Semi-conductor earnings are in focus with ASML earnings due while shares in TSMC slump after GOP presidential nominee Donald Trump says he would demand Taiwan pays for American protection against China. The Dow rallies more than 700 points to close at a new record high on new optimism over Fed rate cuts. HSBC appoints Georges Elhedery as its new group CEO. He is due to take up the position in September. And Adidas notches a Q2 earnings beat and hikes its full-year guidance after strong sales of its retro trainer range.

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