“While optimism has been priced into some chip stocks, we suspect the sector could rebound after TSMC’s numbers, which we think should be solid... there are concerns about spending on mature nodes given the massive overcapacity being built in China.”

 “ASML’s earnings are a little bit of a warning shot across the bow ahead of some of the megatech stocks which are reporting next week... There could be a little bit of nerves creeping into semiconductor stocks. Anything with that semiconductor exposure it’s going to be a pretty tough day.”

 “The US central bank remains on track to cut rates twice this year, most likely starting at its September meeting... This means the return outlook for quality bonds remains positive and attractive, and that recent losses in fixed income are likely to be temporary.”

 “We believe that in order for the stock to appreciate further, consensus estimates for 2024-2025 will need to be revised higher, as we believe a lot is already priced in at these valuation level.”

 “ASML is an 'R&D powerhouse' and 'high-quality business' that looks attractive on a growth-adjusted basis compared to peers.”