Federal Reserve official Musalem said he will not offer a definitive view or pre-judge policy for the September FOMC meeting.

On Aug 20 (Thu) Europe equities: Germany's DAX 30 closed down 151.32 pts (-0.58%) at 25,978.46. Britain's FTSE 100 closed down 3.20 pts (-0.03%) at 10,740.15. France's CAC 40 closed down 48.82 pts (-0.57%) at 8,453.09. Euro Stoxx 50 closed down 22.81 pts (-0.35%) at 6,421.65. Spain's IBEX 35 closed down 43.91 pts (-0.22%) at 19,803.59. Italy's FTSE MIB closed up 26.80 pts (+0.05%) at 52,645.00.

CITIC Securities research says the global semiconductor equipment upcycle remains intact and flags Chinese suppliers’ overseas expansion. SEMI updated its outlook, forecasting sustained growth through 2026–28: global semiconductor manufacturing equipment sales are forecast at $165.9bn in 2026 (+23.2% YoY) and could reach a record $229.5bn by 2028, marking five consecutive years of growth. The industry is experiencing a rare, full-chain price upswing across equipment components, with pricing power structurally shifting from chips to equipment and parts. Component vendors, typically smaller with high fixed costs, should see price rises flow rapidly to margins, while capacity expansion lead times of 12–18 months leave supply relatively inelastic.