The consumer confidence index (CCI) this month rebounded from last month, mainly on the back of an improving outlook for the nation’s securities market and housing market, a National Central University survey showed yesterday.
The index stood at 76.5 this month, down 1.17 points from a month earlier, the university’s Research Center for Taiwan Economic Development survey showed.
The index gauges public expectations for the local stock market’s performance, household finances, durable goods, job opportunities, consumer prices and the economic outlook for the next six months.
Photo: Pan Shao-tang, Taipei Times
The survey — which polled 2,424 people over the age of 20 from Thursday to Sunday last week — showed that while concerns over the nation’s economic outlook have increased, uncertainty in five other areas eased, the center said in its monthly report.
The stock market sub-index led the rise among the six sectors this month, increasing by 4 points to 63.4, as the public’s confidence in the securities market varied according to different global news and showed the largest volatility, the report said.
Yet notably, the sub-index of durable goods rose by 2.4 points from a month earlier to 99.05 points last month, marking the largest increase among the six sectors — the highest level since October 2011 — indicating that property remains an attractive investment target, the report said.
“Generally, a political war may cause a nation’s real-estate market to tumble, but what we have here is a sub-index of durable goods that has nearly reached the level of absolute optimism,” center director Dachrahn Wu (吳大任) told a press conference.
The sub-indices of job opportunities and household finances surged to 106.15 and 72.35 this month respectively, both up 0.45 points from a month earlier, followed by the sub-index of consumer prices, which increased slightly by 0.1 points 47.05 this month from last month, the data showed.
In contrast, the economic outlook sub-index decreased by 0.35 points month-on-month to 71 this month, the report’s statistics showed.
Rising sentiment among consumers also lifted sales at several department stores, which started their anniversary sales this week to take advantage of the public’s increased consumption appetite.
Far Eastern Department Store (遠東百貨), which operates 10 department stores and Taipei Metro’s The Mall (遠企購物中心), said sales at its Greater Taichung outlet hit NT$400 million (US$13.49 million) on Thursday — its first day of annual sales event, while Shin Kong Mitsukoshi Department Store Co (新光三越百貨) said its Taipei branch on Nanjing W Road also achieved sales of NT$440 million on Thursday.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to