GLOBAL MARKETS-Asia shares slip on Brexit snag, Texas Instruments' revenue woes

* Brexit delay saps rally in global shares
* Texas Instruments earnings hit chipmakers

By Hideyuki Sano
TOKYO, Oct 23 (Reuters) - U.S. stock futures and Asian
shares slipped on Wednesday as revenue warnings from Texas
Instruments raised worries about the global tech sector and
after British lawmakers forced the government to hit the pause
button on the latest Brexit deal.
S&P500 mini futures ESc1 dropped 0.3% while Japan's Nikkei
.N225 last stood almost flat after having fallen as much as
0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS fell 0.5%.
On Tuesday on Wall Street, the S&P 500 .SPX lost 0.36%.
After the bell, Texas Instruments TXN.O , whose broad
lineup of products makes it a proxy for the global chip
industry, forecast current-quarter revenue to fall 10 to 17%
from a year earlier, well below estimates.
Texas Instruments shares tumbled 9.8% in after-hour trade,
driving down other chipmaker shares including Intel INTC.O and
Nvidia NVDA.O .
Worries that the global microchip industry is being squeezed
by a downturn in demand and a prolonged U.S.-China trade dispute
sent some Asian chip-related shares lower.
Taiwan's TSMC 2330.TW fell 0.2% while South Korea's SK
Hynix 000660.KS shed 0.7% and Japan's Tokyo Electron 8035.T
slumped 3.7%.
"Given recent rally in semi-conductor shares, some
adjustments will be inevitable," said Nobuhiko Kuramochi, chief
strategist at Mizuho Securities.
"But our investor survey has shown that many investors are
still cautious on the sector so a bit of weakness in the
industry would surprise few of them," he added.
In the currency market, sterling dipped 0.15% to $1.2851
GBP=D4 , falling further from five-month highs of $1.3012 set
on Monday
But the currency still kept hefty gains made over the past
fortnight on growing expectations that a no-deal Brexit will be
avoided even though it is still not clear how the process will
unravel.
On Tuesday, the British parliament voted in favour of Prime
Minister Boris Johnson's Brexit plan, but then rejected his
timetable to fast-track legislation to take Britain out of the
European Union. That effectively meant Britain would not be able
to finalise its exit by Johnson's Oct. 31 deadline. The next step, Johnson said, would be waiting for the EU to
respond to a request to delay the Oct. 31 Brexit date, which the
prime minister reluctantly sent to Brussels on Saturday after
being forced to do so by lawmakers. A source in Johnson's office said on Tuesday that a new
election is the only way to move on from Britain's Brexit crisis
if the European Union agrees to a delay until January.
"Broadly speaking, there are two scenarios. There will be a
short extension before the parliament will agree on Johnson's
plan. Or there could be a general election, which would need a
longer extension," said Kyosuke Suzuki, director of forex at
Societe Generale.
"But it now seems unlikely that Britain will crash out of
the EU on Oct. 31," he said.
Receding worries about a no-deal Brexit also underpinned the
euro, which stood at $1.1122 EUR= , flat on the day and a tad
below Monday's two-month high of $1.1180.
The yen ticked up 0.15% to 108.31 yen per dollar JPY= , in
a slow recovery since hitting a 2-1/2-month low of 108.94 on
Thursday.
The dollar was broadly weak, ahead of a Federal Reserve
policy meeting next week, where policy makers are expected to
cut interest rates by 0.25 percentage point.
Oil prices fell after industry group data showed U.S. crude
stocks rose more than expected last week. Still, on the whole the market held firm after China
signalled progress in trade talks with the United States and
OPEC and its allies pondered deeper production cuts.
Brent crude LCOc1 futures fell 0.52% to $59.39 a barrel
while U.S. West Texas Intermediate (WTI) crude CLc1 lost 0.81%
to $54.04 per barrel.

(Editing by Shri Navaratnam)