Shares advanced in most Asian markets on Friday after Wall Street extended a rally into a third day and oil prices pushed past US$105 per barrel.
Ukrainian President Volodymyr Zelenskiy called for more help for his country after days of bombardment of civilian sites in multiple cities over the past few days.
The war is among the uncertainties overhanging markets.
The TAIEX on Friday edged up 0.048 percent to close at 17,456.52 points, posting a weekly gain of 1.11 percent.
Wrapping up a two-day meeting, the Bank of Japan opted to keep its monetary policy unchanged, with its benchmark interest rate at minus-0.1 percent. Japan’s central bank has been keeping interest rates ultra-low and pumping tens of billions of US dollars into the world’s third-largest economy for years, trying to spur faster growth.
Tokyo’s benchmark Nikkei 225 on Friday gained 0.65 percent, or 174.54 points, to 26,827.43, advancing 6.6 percent on the week, while the broader TOPIX added 0.54 percent, or 10.26 points, to 1,909.27, surging 6.1 percent weekly.
Among major shares, Sony Group Corp rose 1.26 percent to 12,425 yen and Softbank Group Corp jumped 3.68 percent.
Uniqlo-operator Fast Retailing Co rose 0.5 percent.
Mitsubishi UFJ Financial Group emerged above water and ended 0.26 percent higher, while Nintendo Co gave up earlier gains and ended 0.02 percent lower.
Air carrier ANA Holdings Inc dropped 0.67 percent and Toyota Motor Corp fell 0.79 percent after the automaker announced a further reduction of production activities because of a COVID-19 pandemic-linked parts shortage.
In Sydney, the S&P/ASX 200 in Sydney rose 0.6 percent to 7,294.40, bringing its weekly gain to 3.3 percent.
Hong Kong’s Hang Seng Index retreated 0.4 percent to 21,412.40 points, paring its weekly gain to 4.2 percent.
The Shanghai Composite Index on Friday added 1 percent to 3,251.07, falling 1.8 percent weekly.
Big swings in markets have become the norm as investors struggle to handicap what will happen to the economy and the world’s already high inflation because of Russia’s invasion of Ukraine, higher interest rates from central banks around the world and renewed COVID-19 worries in various hotspots.
Additional reporting by staff writer
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
RSS