A look at the day ahead in European and global markets from Tom WestbrookThe strongest quake to hit Taiwan in at least 25 years has also hit a pressure point in the global supply chain.
Taiwan Semiconductor Manufacturing Company's logo is seen while people attend the opening of the TSMC global R&D center in Hsinchu, Taiwan July 28, 2023. REUTERS/Ann Wang
The island accounts for about 90 per cent of production for chipmaker TSMC and while its plants are mostly on the opposite coast from the epicentre, they are full of fragile equipment that's crucial to turning out chips for global firms. Serious damage to chip foundries would ripple around the world and highlight the urgency of U.S. President Joe Biden's strategy of encouraging onshore production to reduce reliance on Taiwan's output.
Apple supplier Foxconn's stock fell more than 2 per cent and shares of flat-panel maker Au Optronics dropped 1.7 per cent. Markets more broadly also slipped as investors await an appearance from U.S Federal Reserve Chair Jerome Powell and U.S. services and jobs figures due later in the day.
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