Market Wrap US-Europe-Asia 17 July: A Global Chip Rout Deepens With Taiwan Down 6.5 Percent and the Nasdaq Off 1.4 Percent as the VIX Jumps 12 Percent
A global chip selloff deepened into Friday as Taiwan sank 6.5 percent and Wall Street fell, even as oil surged.
๐ Taiwan's Taiex fell 6.47 percent, the Nikkei 4.03 percent and Shenzhen 5.40 percent
๐ Wall Street lower - Nasdaq off 1.40 percent, S&P 500 down 1.01 percent, Dow off 0.77 percent
๐ The VIX jumped 12.19 percent to 18.77 as risk appetite drained
๐ Brent settled up 4.68 percent to 88.17 dollars and gold reclaimed 4,000
๐ The UAE was the only Gulf market open - Dubai off 1.39 percent, Abu Dhabi flat
๐ The read: The escalation week closed as a monetary and positioning event, the chip complex from Taipei to New York repricing the same rate-and-supply shock while oil surged. For the Gulf, the region's largest markets held nearly flat through the week even as global tech fell harder, and the near-5 percent jump in crude rebuilds the revenue side, though the rate path in Washington and Frankfurt is the real channel.
๐ Full analysis: https://t.co/kJY348Q6aZ
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