Over the past three trading days, the Taiwan stock market has fallen in two instances following a three-day winning streak that resulted in a rise of more than 210 points, or 1.1 percent. Currently, the Taiwan Stock Exchange hovers just below the 19,860-point plateau, but it is anticipated to start off strong on Wednesday.
Given the Federal Reserve's impending monetary policy announcement, the global forecast for Asian markets seems promising. European and U.S. markets have experienced increased activity and Asian stocks are expected to follow suit.
On Tuesday, the Taiwan Stock Exchange closed slightly lower due to sluggish performance from steel and cement companies whereas the financial and technology sectors seemed to have a mixed performance.
Among the key participants, Cathay Financial gathered 0.42 percent, Mega Financial fell by 0.99 percent, CTBC Financial rose by 0.79 percent, First Financial slipped 0.36 percent, Fubon Financial rose 0.43 percent, and Taiwan Semiconductor Manufacturing Company fell 0.26 percent. On the other-hand, other organizations like United Microelectronics Corporation spiked 2.32 percent, with Delta Electronics seeing a surge of 4.58 percent.
On Wall Street, the leading averages show positive growth. Many averages that began mixed on Tuesday trended upward throughout the day and closed high.
The Dow soared 320.33 points or 0.83 percent to conclude at 39,110.76, and the NASDAQ increased 3.34 points or 0.39 percent to close at 16,166.79. Similarly, the S&P 500 earned 29.09 points or 0.56 percent to end the day at 5,178.51.
Nvidia's latest AI chips release spurred a rebound for the company, which has lately been a major market mover. Traders also kept their eyes tuned to the Federal Reserve's long-awaited monetary policy announcement. Though interest rates are likely to remain unchanged, the Fed's subsequent statement could significantly influence rate expectations.
On the U.S. economic side, the residential construction saw a significant bounce in February, according to the Commerce Department. Along with this, building permits also saw an increase.
In the commodities market, crude oil futures rose for the second consecutive day as traders continued to gauge the impacts of the Ukrainian attacks on Russian refineries. West Texas Intermediate Crude oil futures for April increased by $0.75, to end at $83.47 a barrel.
In local news, Taiwan is set to release export order statistics for February later today, with predictions forecasting a year-on-year expansion of 1.3 percent, albeit a slowdown from January’s 1.9 percent growth rate.
