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Taiwan Stock Market Poised To Snap Losing Streak

The Taiwan stock market has moved lower in two straight sessions, sliding more than 110 points or 0.9 percent along the way. The Taiwan Stock Market now rests just above the 12,065-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is upbeat on solid economic data and continued momentum from the U.S./China trade deal. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets figure to split the difference.

The TSE finished slightly lower on Thursday following mixed performances from the financial shares and technology stocks.

For the day, the index lost 24.95 points or 0.21 percent to finish at 12,066.93 after trading between 12,006.08 and 12,075.54.

Among the actives, Cathay Financial was up 0.12 percent, while Mega Financial collected 0.47 percent, CTBC Financial sank 0.44 percent, Fubon Financial gained 0.21 percent, E Sun Financial advanced 0.87 percent, Taiwan Semiconductor Manufacturing Company skidded 1.62 percent, Hon Hai Precision rose 0.11 percent, Largan Precision added 0.60 percent, Catcher Technology spiked 2.88 percent, MediaTek climbed 1.20 percent, Taiwan Cement perked 0.45 percent, Formosa Plastic fell 0.61 percent and Asia Cement, United Microelectronics Corporation and First Financial were unchanged.

The lead from Wall Street is strong as stocks moved sharply higher on Thursday, extending recent gains as the major averages hit fresh record closing highs.

The Dow jumped 262.42 points or 0.92 percent to 29,297.64, while the NASDAQ added 98.44 points or 1.06 percent to 9.357.13 and the S&P 500 rose 27.52 points or 0.84 percent to 3,316.81.

The markets continued to benefit from upward momentum following the official signing of the U.S.-China phase one trade deal on Wednesday.

A batch of largely upbeat U.S. economic data also contributed to the buying interest as the Labor Department noted an unexpected decrease in initial jobless claims last week. The Commerce Department also said U.S. retail sales rose in line with estimates last month.

Also, the Philadelphia Federal Reserve reported substantial acceleration in the pace of growth in regional manufacturing activity in January, while the National Association of Home Builders saw a pullback in homebuilder confidence in January.

Crude oil futures settled higher on Thursday, rebounding from losses in the previous session thanks to a drop in U.S. crude inventories. West Texas Intermediate crude oil futures for February ended up $0.71 or 1.2 percent at $58.52 a barrel.

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