Let the chips fall where they may

Reuters

Let the chips fall where they may

2024 7월 17 일, 오전 6:45 GMT

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LET THE CHIPS FALL WHERE THEY MAY

European equities are heading for a downbeat start today, with the exception of London's FTSE 100 .FTSE, which may get a little boost from British data that showed inflation held at 2% last month.

Earnings headlines are picking up. Heavyweight ASML ASML.AS beat expectations with its Q2 results, but its shares are down sharply in Frankfurt, which, if carried through to regular trading, could weigh on the broader market.

Stoxx 50 futures STXEc1 are down 0.4%, while those on the DAX FDXc1 and CAC 40 FCEc1 are down 0.2%. FTSE futures FFIc1 are the outlier, with a modest 0.1% gain.

The chip sector could see some reverberations from comments by U.S. presidential candidate Donald Trump, who said Taiwan - home to the world's largest chip manufacturer, TSMC 2330.TW - should pay the United States for its defence. Separately, the U.S. has told its allies it is considering using tougher trade rules to crack down on China. These would apply to the likes of ASML and Toyko Electron 8035.T

Meanwhile, HSBC HSBA.L, Europe's largest bank, has appointed its Chief Financial Officer Georges Elhedery as its next CEO, replacing outgoing exec Noel Quinn from Sept 2.

Switching to pharma, Swiss drugmaker Roche ROG.S has reported positive early results in a trial of an obesity drug - remember what a boon that has been to the likes of Novo Nordisk NOVOb.CO and Eli Lilly LLY.L - while Bayer BAYG.DE says its Nubeqa drug has been shown to slow the progression of certain types of prostate cancer.

And finally, the mining sector could get a boost from the gold price hitting new record highs above $2,440 an ounce, as investors up their bets on the first U.S. rate cut. GOL/

(Amanda Cooper)

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