On Friday, Taiwan's stock market brought a four-day winning streak, seeing a growth of over 750 points or 4.2 percent, to a halt. The Taiwan Stock Exchange is currently positioned just below the 18,610-point level and is projected to potentially see an increased rate of losses come Monday.
The international prediction for Asia's markets is somewhat uncertain and potentially negative, largely due to lack of confidence surrounding the future of interest rates. The European markets saw an uptick while the U.S. markets dipped, with Asian markets expected to strike a balance between the two.
Friday saw the Taiwan Stock Exchange (TSE) finish slightly down due to varied performances from finance, plastics, cement, and technology sectors. The index registered a drop of 37.35 points or 0.20 percent, to close at 18,607.25 following trading between 18,585.14 and 18,715.69.
Multiple major companies experienced changes. Cathay Financial grew 1.14 percent and Mega Financial saw a 0.26 percent rise, whereas CTBC Financial suffered a 0.53 percent loss. Other movements included a 0.37 percent gain for First Financial and 0.92 percent growth for Fubon Financial. Taiwan Semiconductor Manufacturing Company dropped a significant 2.01 percent, and United Microelectronics Corporation descended 0.71 percent.
Stateside, the Wall Street major averages ended on a low note. The Dow fell by 145.11 points or 0.37 percent, finishing at 38,627.99. The NASDAQ dropped 130.55 points or 0.82 percent to close at 15,775.65, and the S&P 500 dipped 24.16 points or 0.48 percent, ending the session at 5,005.57.
Uncertainty surrounding the outlook for interest rates emerged as the major concern, particularly after the U.S. Labor Department reported an unexpectedly large increase in U.S. producer prices in January. Investors worried that the Federal Reserve might delay interest rate cuts for longer than initially anticipated.
On a more positive note, an uplift in consumer sentiment during February was reported by a separate study from the University of Michigan.
Crude oil's price climbed on Friday, lifting the most active WTI Crude futures to a 11-week high. This increase was attributed to concerns regarding potential supply disruptions in the Middle East. West Texas Intermediate Crude oil futures for March ended the day higher by $1.16 at $79.19 a barrel.
