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Taiwan Stock Market Tipped To Snap Losing Streak

The Taiwan stock market has finished lower in consecutive trading days, sliding more than 70 points or 0.6 percent along the way. The Taiwan Stock Exchange remains just shy of the 10,945-point plateau although it's expected to halt its slide on Monday.

The global forecast for the Asian markets is mildly positive, largely on optimism over trade. The European markets were down and the U.S. markets were mostly higher and the Asian bourses are tipped to follow the latter lead.

The TSE finished slightly lower on Friday following losses from the plastics companies, while the financials and technology stocks were mostly in the green.

For the day, the index eased 2.04 points or 0.02 percent to finish at 10,942.16 after trading between 10,861.90 and 10,965.03.

Among the actives, Cathay Financial jumped 1.39 percent, while Mega Financial climbed 0.99 percent, CTBC Financial collected 0.50 percent, Fubon Financial increased 0.83 percent, First Financial spiked 1.56 percent, E Sun Financial lost 0.56 percent, Taiwan Semiconductor Manufacturing Company shed 0.68 percent, United Microelectronics Corporation and MediaTek both added 0.65 percent, Hon Hai Precision gained 0.66 percent, Largan Precision rose 0.13 percent, Catcher Technology advanced 0.93 percent, Formosa Plastic sank 0.95 percent, Asia Cement perked 0.69 percent, Taiwan Cement was up 0.47 percent and Formosa Chemical was unchanged.

The lead from Wall Street is cautiously optimistic as stocks showed wild swings on Friday before eventually ending the session mostly higher.

The Dow eased 17.53 points or 0.07 percent to finish at 25,283.11, while the NASDAQ jumped 120.88 points or 1.29 percent to 9,489.88 and the S&P 500 rose 14.58 points or 0.48 percent to 3,044.31. For the holiday-shortened week, the Dow spiked 3.8 percent, the NASDAQ jumped 1.8 percent and the S&P soared 3 percent.

The major averages moved to the upside late in the session as traders reacted positively to President Donald Trump's highly anticipated press conference about China. Trump lashed out at China in his brief remarks, but traders seemed relieved that he did not announce new tariffs or a withdrawal from the phase one trade agreement.

Trump also revealed that he is terminating the U.S. relationship with the World Health Organization, claiming China has total control of the agency.

In economic news, the Commerce Department saw an unexpected and substantial increase in U.S. personal income in April, as well as a steep drop in personal spending due to the impact of the coronavirus-induced lockdown.

Crude oil prices moved higher on Friday, on hopes of a pickup in energy demand and expectations that major oil producers will extend output cuts beyond this month. West Texas Intermediate crude oil futures for July ended up $1.78 or 5.3 percent at $35.49 a barrel.

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