Asian shares on Friday mostly declined on looming worries over US banks and lagging demand from China, the region’s major driver of growth.
“Asian equities struggled for direction after weak inflation data in China pointed to weakening demand,” SPI Asset Management managing partner Stephen Innes said.
Recent data reflect low inflation and weak credit extensions in China, which all indicate slowing growth as the initial jump from the nation dropping COVID-19-pandemic-related restrictions fades, he said.
Photo: AP
Taiwan, South Korea and Hong Kong all fell, but Tokyo and Australia recorded gains.
In Taipei, the TAIEX closed down 12.28 points, or 0.08 percent, at 15,502.36, falling 0.8 percent from a week earlier.
Turnover totaled NT$219.276 billion (US$7.13 billion).
Japan’s benchmark Nikkei 225 gained 0.9 percent to finish at 29,388.30, as companies such as Nissan Motor Co gained after reporting relatively favorable earnings.
However, SoftBank Group Corp slumped after reporting its second year in a row of losses.
The index gained 0.79 percent from the previous week, while the broader TOPIX added 13.0 points, or 0.64 percent, to close at 2,069.39. It was up 1.01 percent weekly.
Australia’s S&P/ASX 200 edged up 0.07 percent to 7,256.7, gaining 0.51 percent for the week, while Seoul’s KOSPI fell 0.63 percent to 2,475.42, falling 1.02 percent from the previous week.
Hong Kong’s Hang Seng fell 0.59 percent to 19,627.24, down 2.11 percent for the week, while the Shanghai Composite dropped 1.12 percent to 3,272.36, down 1.86 percent weekly.
India’s SENSEX gained 123.38 points, or 0.2 percent, to 62,027.90, rising 1.59 percent for the week.
Additional reporting by staff writer, with CNA
Hon Hai Precision Industry Co (鴻海精密) yesterday said that its research institute has launched its first advanced artificial intelligence (AI) large language model (LLM) using traditional Chinese, with technology assistance from Nvidia Corp. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), said the LLM, FoxBrain, is expected to improve its data analysis capabilities for smart manufacturing, and electric vehicle and smart city development. An LLM is a type of AI trained on vast amounts of text data and uses deep learning techniques, particularly neural networks, to process and generate language. They are essential for building and improving AI-powered servers. Nvidia provided assistance
DOMESTIC SUPPLY: The probe comes as Donald Trump has called for the repeal of the US$52.7 billion CHIPS and Science Act, which the US Congress passed in 2022 The Office of the US Trade Representative is to hold a hearing tomorrow into older Chinese-made “legacy” semiconductors that could heap more US tariffs on chips from China that power everyday goods from cars to washing machines to telecoms equipment. The probe, which began during former US president Joe Biden’s tenure in December last year, aims to protect US and other semiconductor producers from China’s massive state-driven buildup of domestic chip supply. A 50 percent US tariff on Chinese semiconductors began on Jan. 1. Legacy chips use older manufacturing processes introduced more than a decade ago and are often far simpler than
STILL HOPEFUL: Delayed payment of NT$5.35 billion from an Indian server client sent its earnings plunging last year, but the firm expects a gradual pickup ahead Asustek Computer Inc (華碩), the world’s No. 5 PC vendor, yesterday reported an 87 percent slump in net profit for last year, dragged by a massive overdue payment from an Indian cloud service provider. The Indian customer has delayed payment totaling NT$5.35 billion (US$162.7 million), Asustek chief financial officer Nick Wu (吳長榮) told an online earnings conference. Asustek shipped servers to India between April and June last year. The customer told Asustek that it is launching multiple fundraising projects and expected to repay the debt in the short term, Wu said. The Indian customer accounted for less than 10 percent to Asustek’s
Gasoline and diesel prices this week are to decrease NT$0.5 and NT$1 per liter respectively as international crude prices continued to fall last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said in separate statements. Global crude oil prices dropped last week after the eight OPEC+ members said they would
RSS