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Taiwan Stock Market May Run Out Of Steam On Monday

The Taiwan stock market has finished higher in three straight sessions, advancing almost 220 points or 2.2 percent along the way. The Taiwan Stock Exchange now rests just above the 10,780-point plateau although the technology shares may drag the index lower on Monday.

The global forecast for the Asian markets is murky after disappointing U.S. employment data renewed concerns for the world's largest economy, although it also sparked hope for more interest rate cuts in the near term. The European markets were slightly higher and the U.S. bourses were mixed but little changed and the Asian markets figure to split the difference.

The TSE finished modestly higher on Friday as gains from the financial shares and technology stocks were capped by weakness from the plastics and a mixed picture from the cement companies.

For the day, the index gained 23.71 points or 0.22 percent to finish at 10,780.64 after trading between 10,753.45 and 10,803.07.

Among the actives, Cathay Financial collected 0.74 percent, while Mega Financial advanced 0.88 percent, CTBC Financial gained 0.49 percent, Fubon Financial was up 0.11 percent, First Financial perked 0.23 percent, E Sun Financial climbed 0.59 percent, Taiwan Semiconductor Manufacturing Company rose 0.19 percent, United Microelectronics Corporation shed 0.37 percent, Hon Hai Precision was up 0.13 percent, Largan Precision skidded 1.24 percent, Catcher Technology added 0.66 percent, MediaTek spiked 1.90 percent, Asia Cement fell 0.45 percent, Taiwan Cement surged 2.18 percent and Formosa Plastic sank 0.83 percent.

The from Wall Street offers little clarity as stocks bounced back and forth across the unchanged line Friday before closing mixed.

The Dow added 69.31 points or 0.26 percent to 26,797.46, while the NASDAQ fell 13.75 points or 0.17 percent to 8,103.07 and the S&P 500 rose 2.71points or 0.09 percent to 2,978.71. For the week, the Dow jumped 1.5 percent and the NASDAQ and S&P both gained 1.8 percent.

The choppy trading on Wall Street followed the release of a closely watched Labor Department report showing weaker than expected job growth in August. But the report also said average hourly employee earnings climbed $0.11 to $28.11 in August following 9-cent gains in June and July.

Traders shrugged off comments from Federal Reserve Chairman Jerome Powell, who argued the central bank has helped keep the economy on solid ground amid the uncertainty caused by President Donald Trump's trade war with China.

Despite the uncertainty cause by the trade war, Powell noted the Fed does not currently anticipate a recession since the labor market and consumer spending remain strong.

Crude oil futures moved higher on Friday after a report from Baker Hughes showed the oil rig count dropped for a third straight week. West Texas Intermediate Crude oil futures for October ended up $0.22 or 0.4 percent at $56.52 a barrel.

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