Shares down

    73

    TOKYO- US stock futures and Asian shares slipped as revenue warnings from Texas Instruments raised worries about the global tech sector and after British lawmakers forced the government to hit the pause button on the latest Brexit deal.

    European shares are expected to fall, with pan-European Euro Stoxx 50 futures trading down 0.72 percent, German DAX futures losing 0.79 percent and FTSE futures off 0.23 percent.

    S&P500 mini futures dropped 0.2 percent while Japan’s Nikkei was up 0.1 percent after falling as much as 0.4 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan . fell 0.6 percent.

    On Tuesday on Wall Street, the S&P lost 0.36 percent.

    After the bell, Texas Instruments, whose broad lineup of products makes it a proxy for the global chip industry, forecast current-quarter revenue to fall 10 percent-17 percent from a year earlier, well below estimates.

    Texas Instruments shares tumbled 9.8 percent in after-hour trade, driving down other chipmaker shares including Intel and Nvidia.

    Worries that the global microchip industry is being squeezed by a downturn in demand and the prolonged US-China trade dispute sent some Asian chip-related shares lower.

    Taiwan’s TSMC fell 0.9 percent while South Korea’s SK Hynix shed 1.6 percent and Japan’s Tokyo Electron slumped 4.3 percent.

    “Given a recent rally in semi-conductor shares, some adjustments will be inevitable,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.

    “But our investor survey has shown that many investors are still cautious on the sector so a bit of weakness in the industry would surprise few of them,” he added.

    In the currency market, sterling dipped 0.15 percent to $1.2851, falling further from five-month highs of $1.3012 set on Monday.

    But the pound still kept hefty gains made over the past fortnight on growing expectations that a no-deal Brexit will be avoided even though it is still not clear what the path ahead will be. – Reuters