Trading Day: When the chips are down

World stocks fell into a downward spiral on Wednesday led by tech losses after Washington said it is putting new curbs on AI chip exports to China , marking an escalation in the global trade war.

The Trump administration's latest broadside sparked huge demand for safe-haven assets like gold, the Swiss franc and U.S. Treasuries , even though Fed Chair Powell signalled he is in no rush to cut interest rates.

Taiwan 's TSMC is expected to report a 34.2% increase in revenue to $25.318 billion from $18.87 billion a year ago .

The European Central Bank on Thursday will announce its latest policy decision and ECB President Christine Lagarde will offer her outlook.

In recent weeks , the global trade war, the Trump administration's 'America First' agenda and its apparent disdain for the post-war world order have slowed inflows into U.S. markets.

Long gold, one 'safe haven' that isn't giving up its title. What could move markets tomorrow ? TSMC earnings (Q1) and Japan trade (March) Bank of Korea interest rate decision.

European Central Bank interest rate decisions.

U.S. 5-year TIPs auction.