Chip Stocks Shed $420 billion, Trump Defends Tariffs & Reeves Budget Hunt

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) ASML shares plunged the most in 26 years after it booked only about half the orders analysts expected, a startling slowdown for one of the bellwethers of the semiconductor industry. (2) LVMH’s sales of fashion and leather goods fell for the first time since the pandemic as the industry’s biggest player was hammered by a slump in demand from Chinese consumers whose appetite for high-end purchases once seemed insatiable. (3) Chinese stocks dipped after early fluctuations, in a sign of growing disappointment over the pace of stimulus rollout. (4) The European Union has prepared a list of American goods it could target with tariffs if former President Donald Trump wins the US election and follows through on his threat to hit the bloc with punitive trade measures. (5) UK Prime Minister Keir Starmer’s political aides plan to confer with advocates for the nation’s so-called non-dom population of wealthy foreigners amid concerns his Labour Party’s intended tax hikes may end up costing money. See omnystudio.com/listener for privacy information.