European stocks ended the session little changed on Friday as a rally in utilities and technology shares outweighed a renewed selloff in the energy sector.
The STOXX Europe 600 slipped less than 0.1 percent to close at 380 points, little changed from last week’s 379. Energy shares fell to their lowest level since November last year, while utilities and technology shares added at least 0.5 percent.
The benchmark index trimmed its losses following stronger-than-expected US monthly jobs data.
The gauge is still down 4.1 percent from its high in May.
Data showed the US economy added 222,000 jobs last month, more than forecast, while the jobless rate rose to 4.4 percent from a previous 16-year low.
Both are indicators that the labor market remains healthy and should support continued increases in consumer spending.
Centrica PLC rallied 2.9 percent, leading utilities higher, after a report the UK utility has attracted the interest of a few bidders.
The STOXX 600 oil and gas sector index fell 1.2 percent, tracking a drop in crude oil prices.
Media stocks fell the most in the index.
Exane analysts wrote in a note that most broadcasters are set to cut their advertising guidance for this year in the coming weeks as digital disruption progresses.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
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