European shares rallied for a second session on Friday, as markets extended a climb back from two weeks of inflation-inspired losses. Resource stocks supported the market as consolidation moves put the steel sector back into the spotlight.
The UK FTSE 100 index gained 2 percent to 5,791, the German DAX Xetra 30 index advanced 1.4 percent to 5,788 and the French CAC-40 index increased 1.9 percent at 5,045.
US markets were off to a good start on Friday, helped by benign core inflation data, which if sustained would represent a third straight day of gains.
Markets have recorded steep losses and sharp volatility in recent weeks, with European markets giving back nearly all the gains made this year as investors worried that US interest rates would go higher than originally expected.
Still, after two days of gains, the first phase of the European selloff may be over, equity strategists at Bear Stearns said in a note to clients.
"In our view, the market will remain volatile over the coming weeks while we come to terms with the weak US dollar, the probability of higher rates than previously thought, and the deceleration of European lead indicators," these strategists said.
Resource stocks provided impetus in Europe after steelmaker Arcelor, fighting off a hostile bid from Mittal Steel, agreed to a deal with Russian steelmaker Severstal in what the companies said would create the world's leading steelmaker.
Arcelor shares slipped 3 percent, while Mittal Steel rose 2 percent. Other steelmakers rose, with Germany's ThyssenKrupp up 4.8 percent and Corus gaining 3.4 percent.
European exchanges were among notable movers again, after Credit Suisse upgraded Germany's Deutsche Boerse and Euronext to outperform from underperform, while cutting the London Stock Exchange to underperform from neutral.
German shares gained 6.2 percent, Euronext added 5.1 percent and the LSE shrugged off early losses to trade up 5.7 percent.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”