European stocks rose this week, sending the Dow Jones STOXX 600 Index to its highest level since October, after US Federal Reserve Chairman Ben Bernanke said the world was “beginning to emerge” from a recession and reports signaled an improving economy.
UBS AG rallied 8.8 percent as the Swiss government sold its 6 billion-Swiss franc (US$5.6 billion) investment in the bank. Wienerberger AG, the world’s biggest brickmaker, surged 23 percent after Deutsche Bank AG recommended buying the shares. Holcim Ltd climbed 11 percent as the cement maker raised its savings target for this year.
The STOXX 600 added 2.7 percent to 234.85. Economic data this week showed that sales of existing US homes jumped more than forecast last month to the highest level in almost two years, while investor confidence in Germany climbed more than estimated last. German services and French manufacturing unexpectedly expanded this month, Markit Economics said, citing its purchasing managers’ survey.
“The PMI data for the euro-zone are stunning,” said Matthias Joerss, head of equity strategy at Sal Oppenheim Jr & Cie in Frankfurt. “We should get very decent earnings reports for the third quarter.”
The STOXX 600 has rallied 49 percent since March 9 as companies worldwide reported better-than-projected earnings and investors speculated government measures and interest-rate cuts will help to pull the global economy out of recession.
National benchmark indexes rose in all 18 western European markets this week. The UK’s FTSE 100 and Germany’s DAX both climbed 2.9 percent. France’s CAC 40 advanced 3.5 percent.
SCHEDULE: The delegation is due to meet with President Tsai Ing-wen this morning and witness the signing of an MOU on bilateral health cooperation in the afternoon US Secretary of Health and Human Services (HHS) Alex Azar yesterday arrived in Taipei aboard a US government plane at the head of a delegation that is the highest-level visit by a US official since Washington switched diplomatic recognition to China in 1979. Azar’s flight landed at Taipei International Airport (Songshan airport) at 4:48pm, nearly one hour earlier than scheduled, the Ministry of Foreign Affairs said. The apron where it landed is reserved for military aircraft, the Songshan Air Force Base Command said. The members of Azar’s delegation included HHS Assistant Secretary for Preparedness and Response Robert Kadlec, HHS Chief of Staff Brian
CHINESE FIGHTERS: Beijing marked the US Cabinet member’s visit by briefly sending two warplanes across the median line of the Taiwan Strait yesterday morning President Tsai Ing-wen (蔡英文) yesterday met with US Secretary of Health and Human Services Alex Azar in the highest-level official meeting between the two nations since 1979. “It is a true honor to be here to convey a message of strong support and friendship from [US] President [Donald] Trump to Taiwan,” Azar said during the open portion of his courtesy call to the Presidential Office, which was streamed live online before Tsai and Azar held a closed-door meeting. “Taiwan’s response to COVID-19 has been among the most successful in the world, and that is a tribute to the open, transparent,
‘CROSS-STRAIT CONSIDERATIONS’: Groups said that the Ministry of Education’s policies excluded Chinese and students should not be blocked over political issues The Taiwan International Student Movement yesterday said it would protest today outside the Ministry of Education in Taipei against a policy that excludes some Chinese students from returning to Taiwan amid the COVID-19 pandemic. Since June 17, the ministry has allowed foreign students from 19 “low risk” and “medium-low risk” countries and regions to enter Taiwan. On July 22, it announced that it was relaxing restrictions to include students from all countries and regions who are graduating this semester and on Wednesday it further expanded entry to students enrolled in degree programs. A letter sent by the ministry on Wednesday to universities did
PARTNERSHIP AND LEARNING: A Princeton University health policy researcher said that the nation would be a ‘treasure trove’ of information for the US health chief US Secretary of Health and Human Services Alex Azar on Friday said he wants to learn about Taiwan’s “incredibly effective” response to COVID-19, even though the nation did things that the US has fumbled, such as having a unified strategy and citizens willing to wear masks. Azar leads a US delegation arriving today for a three-day visit to Taiwan. They are to meet with President Tsai Ing-wen (蔡英文) and health system leaders, and Azar is to give a speech to public health graduates. “The message of this trip is about Taiwan,” Azar said in an interview, deflecting a question about China.