European stocks posted the first weekly advance in four as the European Central Bank (ECB) delayed its withdrawal of emergency liquidity measures and bought government bonds in Portugal, Ireland and Greece.
Bank of Ireland PLC surged 22 percent as euro-region governments agreed to hand the nation an 85 billion euro (US$114 billion) aid package. Porsche SE gained 12 percent after the approval of a 5 billion euro stock sale to reduce debt. Fresnillo PLC and ArcelorMittal led basic-resources stocks higher, rising more than 7 percent.
The STOXX Europe 600 Index rose 1.6 percent to 270.94 this past week, bringing the gauge to within 1 percent of this year’s highest level.
The measure has rallied 17 percent since its low for this year in May, amid better-than-estimated company earnings and speculation policymakers in the US and elsewhere will implement more stimulus measures to prop up the recovery.
National benchmark indexes rose in 16 out of 18 western European markets. Germany’s DAX and the UK’s FTSE 100 Index each gained 1.4 percent, while France’s CAC 40 Index advanced 0.6 percent.
Ireland’s ISEQ ended the week 2.8 percent higher after the government accepted an EU-led bailout.
Spain’s IBEX 35 rallied 4.9 percent for the biggest weekly gain since July as Banco Santander SA soared 11 percent.
PLANNED OUT: The government is lifting sale and export restrictions on 60% of the 20 million masks made daily, but people can still make purchases using their NHI cards Twenty thousand boxes of 50 masks each would be on sale at FamilyMart convenience stores starting tomorrow, Taiwan FamilyMart Co Ltd (全家便利商店) said yesterday. A box of 50 masks would cost NT$249 for those with FamilyMart memberships and NT$299 for those without, with no limits placed on how many boxes a person can buy, the company said. Convenience store chain operator Hi-Life International Co Ltd (萊爾富) said that it would also start selling masks from tomorrow. It has yet to announce details about prices and quantity. Hypermarket chain operator Carrefour Taiwan (家樂福) said that it would start selling packs of five
BOOSTING BUYING: A source said that the idea of pre-ordering vouchers online is being considered, but the preliminary plan is for people to buy them at post offices A stimulus voucher program to be rolled out next month to boost consumption would be available not only to Taiwanese, but also foreign nationals and Chinese spouses who hold residency permits, a source familiar with the matter said yesterday. The government is fine-tuning the details of the program, which involves issuing vouchers for in-store purchases to revive buying amid the COVID-19 pandemic. During a radio interview on Monday last week, National Development Council (NDC) Minister Kung Ming-hsin (龔明鑫) said that the plan is to allow anyone, regardless of age or income level, to buy NT$3,000 (US$99.89) worth of vouchers for
Taiwan High Speed Rail Corp (THSRC, 台灣高鐵) is expected to recover quickly from the effects of COVID-19, as life returns to normal and thanks to the government’s domestic travel incentives, Yuanta Securities Investment Consulting Co (元大投顧) said in a note on Friday. THSRC’s business might have bottomed out after revenue fell 49.83 percent year-on-year to NT$2.03 billion (US$67.59 million) in April, the lowest in nearly 10 years, while combined revenue in the first four months dropped 26.44 percent to NT$11.63 billion, as the COVID-19 outbreak reduced ridership, the investment consultancy said. “The worst should be over in April as domestic tourism
Delta Electronics Inc (台達電), the nation’s leading power management solutions provider, has signed an agreement to acquire Canadian software firm Trihedral Engineering Ltd to bolster its smart production efforts, it said on Saturday. Delta said in a statement that it would acquire Trihedral for C$45 million (US$32.68 million) through its 100 percent-owned subsidiary Delta Electronics (Netherlands) BV. Trihedral specializes in supervisory control and data acquisition (SCADA) and industrial Internet of Things software, which would strengthen Delta’s hardware offerings in fast-growing areas such as automation, artificial intelligence and data analytics, it said. “The collection, monitoring and analyzing of data are critical to Delta’s two