The US inflation picture remains highly uncertain, as investors weigh softer data with the escalating violence in the Middle East. Meanwhile, Taiwan’s TSMC, the world’s largest contract chipmaker, reported a forecast-beating 77% surge in profits.
Market Trends
The sharp shakeout in semiconductor stocks continues, but TSMC’s strong earnings may help steady the market. However, Europe’s ASML posted a similar beat and still saw its stock end the day in the red. South Korea’s high-flyers also tumbled again, as the central bank lifted interest rates to steady the won and regulators cracked down on new listings of leveraged funds on single stocks.
Stock sector rotation saw the S&P 500 eke out another small gain on Wednesday, and the mood was better in bond markets as another June inflation readout came in much softer than expected. However, the reheated Iran war in July may mean that inflation relief is fleeting, as world oil prices are back well above $80 per barrel.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
