European stocks rose for a second week, led by technology companies and drugmakers, after Ericsson AB and Bayer AG reported better-than-estimated earnings and UCB SA won US approval for a new Crohn’s disease medicine.
UK pub companies and homebuilders limited gains as Punch Taverns Plc reported a drop in profit and Persimmon Plc postponed work on new sites. ProSiebenSat.1 Media AG led a retreat by media shares after the German broadcaster posted lower earnings.
The Dow Jones STOXX 600 Index added 0.3 percent to 321.70, extending last week’s 3.2 percent advance. The measure has fallen 12 percent this year on concern more than US$290 billion in losses related to the collapse of the US subprime-mortgage market will drag down global economic growth.
Analysts predict profit at companies in the STOXX 600 may decline 0.02 percent this year, according to estimates compiled by Bloomberg.
National benchmarks gained in 12 of 18 western European markets last week. Germany’s DAX Index added 0.8 percent, while France’s CAC 40 rose 0.3 percent. The UK’s FTSE 100 climbed 0.6 percent. The STOXX 50 advanced 0.4 percent, while the Euro STOXX 50, a measure for the euro region, declined 0.4 percent.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
OVERWHELMING SUPPORT: The bill with US$2 billion in Foreign Military Financing Program funds and US$1.9 billion to replenish defense articles passed the House 385-34 Taiwan is to continue working with the US to ensure peace in the Taiwan Strait, the Ministry of National Defense said yesterday after the US House of Representatives approved a US$95 billion foreign aid package with funding for Taiwan. The bills were passed with bipartisan support in a rare Saturday session after votes had been delayed for months by House Republicans. After clearing the House, the bills — containing US$8 billion for Taiwan and the Indo-Pacific region, along with US$60.8 billion for Kyiv, and US$26 billion for Israel and humanitarian aid for civilians in conflict zones — would be combined into a
The navy next month is expected to commission into service two more domestically built Tuo Chiang-class stealth missile corvettes, a source said yesterday. The Hsu Chiang (旭江, PGG-621) and the Wu Chiang (武江, PGG-623) would be officially commissioned in a ceremony early next month, the source said, speaking on condition of anonymity. The corvettes, launched in February and June last year respectively, were delivered to the navy in February. They are the third and fourth Tuo Chiang-class stealth missile corvettes to be produced. The Tuo Chiang-class corvette is a domestically designed and manufactured class of fast and stealthy multipurpose corvette built for the