinese crew were detained after the Taipei-Penghu No. 3 submarine cable was severed. When the Coast Guard Administration (CGA) first attempted to detain the ship on grounds of possible sabotage, its crew said the ship’s name was Hong Tai 168, although the Automatic Identification System (AIS)
An Akizuki-class destroyer last month made the first-ever solo transit of a Japan Maritime Self-Defense Force ship through the Taiwan Strait, Japanese government officials with knowledge of the matter said yesterday. The JS Akizuki carried out a north-to-south transit through the Taiwan Strait on Feb. 5 as it sailed to the South China Sea to participate in a joint exercise with US, Australian and Philippine forces that day. The Japanese destroyer JS Sazanami in September last year made the Japan Maritime Self-Defense Force’s first-ever transit through the Taiwan Strait, but it was joined by vessels from New Zealand and Australia,
SECURITY: The purpose for giving Hong Kong and Macau residents more lenient paths to permanent residency no longer applies due to China’s policies, a source said The government is considering removing an optional path to citizenship for residents from Hong Kong and Macau, and lengthening the terms for permanent residence eligibility, a source said yesterday. In a bid to prevent the Chinese Communist Party (CCP) from infiltrating Taiwan through immigration from Hong Kong and Macau, the government could amend immigration laws for residents of the territories who currently receive preferential treatment, an official familiar with the matter speaking on condition of anonymity said. The move was part of “national security-related legislative reform,” they added. Under the amendments, arrivals from the Chinese territories would have to reside in Taiwan for
CRITICAL MOVE: TSMC’s plan to invest another US$100 billion in US chipmaking would boost Taiwan’s competitive edge in the global market, the premier said The government would ensure that the most advanced chipmaking technology stays in Taiwan while assisting Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in investing overseas, the Presidential Office said yesterday. The statement follows a joint announcement by the world’s largest contract chipmaker and US President Donald Trump on Monday that TSMC would invest an additional US$100 billion over the next four years to expand its semiconductor manufacturing operations in the US, which would include construction of three new chip fabrication plants, two advanced packaging facilities, and a research and development center. The government knew about the deal in advance and would assist, Presidential
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