Chipmaker TSMC's profits surge, retail sales ahead - what's moving markets
contracts inched slightly higher on Thursday, with markets looking ahead to retail sales data and a slew of corporate earnings announcements. Taiwan Semiconductor Manufacturing Co's third-quarter profit tops expectations, as the world's largest contract chipmaker says demand for its artificial intelligence-linked products is"extremely robust".
TSMC clocked a net profit of T$325.26 billion in the three months to September 30, it said in a press release. The figure was higher than a Reuters estimate of T$300.2 billion.Investors will have the chance to parse through fresh US retail sales data on Thursday that could provide more insight into the state of the economy as the Federal Reserve embarks on a potential cycle of interest rate cuts.are tipped to have risen by 0.3% in September, accelerating from 0.
Indications of resilience in consumer spending could bode well for the Fed's hopes of engineering a so-called"soft landing", in which a period of elevated inflation is quelled without sparking a broader downturn in activity. The central bank slashed rates by an outsized 50 basis points at its latest meeting last month and traders are betting policymakers could introduce further reductions at its final two gatherings of 2024.
The cuts appeared to be part of an internal reorganization of teams, and not a company-wide headcount reduction, the report said, after Meta eliminated over 20,000 roles in the past two years.The latest round of job cuts come after Meta cut some roles in its Reality Labs division earlier this year. That was preceded by cuts of over 10,000 roles in 2023 and about 11,000 roles in 2022, as the company dialed down its post-COVID growth prospects.
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