Tesla, ABB and TSMC get second-quarter earnings off to downbeat start

News Snapshot:

ABB warned on Thursday of slowing Chinese demand, Taiwanese chipmaker TSMC forecast a drop in 2023 sales and Electrolux cautioned shoppers are seeking cheaper appliances, deepening worries about global corporate and economic health. The news cast a pall over stocks as second-quarter earnings season ramps up. The S&P 500 and Nasdaq futures were indicating lower, while European stocks recovered ground lost in early trade. ABB said its orders in China, its second-biggest market, fell 9 per cent in the three months to the end of June, with its electrification, motion and robotics divisions all seeing lower demand. ABB, whose results...