(RTTNews.com) – The Taiwan stock market on Tuesday snapped the two-day winning streak in which it had advanced more than 90 points or 0.8 percent. The Taiwan Stock Exchange now rests just above the 10,565-point plateau, and the losses may accelerate on Wednesday.
The global forecast for the Asian markets is soft thanks to ongoing geopolitical concerns over North Korea and tax reform in the United States. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The TSE finished modestly lower on Tuesday following mixed performances from the financial shares and the technology stocks.
Among the actives, Taiwan Semiconductor Manufacturing Company tumbled 1.92 percent, while AU Optronics picked up 0.40 percent, Innolux advanced 0.77 percent, Hon Hai Precision plummeted 3.43 percent, Largan Precision skidded 1.46 percent, Formosa Petrochemical climbed 1.37 percent, Nan Ya Plastics gained 0.26 percent, Fubon Financial collected 0.39 percent, Cathay Financial dropped 0.91 percent, CTBC Financial added 0.49 percent and Fubon Financial gathered 0.39 percent.
The lead from Wall Street is negative as stocks shrugged off a positive open to finish in the red – including the Dow, which pulled back from its record closing high set in the previous session.
The Dow dropped 109.41 points or 0.45 percent to 24,180.64, while the NASDAQ shed 13.15 points or 0.19 percent to 6,762.21 and the S&P 500 lost 9.87 points or 0.37 percent to 2,629.57.
The lower close on Wall Street reflected concerns about the outlook for the Republican tax reform bill amid reports about disagreements over a corporate alternative minimum tax.
In economic news, the Commerce Department reported that the trade deficit widened more than expected in October. Also, the Institute for Supply Management noted a bigger than expected slowdown in the pace of service sector growth in November.
Crude oil futures were roughly flat Tuesday as oil has turned lower over the past few sessions with the U.S. dollar strengthening on rate hike chatter. Jan. WTI oil added 15 cents or 0.3 percent to $57.62/bbl.
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