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On September 19th, UK public sector borrowing increased significantly in August, placing additional pressure on Chancellor of the Exchequer Reeves ahead of the November budget. Joe Nellis, an economic advisor at the MHA, noted, "The Chancellor will have to make some extremely difficult, yet crucial, decisions in the budget if fiscal stability is to be maintained." He stated in a report that the UKs larger-than-expected deficit was primarily due to high interest costs on inflation-linked bonds—the 30-year government bond yield hit a nearly 30-year high in August. Increased welfare spending and an upward revision to public sector wage bills also contributed. Nellis stated that with the economy continuing to weaken and lacking stable, sustained growth, the governments increased borrowing is further constricting its fiscal space ahead of the budget.The Hang Seng Index in Hong Kong closed up 0.25 points, or 0.0%, at 26,545.1 points on Friday, September 19; the Hang Seng Tech Index closed up 23.2 points, or 0.37%, at 6,294.42 points on Friday, September 19; the CSI 300 Index closed up 15.83 points, or 0.17%, at 9,472.35 points on Friday, September 19; and the H-share Index closed down 131.6 points, or 3.09%, at 4,126.05 points on Friday, September 19.Intel (INTC.O) fell 2.2% in pre-market trading, after surging more than 22% in the previous trading day.September 19th: Advances in electronic trading may be suppressing volatility in the foreign exchange market, making sustained large swings a thing of the past. This was the view of some attendees at this weeks TradeTech forex conference in Barcelona, where the impact of increasing automation and algorithmic trading was a hot topic. Despite daily trading volume reaching $7.5 trillion, volatility in the foreign exchange market has fallen to near a one-year low. Gordon Noonan, head of foreign exchange trading at Schroders, cited the FX fluctuations following the release of the non-farm payroll data as evidence of the "frenzied" growth of electronic trading. Interest rate spreads, which used to widen for extended periods, now normalize within 30 seconds. Flash crashes, which were sporadic a few years ago, are now almost nonexistent. Noonan even suggests that professional forex traders may no longer be needed in the future. Furthermore, a survey by the London Stock Exchange shows that forex trading firms continue to prioritize investment in technology this year, with companies preferring to rely on machines rather than employees to gain a competitive advantage in an increasingly automated market.On September 19th, Berenberg Bank analysts noted that automakers may face continued volatility in the short term, but third-quarter sales in Europe and the United States started relatively well. The analysts added that despite ongoing pricing pressure, strong product launch momentum from the second half of 2025 through 2026-2027 should provide support. Tariff headwinds will continue to squeeze profit margins until the US reduces the current 27.5% tariff on European vehicles to 15%. The banks top picks are BMW, Ferrari, and Renault: BMWs fundamentals remain solid, Ferraris consensus earnings forecast for 2026-2027 has room for upward revisions, and Renaults valuation remains attractive. The firm also upgraded its European rating on Stellantis to "buy" from "hold," raising its target price from 9 euros to 9.50 euros.

In Taiwan, TSMC Began Mass Production of Advanced Processors

Aria Thomas

Dec 30, 2022 11:19

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Taiwan Semiconductor Manufacturing Company Ltd (TSMC) began mass production of its most advanced chips in southern Taiwan on Thursday, and the company's chairman predicted that the island would continue to see capacity increase.


Long-awaited mass manufacturing of chips using 3-nanometer technology occurs as domestic and international attention focuses on the investment plans of the world's largest contract chipmaker. TSMC enjoys a commanding market share as the primary manufacturer of sophisticated processors used in everything from cell phones to combat jets.


During a ceremony commemorating the development of Tainan's production and capacity, TSMC Chairman Mark Liu stated, "TSMC maintains its technological leadership while investing significantly in Taiwan, continuing to invest and prosper with the environment."


Liu claimed that demand for the company's 3-nanometer chip was "very solid," fuelled by the introduction of new technologies such as 5G and high-performance computing solutions. He did not elaborate.


This month, TSMC stated that its planned investment in its new Arizona factory would be increased to $40 billion, making it one of the largest foreign investments in U.S. history.


The Taiwanese firm, whose major clients include Apple Inc (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA) Corp, is also establishing a chip plant in Japan and has announced that it is exploring a future expansion into Germany.


As an apparent response to concerns that TSMC's offshore investment would erode Taiwan's leading position in semiconductors, Liu remarked that the output was evidence that TSMC was "taking concrete steps to develop advanced technologies and expand capacity in Taiwan."


The Taiwanese government has dismissed concerns of a "goodbye to Taiwan" trend in the chip industry, stating that the island's position as a major semiconductor producer and manufacturer of the most powerful processors is secure.


According to Liu, the new 3-nanometer technology will develop end goods with a market value of $1.5 trillion within five years, and mass manufacturing is successful and yields are high.


TSMC announced that it was establishing factories in northern and central Taiwan to manufacture 2-nanometer chips for the next generation.


TSMC has said on multiple occasions that the majority of its manufacturing will remain in Taiwan.


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