FT News Briefing Chipmakers send tech shares yo-yoing
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Oct 18, 2024 Israel announces the death of Hamas leader Yahya Sinwar, impacting the Gaza conflict. Meanwhile, mixed earnings from chipmakers lead to wild fluctuations in tech stocks. NVIDIA shines amidst optimism, while ASML struggles with a semiconductor recovery warning. The European Central Bank's rate cut raises concerns about eurozone growth. In South Africa, political tensions within a coalition government are highlighted as optimism takes root, showcasing the need for unity to ensure economic stability.
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Tech Stock Volatility
- Tech stocks fluctuated due to mixed earnings reports from chipmakers like NVIDIA and ASML.
- While NVIDIA rebounded, ASML's lower-than-expected orders triggered a broader tech stock decline.
Investor Sentiment Shift
- Investors are now more discerning about tech stocks after a period of easy growth.
- The market is becoming more selective, leading to increased volatility and focus on individual company performance.
South Africa's Second Miracle
- South Africa's new unity government, comprising the ANC and DA, has survived its first 100 days.
- This power-sharing agreement is seen as a significant development, given the parties' ideological differences.