European stock exchanges wilted on Friday, dragged down by sliding oil prices and weak US housing market data.
The London FTSE 100 index fell 0.21 percent to close at 6,419.50 points, while in Paris the CAC 40 slipped 0.13 percent to finish at 5,713.59. The Frankfurt DAX shed 0.02 percent to reach 6,957.07.
The EuroStoxx 50 index of leading eurozone shares gave up 0.25 percent to end the week at 4,247.40.
On the currency market the dollar was little changed against the euro but was under pressure following the release of economic data in the US that presaged no imminent increase in US interest rates.
The single European currency in late-day trading was at US$1.3137 after US$1.3139 late on Thursday in New York.
Wall Street shares swung lower after the government reported that US housing starts plunged to their lowest level in nearly a decade last month.
The blue-chip Dow Jones Industrial Average, which closed at a record high on Thursday, dipped 0.10 percent to 12,751.87 at 4:55pm.
The tech-laden NASDAQ composite was down 0.29 percent to 2,489.97.
Shares weakened after the Commerce Department said housing starts slid 14.3 percent last month to a seasonally adjusted 1.408 million units.
The steeper-than-expected slump in housing activity saw starts fall to their lowest level since August 1997.
Most Wall Street analysts had expected housing starts to decline, but only to around 1.6 million units.
Some analysts played down the sharp slump in housing starts.
"The decline is exaggerated, however, and not too much emphasis should be placed on it. January was a cold month after a warm December," said Dick Green, an analyst at Briefing.com.
In London, oil shares were depressed by crude prices that fell throughout much of the day before turning stronger near the end of trading.
BP shed 0.37 percent to £5.35 while Royal Dutch Shell lost 0.88 percent to finish at £16.85.
Supermarket chain Sainsbury gave up 0.88 percent to finish at £3.12 on a report in the Times that investment fund Cinven had abandoned plans for a takeover.
In Paris, steel giant Arcelor Mittal rose 1.45 percent to 38.54 euros (US$50.63), buoyed by a rise in prices for some products that was welcomed by investors.
Construction group Bouygues fell 1.36 percent to 54.20 euros after HSBC lowered its recommendation on the company.
In Frankfurt, tourism operator TUI lost 0.16 percent to 18.64 euros on profit-taking that set in after gains stretching over several weeks.
Elsewhere there were declines of 0.33 percent to 506.10 points on the AEX in Amsterdam, 0.19 percent to 14,876.9 on the IBEX-35 in Madrid and 0.26 percent to 4,532.75 on the BEL 20 in Brussels.
There were gains of 0.33 percent to a record 9,305.39 on the Swiss Market Index and 0.01 percent to 42,879 on the SP/MIB in Milan.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
ROW: A probe would determine if the rights of shareholders who were not allowed to vote yesterday had been violated, while the stock exchange also wants answers The election of board directors yesterday at Tatung Co (大同) sparked controversy after the company blocked some institutional and individual shareholders from participating in the general shareholders’ meeting, prompting the Financial Supervisory Commission (FSC) to announce that the vote would be investigated. Lin Kuo Wen-yen (林郭文艷) was re-elected as chairwoman of the household-appliance maker’s nine-member board, but prior to the vote she announced that several shareholders would not have voting rights. They were being denied a vote because they had contravened the Business Mergers and Acquisitions Act (企業併購法), and the Act Governing Relations Between the People of the Taiwan Area and