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After Be Semiconductor's result warning, pressure is increasing on semiconductors with the Micron case. At home, Melexis lost 20% in less than a month
The second half of the year is off to a bad start for European equities, especially for the semiconductor sector. Uncertainties have been accumulating for several days. The latest example is the case of the US group MicronTechnology. The Chinese judiciary has decided to temporarily ban the sale in the country of 26 of its products.
"While the trade war threatens, China and the United States are trying to have as many cards as possible in their hands."
Roger Sheng
Analyst at Gartner Inc.
The company is accused of violating several patents held by the Taiwanese United Microelectronics (UMC). An announcement that dropped the 5.5% share on the Nasdaq Tuesday night, and dragged the European values in the red on Wednesday. Siltronic fell by 7.02%, STMicroelectronics by 2.80% and Infineon by 1.87%. On the Brussels Stock Exchange, the title Melexis for its part signed the largest decline in the session (-3.39%).
The case is all the greater noise on the financial markets that some see it as a consequence of geopolitical tensions. " As the trade war threatens, China and the United States try to have as many cards as possible in their hands. Companies like Micron are in the middle of the storm ", commented Roger Sheng, badyst at Gartner Inc.
" However, I do not think that the local court has received orders from Beijing to ban Micron, it is simply not the operation of the Chinese government system. "
Limited impact on Melexis
Some observers fear that this difficult context may have an impact on the automotive sector, and therefore indirectly on semiconductors. For the record, US President Donald Trump has threatened to impose customs duties of 20% on all imports of cars badembled in the European Union. German Chancellor Angela Merkel warned him this Wednesday against the risk of a " real war " commercial if he put his threats into effect.
"C is a very cyclical sector, which suffers at the slightest sign of slowing down "
Stefaan genoe
Degroof Petercam
These tensions are the main reason for the fall of the Melexis share for several weeks. She lost about 20% in less than a month. " Semiconductors are a very cyclical sector. As soon as there are fears of a slowdown, prices fall " summarizes Stefaan Genoe, head of equity research at Degroof Petercam. " Melexis is also affected even though the company is more atypical and does not have a production plant, so its fixed cost base is less pronounced."
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The badyst estimates that other than the impact of any customs duties will be limited on the profit growth of the Belgian company . For him, Melexis is expected to release August 1 figures in line with expectations for the second quarter. And she should not change her guidance for the rest of the year. " The fall of Melexis is rather a story of market sentiment ".
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