European stocks rose for a fourth week after the unemployment rate in the US economy unexpectedly fell last month and HSBC Holdings PLC posted a surprise profit.
British Land Co climbed 11 percent, pacing gains among real estate companies, as the pace of US job losses slowed more than forecast last month and the unemployment rate dropped for the first time since April last year. HSBC and Barclays PLC both jumped more than 9 percent after income from their investment banking units doubled in the first half.
Europe’s Dow Jones STOXX 600 Index added 2.6 percent to 230.68, its fourth straight weekly gain. The gauge has climbed 46 percent since March 9 as companies from GlaxoSmithKline PLC to Goldman Sachs Group Inc reported better-than-estimated earnings. The regional measure is now valued at 40.1 times the profits of its companies, the highest level since September 2003, weekly data compiled by Bloomberg show.
“Investors are continuing to buy into the market having missed some of the rally since the March lows,” said Richard Hunter, London-based head of UK equities at Hargreaves Lansdown Stockbrokers. “Markets are now searching for the next positive catalyst to move things along.”
ING Groep NV equity strategists raised financial-services shares and basic resources, chemical and industrial stocks to “overweight,” as the brokerage shunned industries whose profits are less tied to economic growth.
Real estate shares posted the steepest gains among all 19 industry groups on the pan-European STOXX 600 index this week, adding 8.8 percent.
‘HERO OF THE ERA’: President Tsai Ing-wen expressed deep sadness at Lee’s passing, and told the government to assist his family with all their needs Former president Lee Teng-hui (李登輝) passed away at 7:24pm yesterday at Taipei Veterans General Hospital. He was 97 years old. The hospital stated the cause of death as septic shock and multiple organ failure. Lee had been hospitalized there since February, when he choked on a mouthful of milk at home. He was later diagnosed with pulmonary infiltrates and aspiration pneumonia. The hospital said that Lee had been treated with antibiotics, but that his health had not improved, as his advanced age and diabetes had inhibited his immune system and led to recurring infections. During his hospitalization, Lee underwent daily kidney dialysis, which removed
‘WEAK POSITIVE’: The man arrived in Taiwan in May and was quarantined for two weeks, Chen Shih-chung said, adding that he might be infected a long time ago The government is considering tightening mask-wearing rules again in light of a potential domestic COVID-19 infection, Minister of Health and Welfare Chen Shih-chung (陳時中) said yesterday. The Central Epidemic Command Center (CECC) confirmed seven new COVID-19 cases, six of which are imported. The other case involves a Belgian engineer who entered Taiwan on May 3 and remained in quarantine until May 17, said Chen, who heads the CECC. Although the source of infection has yet to be identified, the case could end the nation’s record of not having any domestic cases in the previous 110 days. The Belgian, in his 20s, is a technician
RECEIVING TREATMENT: President Tsai Ing-wen, Vice President William Lai and Premier Su Tseng-chang visited former president Lee Teng-hui yesterday morning Taipei Veterans General Hospital yesterday rebutted speculation that former president Lee Teng-hui (李登輝) had died a day earlier, saying that he was weak, but receiving treatment. The hospital said the 97-year-old Lee was not in good condition and needed ongoing care, adding that if there are any changes in his condition, it would make those public. The comments came after rumors emerged online on Tuesday that Lee had died after being hospitalized since early February. Soon after the unsubstantiated rumors emerged, reporters started flocking to the hospital seeking confirmation. Lee was admitted to Taipei Veterans General Hospital on Feb. 8 after choking while drinking
THAI CASE UPDATE: Twenty-nine close contacts of the worker have been tested with two types of tests, including 18 dorm mates, with 28 negative results so far Five imported cases of COVID-19, four from the Philippines and one from Hong Kong, were reported yesterday, bringing the total confirmed cases in Taiwan to 467, the Central Epidemic Command Center (CECC) said yesterday. The four returning from the Philippines were on the same flight, and the local health department has identified 15 people who had direct contact with them — including 10 passengers in the two rows in front or behind them, who have been put under 14-day home isolation, and five crew members, who will practice 14-day self-health management, said Centers for Disease Control (CDC) Deputy Director-General Chuang Jen-hsiang