July 17, 2024 08:05 GMT
ASML Guidance & Geopolitical Risk For Chipmakers Weighs
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Euro Stoxx 50 futures back below 4,950, with an early bounce form lows quickly fading.
- Although our technical analyst notes that the bull cycle remains intact in the contract, today’s sell off brings the Jul 2 low (4,903.00) closer.
- ASML gets most of the attention, with BBG sources noted that “the Biden administration is considering using the most severe trade restrictions available if companies including ASML continue to give China access to advanced semiconductor technology”.
- That, coupled with disappointing Q3 guidance, weighed on the name, even as Q2 metrics were favourable.
- The IT sector leads the Stoxx 50 lower as a result.
- Elsewhere, Roche benefits from positive early-stage test results for a weight loss drug, while Adidas rallies on Q2 earnings and an upgrade for its FY profit outlook.
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