The Taiwan stock market is expected to open higher on Wednesday after the TSE surged 1,783.17 points, or 4.20 percent, to close at 44,232.87 on Tuesday, snapping a three-day losing streak that had erased nearly 3,200 points. The rally was driven by strong gains in technology stocks, with financials and plastics also advancing, and was supported by a firm lead from Wall Street where the Dow rose 385.38 points, the NASDAQ added 329.13 points, and the S&P 500 gained 65.92 points. Positive earnings reports from companies such as 3M, General Motors, and Novartis encouraged buying, while the NYSE Arca Computer Hardware Index soared 5.9 percent and the Philadelphia Semiconductor Index jumped 5.2 percent. Crude oil prices also spiked, with West Texas Intermediate crude for August delivery up $1.77 to $85.00 per barrel, as U.S. attacks on Iran continued to raise supply concerns. Taiwan will release June unemployment figures later today, following a May jobless rate of 3.32 percent.
General Motors CompanyPositive earnings report from General Motors encouraged buying.
3M CompanyPositive earnings report from 3M encouraged buying.
Novartis AGPositive earnings report from Novartis encouraged buying.