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

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Rolling coverage of the latest economic and financial news As Reid points out, downbeat earnings report from the streaming giant Netflix last night is also feeding some of the negativity in the stock market today. Its shares fell more than 8% in after-hours trading, after the company forecast revenue growth of 11.7%, its smallest year-on-year quartlery increase in more than two years. Pressure had been building ahead of the results, with investors questioning whether Netflix can keep viewers engaged as YouTube and short-form platforms compete for attention. Viewing hours actually grew 2% in the first half, despite major sporting events elsewhere, while the drop-off between first and second seasons improved slightly. That should ease the most bearish fears, but Netflix’s decision to publish its detailed engagement report annually rather than twice a year is unhelpful. Netflix remains the dominant long-form streaming platform, with a powerful content engine and an advertising business that continues to scale. But the investment case is becoming more complicated as revenue growth moderates and competition for viewers’ time intensifies. The Nikkei is currently likely on course for its worst day since March, and also leaves the index on track for technical correction territory, having now shed over 12% since its peak less than a month ago. There wasn’t a single catalyst behind the selloff, but we had TSMC’s earnings shortly after we went to press yesterday, and their share price is down -5.26% this morning after they said that capital expenditure would be higher than previously forecast. Continue reading...