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Chip optimism lifts global equities

Global equity markets found support late in the week from upbeat guidance and expanding investment plans at Taiwan Semiconductor Manufacturing Company (TSMC), which reinforced optimism around sustained demand for AI-related chips. US and European stock indices advanced on Thursday, led by technology shares and supported by solid results from major US financial institutions, while Asian markets were more mixed on Friday as strength in regional chipmakers was offset by weakness in other sectors and renewed concerns around Chinese regulation and geopolitics. Gold prices were trading lower around USD 4600 per ounce on Friday, retreating from recent highs as the risk of a US intervention in Iran receeded. Likewise, oil eased slightly and Bitcoin was trading somewhat lower around USD 95,600.

  • Date
  • Auteur Shane Strowmatt, Senior Investment Writer
  • Temps de lecture 5 minutes

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Asian stock markets were mixed on Friday, as gains in technology shares following strong quarterly earnings from Taiwanese chip foundry TSMC offset weakness in other sectors. South Korea’s Kospi rose nearly 1%, driven by advances in local chipmakers including Samsung Electronics and SK Hynix, while TSMC shares climbed to a record high in Taipei after its US listing had jumped over 4% on Thursday on the back of solid fourth-quarter results and robust AI-related demand. Tech-heavy indices in Japan and Hong Kong also saw support from the sector, but the Nikkei 225 fell 0.3% and the Hang Seng dropped 0.6% as profit-taking in major names and lingering concerns over China-Japan diplomatic tensions weighed. Mainland Chinese indices fell, with the CSI 300 slipping about 0.6% as new curbs on high-frequency trading and earlier increases in margin financing requirements added to worries over regulatory intervention, with investors now focused on fourth-quarter gross domestic product (GDP) data due on Monday to assess whether the economy met Beijing’s 5% annual growth target.

US equities edge higher, supported by chipmakers

US stock indices finished with moderate gains on Thursday, with the Dow Jones Industrial Average up 0.6% to 49,442.44 points, the S&P 500 rising 0.3% to 6944.47 points and the Nasdaq 100 adding 0.3% to 25,547.07 points after giving back most of an earlier advance of more than 1.2%. Semiconductor shares initially rallied sharply after TSMC announced significantly higher investment plans for the next three years to meet surging demand for chips used in AI applications, and sentiment was further supported after the US government detailed a trade agreement under which Taiwanese chipmakers will invest at least USD 250 billion in the US and receive credit guarantees for at least another USD 250 billion, while US tariffs on Taiwanese goods will be cut from 20% to 15%. Shares of US chip-equipment makers Applied Materials, Lam Research and KLA rose between 4.2% and 7.7%, while major chip producers including Nvidia, Micron, Broadcom and AMD gained between 0.9% and 2.1%. Major US banks Goldman Sachs and Morgan Stanley advanced 4.6% and 5.8%, respectively after largely beating quarterly earnings expectations. BlackRock climbed 5.9% as its assets under management in the final quarter of 2025 exceeded analyst forecasts.

European stocks gain on tech strength

Major European equity indices posted moderate gains on Thursday, with the euro-area blue-chip Euro Stoxx 50 closing 0.6% higher at a fresh record of 6041.14 points and Switzerland’s SMI edging up 0.1% to 13,476.32 points. Sentiment was supported by stronger-than-expected euro-area industrial production in November, a return to modest growth for the German economy in 2025 (0.2% GDP growth on a price-adjusted basis) after two years of recession, and solid earnings from US financial groups. Technology shares led sector performance as optimism about TSMC’s growth outlook underpinned the semiconductor industry, lifting Dutch chip equipment maker ASML to a record close with a 6% gain and cementing its position as Europe’s largest listed company with a market value above EUR 440 billion. Luxury stocks retreated after initial gains, with Swiss jewellery and watch maker Richemont falling 2.4% and French group Kering down 3.2% despite strong sales at Richemont’s jewellery houses, as the company cautioned that adverse currency moves and higher raw material costs could pressure margins, while oil and precious metal-related shares weakened as crude prices dropped sharply amid reduced expectations of a US military strike against Iran.

Corporate and economic calendar

Corporate news in focus: There is no major corporate news scheduled today.

Economic data in focus: German Consumer Price Index (08:00), Italian Consumer Price Index (10:00), US manufacturing production (15:15).

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Editor: Alessandro Fezzi
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