Shares of Tesla Inc closed lower for a fifth consecutive session on Monday, caught in a tech-led selloff that has wiped more than $277 billion off the company's market value over the last month.
1/LITMUS TEST
FILE PHOTO: A trader works as a screen shows Federal Reserve Chairman Jerome Powell s news conference after the U.S. Federal Reserve interest rates announcement on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 31, 2019. REUTERS/Brendan McDermid
As a mini-tantrum raged on bond markets on Feb. 25, the U.S. Treasury auctioned $62 billion in seven-year notes. But investors, it would appear, forgot to show up. The lowest bid-cover ratio of 2.04 on record sent 10-year Treasury yields rocketing to a one-year high above 1.61%.
The Fed signalling it is not perturbed by rising yields has markets fretting again. Scheduled 10-year and 30-year Treasury bond sales on Wednesday and Thursday will be what TD Securities dubs a “litmus test for potential market dysfunction”.
The European Union wants to produce a fifth of the global output of cutting-edge semiconductors at the end of this decade and make its first quantum computer in five years, as part of efforts to cut its dependence on non-European technologies.
By Reuters Staff
2 Min Read
TAIPEI (Reuters) - Taiwan chipmakers are buying water by the truckload for some of their foundries as the island widens restrictions on water supply amid a drought that could exacerbate a chip supply crunch for the global auto industry.
FILE PHOTO: The logo of Taiwan Semiconductor Manufacturing Co (TSMC) is pictured at its headquarters, in Hsinchu, Taiwan, January 19, 2021. REUTERS/Ann Wang/File Photo
Some auto makers have already been forced to trim production, and Taiwan had received requests for help to bridge the shortage of auto chips from countries including the United States and Germany.