Asian Stocks Gain, Euro Edges Lower on French Vote: Markets Wrap
What caused Asian stocks to gain recently?
Asian stocks gained recently due to a rally in Taiwan Semiconductor Manufacturing Co. and a positive impact from US payroll data, which supported the case for the Federal Reserve to shift towards interest rate cuts. This optimism pushed the MSCI Asia Pacific Index of stocks to climb as much as 0.4%.
Why did the euro edge lower following the French vote?
The euro edged lower following the French vote due to concerns about France's post-election finances. The results of the election, in which no political party won the majority needed to govern, potentially constrains the influence of left-wing New Popular Front coalition and Marine Le Pen's National Rally, both of which advocate increased public spending.
What was the result of Taiwan Semiconductor's stock after Morgan Stanley's action?
Taiwan Semiconductor's stock surged to a record high after Morgan Stanley raised its price target on the chipmaker. The company's shares jumped as much as 4.5% in Taipei, extending its rally this year to more than 75%. Morgan Stanley analysts increased their target on the stock by about 9%, expecting the chip maker to raise its full-year sales estimate in the upcoming earnings announcement.