EM ASIA CREDIT: TSMC (TAISEM, Aa3/AA-/NR) to keep cutting edge technology local
Mar-07 06:23
TSMC (TAISEM, Aa3/AA-/NR) to keep cutting edge technology local
- TSMC CEO, C.C. Wei, and the Taiwanese President, Lai Ching-te, spoke yesterday regarding TSMC's plans to invest an additional $100bn in the U.S. The press conference was designed to dispel concerns that TSMC is effectively shifting its focus towards the U.S., reducing a key competitive advantage for Taiwan.
- The CEO made it clear that the investment was connected to rising demand by U.S. customers, and that next generation technologies will remain in Taiwan. Indeed engineers based in the U.S. will focus primarily on the optimisation of existing technologies.
- These statements are in line with earlier comments made by the Taiwanese Economic minister Kuo Jyh-huei, in which he indicated Taiwan would review outbound investment to the U.S. as it related to chip making IP.
- This may set up an interesting dynamic, that as demand rises for AI, autonomous vehicles and robotics technology, U.S. semiconductor technology may lag behind.
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LOOK AHEAD: UK Timeline of Key Events (GMT Times)
Feb-05 06:23
| Date | UK | Period | Event |
| 05-Feb | 0930 | Jan | S&P Global Services/Composite PMI (Final) |
| 06-Feb | 0930 | Jan | S&P Global/CIPS Construction PMI |
| 06-Feb | 1200 | Bank Of England Interest Rate | |
| 06-Feb | 1230 | BOE MPR press conference | |
| 06-Feb | 1400 | Decision Maker Panel data | |
| 07-Feb | 1215 | BOE's Pill at National MPC Agency briefing | |
| 11-Feb | 0001 | Jan | BRC-KPMG Shop Sales Monitor |
| 11-Feb | 0845 | BOE's Mann lecture on Economic Prospects | |
| 11-Feb | 1215 | BOE Bailey's speech on changes in financial markets | |
| 12-Feb | 1500 | BOE's Greene speech at Institute of Directors | |
| 13-Feb | 0700 | Dec | GDP/Trade/ Services/ Production/ Construction |
| 13-Feb | 0700 | Q4 | GDP First Estimate |
| 18-Feb | 0700 | Dec/Jan | Labour Market Survey |
| 19-Feb | 0001 | Jan | Brightmine pay deals for whole economy |
| 19-Feb | 0700 | Jan | Consumer inflation report |
| 19-Feb | 0700 | Jan | Producer Prices |
GBPUSD TECHS: Resistance At The 50-Day EMA Remains Intact
Feb-05 06:19
- RES 4: 1.2667 High Dec 19
- RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing
- RES 2: 1.2576 High Jan 7
- RES 1: 1.2503/23 50-day EMA / High Jan 27 and key resistance
- PRICE: 1.2479 @ 06:18 GMT Feb 5
- SUP 1: 1.2249 Low Jan 3
- SUP 2: 1.2161 Low Jan 17 / 20
- SUP 3: 1.2100 Low Jan 10 and the bear trigger
- SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
Resistance in GBPUSD remains intact and the recent pullback highlights a potential bearish threat. The move down signals the end of the Jan 13 - 27 correction and note that 1.2503, the 50-day EMA, remains intact. Furthermore, MA studies are in a bear-mode position highlighting a dominant downtrend. A resumption of weakness would open 1.2100, the Jan 13 low and bear trigger. A clear break of the 50-day average would alter the picture.
LOOK AHEAD: Eurozone Timeline of Key Events (GMT Times)
Feb-05 06:18
| Date | Time | Country | Event |
| 05-Feb | 745 | FR | Industrial Production |
| 05-Feb | 815 | ES | S&P Global Services/Composite PMI (f) |
| 05-Feb | 845 | IT | S&P Global Services/Composite PMI (f) |
| 05-Feb | 850 | FR | S&P Global Services/Composite PMI (f) |
| 05-Feb | 855 | DE | S&P Global Services/Composite PMI (f) |
| 05-Feb | 900 | IT | Retail Sales |
| 05-Feb | 900 | EU | S&P Global Services/Composite PMI (f) |
| 05-Feb | 1000 | EU | PPI |
| 05-Feb | 1400 | EU | ECB's Lane at Euro area in 2025 event and Q&A |
| 06-Feb | 700 | DE | Manufacturing Orders |
| 06-Feb | 830 | EU | S&P Global Final Eurozone Construction PMI |
| 06-Feb | 1000 | EU | Retail Sales |
| 07-Feb | 700 | DE | Trade Balance/ Industrial Production |
| 07-Feb | 745 | FR | Foreign Trade |
| 07-Feb | 800 | ES | Industrial Production |
| 07-Feb | 845 | EU | ECB's De Guindos at 'VI Encuentro Economico-Asegurador' conference |
| 07-Feb | EU | ECB to publish report on R* |
