Franco-Italian chipmaker STMicroelectronics expects high demand for the group's wide range of semiconductors to extend well into 2022, its chief executive said, reassuring markets after a plant closure in Malaysia hit production earmarked for the auto sector. "Things will improve next year, but the gap (between production capacity and demand) will be quite material." Rising orders for electric cars in Europe and elsewhere is driving up demand for STMicro's silicon carbide chips, which are designed to improve the charging capacity of batteries in electric vehicles, Chery said.
As world leaders head for rainy Scotland this weekend for the global climate summit, many capitals already expect disappointing results.So a gathering later in November — this time in hot and humid Singapore, sponsored by former New York Mayor Mike Bloomberg — is already drawing attention as "what's next" for climate commitments.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeAxios got the first look at the lineup for his Bloomberg New Economy