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EQUITIES: Semiconductors Could See Reprieve on TSMC Earnings

EQUITIES
  • The semiconductors/chips sector remains a particular focus for global equities - Netherlands-listed ASML closed at the lows yesterday on a sour outlook due to likely US export curbs on chips to China, marking a loss of 11% on the session (the worst single trading day since COVID).
  • Today's update from Taiwan's TSMC is rosier, with margins, sales and reported net income higher-than-expected. Any commentary on international chips trade will be carefully watched given the impact on headline indices yesterday. Asia's semiconductor stock index has improved since the results, narrowing losses of ~4% to less than 3% at typing. 
  • Eurostoxx future closed lower by 1.7% yesterday as ASML provided a considerable drag on the index. Futures sit just off those lows into the cash open in ~30 minutes. 
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