* Brexit delay saps rally in global shares
* Texas Instruments earnings hit chipmakers
By Hideyuki Sano
TOKYO, Oct 23 (Reuters) - Asian shares and U.S. stock
futures dipped on Wednesday after British lawmakers rejected
the government's timetable to fast-track legislation for its
deal to take Britain out of the European Union.
Technology shares in the region were knocked after Texas
Instruments TXN.O forecast current-quarter revenue well below
estimates in a sign the global microchip industry is being
squeezed by a downturn in demand and a prolonged U.S.-China
trade dispute. In after-hour trade, Texas Instruments shares tumbled 9.8%,
driving down other chipmaker shares including Intel INTC.O and
Nvidia NVDA.O .
In Asia, SK Hynix 005930.KS slipped 1.0% while Tokyo
Electron 8035.T fell 3.6%.
"This will be a warning on semi-conductor shares, which have
put on a strong performance recently," said Norihiro Fujito,
chief investment analyst at Mitsubishi UFJ Morgan Stanley
Securities.
S&P500 mini futures ESc1 dropped 0.4% while Japan's Nikkei
dipped 0.3%. MSCI's broadest index of Asia-Pacific shares
outside Japan .MIAPJ0000PUS fell 0.17%.
On Tuesday on Wall Street, the S&P 500 .SPX lost 0.36%.
In the currency market, sterling traded at $1.2897 GBP=D4 ,
below five-month highs of $1.3012 set on Monday in a volatile
trading session.
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.
The defeat in parliament meant Britain would not be able to
finalise its exit by Prime Minister Boris 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 $1.1130 EUR= , off Monday's two-month high
of $1.1180.
The yen ticked up to 108.48 yen per dollar JPY= , in a slow
recovery since hitting a 2-1/2-month low of 108.94 on Thursday
as falls in global shares soured risk sentiment.
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 0.49% to $59.41 a barrel
while U.S. West Texas Intermediate (WTI) crude CLc1 lost 0.64%
to $54.13 per barrel.
(Editing by Shri Navaratnam)