French Leadership Uncertainty – Asia Market Wrap

Asian shares gained as a rally in Taiwan Semiconductor Manufacturing helped push up the region’s benchmark equities index. The euro edged lower on concern about France’s post-election finances.

The MSCI Asia Pacific Index of equities rose as much as 0.4%, with heavyweight TSMC reaching a new high after Morgan Stanley raised its price objective for the business. Friday’s US payroll figures bolstered the case for the Federal Reserve to shift its focus to interest rate decreases.

The euro’s losses were mitigated by the announcement that no French political party achieved the necessary majority to rule in Sunday’s second round poll. The outcome might limit the dominance of the left-wing New Popular Front coalition and Marine Le Pen’s National Rally, both of which demand for higher government spending.

Bitcoin fell with other cryptocurrencies due to concern over possible sales of the token by creditors of the failed Mt. Gox exchange. In China, the central bank sought take more control of market interest rates by announcing additional open market operations and tightening the band within which short-term rates can fluctuate.