Global tech stocks fall as chip sell-off deepens; Burberry sales boosted by gen Z shoppers – business live

Rolling coverage of the latest economic and financial news

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

It’s been a brutal 24 hours for some of the world’s biggest tech stocks, with markets in Asia falling today as a sell-off in US chip and memory stocks spread overnight.

TSMC’s focus on increased capex raised market concerns around valuations and the returns on capex. The sector has been under pressure with position unwinds as it was one of the most crowded sectors in the market in June.

In our view, the market moves have been driven by high expectations and position unwinds rather than underwhelming earnings. Our positioning indices suggest that semis was one of the most crowded trades in June, with positioning of over +6.5 in the third week of June. Sharp unwinds have seen that positioning drop to +1.3 (on a scale of -10 to +10) as of yesterday close.

Our strategy is working . We are attracting a broad range of luxury customers across product categories, channels and geographies , reinforcing my confidence in the opportunities ahead.

Today: Andy Burnham to be named Labour leader

7am BST: Burberry Q1 update

9am BST: EU current account figures for May

10am BST: EU harmonised CPI inflation figures for June

11am BST: United Utilities AGM

1.30pm BST: US housing starts and building permits for June