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Taiwan Bourse Draws Fairly Flat Lead For Thursday

The Taiwan stock market on Wednesday ended the four-day winning streak in which it had advanced almost 370 points or 2.2 percent. The Taiwan Stock Market now rests just above the 12,090-point plateau and it's looking at a steady start on Thursday.

The global forecast for the Asian markets suggests mild upside after the U.S. and China signed phase one of their trade deal - although the upside had already largely been priced in. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The TSE finished modestly lower on Wednesday following losses from the technology and cement stocks, while the financials came in mixed.

For the day, the index dropped 87.93 points or 0.72 percent to finish at 12,091.88 after trading between 12,048.01 and 12,169.92.

Among the actives, Cathay Financial rose 0.12 percent, while Mega Financial sank 0.63 percent, CTBC Financial collected 0.44 percent, Fubon Financial fell 0.43 percent, E Sun Financial dipped 0.17 percent, Taiwan Semiconductor Manufacturing Company skidded 1.73 percent, United Microelectronics Corporation shed 0.62 percent, Hon Hai Precision eased 0.11 percent, Largan Precision plunged 3.76 percent, Catcher Technology lost 0.41 percent, Asia Cement dropped 1.02 percent and Taiwan Cement, MediaTek and First Financial were unchanged.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Wednesday, faded as the day progressed but still ended in the green.

The Dow added 90.55 points or 0.31 percent to finish at 29,030.22, while the NASDAQ gained 7.37 points or 0.08 percent to 9,258.70 and the S&P 500 rose 6.14 points or 0.19 percent to 3,289.29.

The early strength on Wall Street came as traders awaited the signing of the trade deal between the U.S. and China. But stocks pulled back after the agreement was signed in a ceremony at the White House.

In economic news, the Labor Department noted a modest increase in U.S. producer prices in December. Also, the Federal Reserve's Beige Book said U.S. economic activity generally continued to expand modestly in the final six weeks of 2019.

Crude oil prices drifted lower and settled at a six-week low on Wednesday after data showed a big increase in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures (WTI) for February ended down $0.42 or 0.7 percent at $57.81 a barrel.

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