Asian chipmakers are experiencing a rocky patch, with the index sliding 6% on Thursday, taking it down 27% from its June peak. This volatility is evident in markets such as South Korea’s KOSPI, where wild swings in chip giants Samsung Electronics and SK Hynix have become a daily event.
TSMC Earnings
Expectations are for a nearly 60% surge in net profit for the quarter, and even if the chip giant beats that, it may not be enough. It will take a flawless report, coupled with more than rosy guidance, to avoid being punished. Just look at ASML’s results.
While the rotation from memory and hardware has left most Asian share markets in the red, European futures seem less troubled, heading for a flat open. Wall Street futures were 0.1% higher, after a stronger session overnight thanks to cooler inflation and robust bank earnings.
Results from Netflix, GE, and a few banks, including U.S. Bancorp and State Street, are due later. U.S. retail sales for June are seen rising a modest 0.2%, after May’s 0.9% jump, but the control group is forecast at a solid 0.5%. Any weakness could support the dovish turn in Fed bond markets, offsetting concerns about demand.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
