European share prices wilted on Friday, dragged down by weaker-than-expected US fourth-quarter growth and uneasiness about Iraq ahead of today's election.
The London FTSE 100 index shed 0.42 percent to close at 4,832.8 while in France the CAC gave up 0.54 percent to finish the week at 3,870.35. In Frankfurt the DAX dipped 0.35 percent to 4,201.81.
The DJ Euro STOXX 50 index of leading eurozone shares fell 0.50 percent to 2,955.89.
On the currency market the dollar, initially weakened by the disappointing US growth figures, rebounded against the euro in nervous trading late Friday.
The single European currency was at US$1.3030 against US$1.3062 late Thursday in New York.
US stocks tumbled as the year's biggest merger and better-than-expected results from Microsoft were overshadowed by the soft economic data and fears of violence in Iraq.
After a mixed opening, the major US indexes turned decisively lower.
Early sentiment was lifted by the US$57 billion deal in which household products giant Procter and Gamble would buy razor and battery group Gillette, and by strong results from Microsoft after the bell on Thursday.
But the enthusiasm was sapped by a report showing slower-than-expected US economic growth of 3.1 percent in the fourth quarter, largely due to the massive US trade deficit that limited growth.
In London the logistics group Exel rose 2.01 percent to ?7.8550 on reports it could be acquired by US parcel deliverer UPS.
Drinks group Allied Domecq fell 1.73 percent to ?4.8350 after confirming that exchange rate factors would cut heavily into its net earnings for fiscal 2005, ending in August.
In Paris PSA Peugeot Citroen jumped 1.61 percent to 47.44 euros on news that it is negotiating a cooperation accord with troubled Japanese automaker Mitsubishi.
On the Frankfurt exchange Deutsche Boerse, which operates the exchange, lost 0.61 percent to close at 46.91 a day after its initial bid for the London Stock Exchange was rejected.
Elsewhere in Europe the SP/MIB fell 0.39 percent to 31,080 in Milan, the IBEX-35 lost 0.15 percent to finish at 9,139.4 in Madrid, the BEL-20 dropped 0.67 percent to 2,985.31 in Brussels, the AEX shed 0.43 percent to reach 357.02 in Amsterdam and the Swiss Market Index of London-quoted shares lost 0.40 percent to end the week at 5,750.7.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) halted shipments to a customer this month after its semiconductors were sent to China’s Huawei Technologies Co (華為), potentially breaching US sanctions, a government official said. The US slapped sanctions on Huawei in 2019, and expanded them the following year, over fears its technology could be used for Beijing’s espionage operations. The restrictions prevent TSMC from selling semiconductors to Huawei. However, TSMC discovered on Oct. 11 that chips made for a “specific customer” had ended up with the Chinese company, a Taiwanese official with knowledge of the incident said on the condition of anonymity. TSMC “immediately activated
US SANCTIONS: The Taiwan tech giant has ended all shipments to China-based Sophgo Technologies after one of their chips was discovered in a Huawei phone Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) suspended shipments to China-based chip designer Sophgo Technologies Ltd (算能科技) after a chip it made was found on a Huawei Technologies Co (華為) artificial intelligence (AI) processor, according to two people familiar with the matter. Sophgo had ordered chips from TSMC that matched the one found on Huawei’s Ascend 910B, the people said. Huawei is restricted from buying the technology to protect US national security. Reuters could not determine how the chip ended up on the Huawei product. Sophgo said in a statement on its Web site yesterday that it was in compliance with all laws
TECH TITANS: Nvidia briefly overtook Apple again on Friday after becoming the world’s largest company for a short period in June, as Microsoft fell to third place Nvidia Corp dethroned Apple Inc as the world’s most valuable company on Friday following a record-setting rally in the stock, powered by insatiable demand for its specialized artificial intelligence (AI) chips. Nvidia’s stock market value briefly touched US$3.53 trillion, slightly above Apple’s US$3.52 trillion, London Stock Exchange Group data showed. Nvidia ended the day up 0.8 percent, with a market value of US$3.47 trillion, while Apple’s shares rose 0.4 percent, valuing the iPhone maker at US$3.52 trillion. In June, Nvidia briefly became the world’s most valuable company before it was overtaken by Microsoft Corp and Apple. The tech trio’s market capitalizations have been
Shares of Starlux Airlines Co (星宇航空) surged more than 53 percent on its debut on the Taiwan stock exchange yesterday. Starlux shares closed up 53.75 percent at NT$30.75 from its initial public offering price of NT$20 after retreating in late trading from a 60 percent rise. China Airlines Ltd (CAL, 中華航空) rose 0.90 percent to close at NT$22.35, while EVA Airways Corp (長榮航空) gained 0.40 percent to close at NT$37.70. In Taiwan, a newly listed stock is allowed to go beyond the 10 percent maximum increase or decline in its first five trading sessions. At the listing ceremony, Starlux chairman Chang Kuo-wei (張國煒) said
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