European stocks posted a weekly gain as better-than-estimated US data bolstered investor confidence the economic recovery is on course, outweighing an escalation in the crisis in eastern Ukraine.
UniCredit SpA rose 4 percent and Banco Popolare SC advanced 6.6 percent after Berenberg Bank said Italian lenders would benefit the most if the rebound in the European economy continues. Tesco PLC added 3.1 percent after reporting trading profit that beat estimates. Afren PLC helped a gauge of oil-and-gas companies post the best performance among industry groups. ASML Holding NV tumbled 7 percent after forecasting second-quarter sales that trailed analysts’ projections.
The Europe STOXX 600 Index added 1.1 percent to 332.43 in the holiday-shortened week. The benchmark gauge has climbed in four of the past five weeks and increased 1.3 percent this year.
“US data is fine,” James Buckley, a portfolio manager at Baring Asset Management Ltd in London, said by telephone. “Housing is a bit soft, but all the other indicators are tracking quite well. The improvement looks well established, and that will help US equity markets and spill over into European markets.”
National benchmark indices rose in 11 of the 18 markets in western Europe. The UK’s FTSE 100 and Germany’s DAX advanced 1 percent each, while France’s CAC 40 gained 1.5 percent. Markets were closed on Friday and will remain close tomorrow.
US reports this week showed retail sales and industrial production in the world’s largest economy jumped last month, topping estimates. Fewer Americans than forecast filed first-time applications for jobless benefits, while house construction rose less than projected, separate data showed.
The violence in eastern Ukraine escalated this week and the acting government in Kiev accused Russia of deploying troops in its territory. The US and the EU threatened to extend sanctions on Russia after US President Barack Obama and Russian President Vladimir Putin failed to reach a breakthrough in a phone call. All the four sides met in Geneva on Thursday and issued a statement calling for an array of actions, including the disarming of militant groups and the freeing of public buildings taken over by insurgents.
Additional reporting by AFP
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
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