MOMENTUM: The main US indicators all ended the week with reasonable gains as investors scrambled to entrench themselves for an expected year-end rally
Wall Street turned on the afterburners over the past week as investors scrambled to get in on what some see as a building year-end rally. But some analysts remain cautious about how far the momentum will carry.

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POSITIVE LEAD: Continuing purchases by foreign investors supported Taiwanese shares, although the TAIEX met strong resistance around the 5,900-level
Asian stocks closed higher on Friday amid heavy interest in select stocks and another positive lead from Wall Street, where sentiment was buoyed by strong economic data, dealers said.

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FIRMER: Rising US interest rates supported the US currency in recent months, and even the worse-than-expected jobs report for last month couldn't diminish its allure
The US dollar advanced broadly on Friday to reach a fresh 18-month high versus the euro and a 26-month top versus the yen despite disappointing data on US employment.

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Stock markets in Europe wilted on Friday in the face of disappointing corporate news and a weaker-than-expected report on job creation in the US.

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Oil prices fell by more than US$1 a barrel on Friday amid milder weather on both sides of the Atlantic that was expected to dampen demand for home-heating fuels.

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SUMMIT: The Mexican president said the Free Trade Area of the Americas could start to move forward if it excludes countries like Venezuela, which favors a socialist approach
With talks stalled on forming a 34-nation free-trade zone from Alaska to Argentina, Mexico's president on Friday floated a new proposal: Exclude dissenting countries like Venezuela and make a smaller alliance that would still rival the EU.

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RESULTS: A conference to examine the retailer's impact on the US economy showed that wages tend to drop by almost 5 percent wherever Wal-Mart stores are located
Wal-Mart Stores Inc, the world's largest employer, asked nine economists to assess its effect on the economy. On Friday, at a conference organized by the company, they told Wal-Mart that it's far from an exemplary employer.

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EU trade chief Peter Mandelson urged China to open its markets to EU goods and quell piracy and counterfeiting.

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Japan's No. 1 oil company, Inpex, and its rival Teikoku Oil said yesterday they would merge next year in a bid to compete in the world's oil exploration market.

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■ Banking
Workers strive for board seat
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