Stocks rose in Europe and Asia as the United States prepared for Monday’s Memorial Day holiday. Oil prices also increased. European markets saw slight gains early in the day, while Asian markets gained momentum as the day progressed.
Germany’s DAX rose 0.1% to 18,713.43 and France’s CAC 40 gained 0.2% to 8,107.16. Markets in London were closed for a bank holiday.
Futures for the S&P 500 and Dow Jones Industrial Average showed minimal declines. In Asia, Japan’s Nikkei 225 climbed 0.7% to 38,900.02 and South Korea’s Kospi surged 1.2% to 2,722.99.
Australia’s S&P/ASX 200 jumped 0.8% to 2,788.30, and China’s Shanghai Composite rose 0.8% to 3,124.24 after the government reported a 4.3% increase in corporate profits from January to April.
Hong Kong’s Hang Seng rebounded from early losses to gain 1.2% at 18,827.35.
Electronic stock board (Via Jonathon Cummins/Getty Images)
In Taiwan and South Korea, strong buying in semiconductor-related stocks drove market gains. Taiwan’s Taiex ended 1.1% higher, reaching a new record high. MediaTek, a leading semiconductor company, surged 7.5%.
Taiwan Semiconductor Manufacturing Corp. saw a modest 0.2% increase.
ANZ analysts Raymond Yeung and Bansi Madhavani noted in a research report the positive impact of the global semiconductor cycle on Taiwan’s economic outlook. They highlighted advancements in AI, cloud computing, and 5G technology driving demand.
On Friday, the S&P 500 recovered all losses from the previous two days, ending with a 0.7% gain for the day and extending its winning streak to five consecutive weeks, nearing its record high set earlier in the week.
