(RTTNews) – The Taiwan stock market has ticked lower in back-to-back trading days, dropping almost 40 points or 0.3 percent along the way. The Taiwan Stock Exchange now sits just beneath the 17,435-point plateau and it may take further damage on Wednesday.
The global forecast for the Asian markets is soft due to the outlook for interest rates, despite encouraging data. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.
The TSE finished barely lower on Tuesday following mixed performances from the financial shares and technology stocks.
For the day, the index dipped 11.41 points or 0.07 percent to finish at 17,434.90 after trading between 17,424.54 and 17,529.47.
Among the actives, Cathay Financial eased 0.17 percent, while Mega Financial collected 0.62 percent, Fubon Financial sank 0.74 percent, First Financial added 0.44 percent, E Sun Financial rose 0.19 percent, Taiwan Semiconductor Manufacturing Company fell 0.33 percent, United Microelectronics Corporation skidded 1.20 percent, Hon Hai Precision advanced 0.94 percent, Largan Precision tumbled 1.94 percent, Catcher Technology dipped 0.31 percent, MediaTek rallied 2.16 percent, Formosa Plastic perked 1.49 percent, Asia Cement climbed 1.31 percent, Taiwan Cement soared 2.59 percent and Delta Electronics and CTBC Financial were unchanged.
The lead from Wall Street is negative as the major averages opened higher on Tuesday but quickly turned lower and finished in the red.
The Dow tumbled 292.06 points or 0.84 percent to finish at 34,577.57, while the NASDAQ sank 67.82 points or 0.45 percent to close at 15,037.76 and the S&P 500 fell 25.68 points or 0.57 percent to end at 4,443.05.
Stocks initially benefited from a positive reaction to a highly anticipated Labor Department report showing consumer prices increased less than expected in August. The relatively tame inflation data generated optimism that the Federal Reserve may delay plans to begin scaling back stimulus.
However, subsequent comments from economists suggested that the Fed is still likely to begin tapering its asset purchases as soon as December.
The Fed is scheduled to hold a monetary policy meeting next week, with many expecting the central bank to provide an update on the outlook for its asset purchase program.
Crude oil futures settled slightly higher Tuesday after the Labor Department said U.S. consumer prices increased less than expected last month, while traders also weighed the impact of tropical storm Nicholas. Crude oil futures settled at $70.46 a barrel, up a penny from the previous close.