(RTTNews) - The Taiwan stock market has finished lower in three straight sessions, sinking more than 125 points or 1 percent along the way. The Taiwan Stock Exchange now rests just above the 12,825-point plateau and it may extend its losses on Friday.
The global forecast for the Asian markets is negative on rising coronavirus cases and falling hopes for stimulus. The European and U.S. markets were down and the Asian bourses are predicted to follow suit.
The TSE finished modestly lower on Thursday following losses from the financial shares and mixed performances from the technology and cement stocks.
For the day, the index lost 91.49 points or 0.71 percent to finish at 12,827.82 after trading between 12,786.26 and 12,909.11.
Among the actives, Cathay Financial declined 1.04 percent, while Mega Financial shed 0.89 percent, CTBC Financial sank 0.83 percent, Fubon Financial retreated 1.20 percent, First Financial lost 0.73 percent, E Sun Financial slid 0.40 percent, Taiwan Semiconductor Manufacturing Company skidded 1.31 percent, United Microelectronics Corporation tanked 2.02 percent, Hon Hai Precision rose 0.13 percent, Largan Precision was up 0.17 percent, Catcher Technology fell 0.28 percent, Formosa Plastic dropped 1.00 percent, Asia Cement added 0.25 percent, Taiwan Cement surrendered 0.49 percent and MediaTek was unchanged.
The lead from Wall Street is soft as stocks opened sharply lower on Friday, then cut into the losses as the session progressed but still finished in the red for the second straight day.
The Dow fell 19.80 points or 0.07 percent to finish at 28,494.20, while the NASDAQ lost 54.86 points or 0.47 percent to end at 11,713.87 and the S&P 500 eased 5.33 points or 0.15 percent to close at 3,483.34.
The initial sell-off on Wall Street came amid uncertainty about a new stimulus bill after Treasury Secretary Steven Mnuchin suggested on Wednesday that a new relief package is not likely to pass before next month's elections.
Early selling pressure was also generated by a Labor Department report showing an unexpected increase in first-time claims for U.S. jobless benefits last week.
However, stocks rebounded well off their lows after Mnuchin told reporters that he and President Donald Trump are committed to getting a stimulus deal done.
Crude oil prices rebounded from early weakness to pare most of their losses on Thursday after data showed a larger than expected drop in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for November ended down $0.08 or 0.2 percent at $40.96 a barrel.
(RTTNews) - Facebook Ireland Ltd, which operates Instagram in the UK, has agreed to a package of changes to prevent hidden advertising on Instagram following CMA action. The Competition and Markets Authority has been investigating hidden advertising on Instagram over concerns that social media influencers are posting content about businesses without making clear where they have been paid or incentivised to do so.
Instagram will now prompt users to confirm if they have been incentivised in any way to promote a product or service and, if so, require them to disclose this fact clearly. The photo and video sharing platform will also extend its 'paid partnership' tool to all users enabling people easily to display a clear label at the top of a post. Clear labelling of incentivised posts is required under consumer protection law, the CMA noted.
As part of the commitments, Instagram is also required to involve businesses in the changes by creating a tool to help them monitor how their products are being promoted.
Today, Guess?, Inc. (NYSE: GES) announced that Maurice Marciano, co-founder and non-executive Chairman of the Board of Guess, was recently injured in a bicycle accident near his home in Napa Valley.
Paul Marciano, Chief Creative Officer and Director for Guess, commented, "After careful medical review, my brother Maurice will be in rehabilitation and therapy for an extended period of time and, therefore, will no longer continue to serve as non-executive Chairman of the Board.”
Effective August 14, 2020, the Guess Board has appointed Alex Yemenidjian, an independent Board Member for over 15 years and the current Lead Independent Director, to replace Maurice Marciano as non-executive Chairman of the Board. Maurice Marciano will continue in his role as a member of the Guess Board.
Paul Marciano added, "All Board members, our friends and family, and all members of the Guess Family, wish Maurice a prompt and healthy recovery from this very unfortunate accident. In the meantime, we know that Alex will continue his exemplary service to Guess in his new role as non-executive Chairman of the Board.”
Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, eyewear, footwear and other related consumer products. Guess? products are distributed through branded Guess? stores as well as better department and specialty stores around the world. As of May 2, 2020, the Company directly operated 1,141 retail stores in the Americas, Europe and Asia. The Company’s partners and distributors operated 540 additional retail stores worldwide. As of May 2, 2020, the Company and its partners and distributors operated in approximately 100 countries worldwide. For more information about the Company, please visit www.guess.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200814005406/en/