TSMC Earnings Beat Lofty Estimates | Daybreak Europe 7/16/2026

Summary

The program covered a global chip selloff extending into Asia, with TSMC's strong earnings beat providing a positive signal. ABB's CEO discussed record earnings, a historic acquisition, and triple-digit growth in data center business, expressing high confidence in the electrification trend. Geopolitical pressure from US strikes on Iran and new Russian oil sanctions added to market uncertainty, while the UK's incoming prime minister named a market-friendly chancellor.

• Asian equities dragged lower by semiconductor selloff; Kospi dropped over 6%
• TSMC delivered a significant earnings beat, with net income of $22 billion and robust AI demand
• ABB CEO Morten Wierod reported over 100% growth in data center revenue and sees long-term electrification tailwinds
• US launched further strikes on Iran, targeting coastal installations, while the Strait of Hormuz blockade continued
• US trade representative discussed rare earth dependencies and pharma reshoring efforts by companies like Eli Lilly and Novartis
• UK's incoming PM Andy Burnham set to appoint Shabana Mahmood as Chancellor, viewed as market-friendly
• JPMorgan's Jamie Dimon warned about risks of widely available advanced AI models