Stock Market News

Asia Stocks Sink as China Chip Woes Worsen

2022.10.17 02:03

[ad_1]


© Reuters.

By Ambar Warrick

Investing.com– Asian stocks fell on Monday as concerns over U.S. curbs on Chinese semiconductor imports were worsened by a report that Apple (NASDAQ:) was planning to drop Chinese chips, while fears of sharp interest rate hikes by the Federal Reserve also weighed.

China’s bluechip index fell 0.4%, while the index lost 0.1%. Japanese financial daily Nikkei reported on Monday that iPhone maker to use memory chips from China’s Yangtze Memory Technologies in its products.

The report comes just a week after the White House unveiled tighter restrictions on chip supplies to China, as it moves to apply more economic pressure on Beijing by stifling its chipmaking ambitions.

Chinese tech stocks fell severely last week on concerns over the economic implications of the move, as well as fears that Beijing could retaliate with its own sanctions, further damaging global trade.

Hong Kong stocks also fell sharply, given their exposure to U.S.-listed Chinese companies. The index fell more than 1%, with tech majors Baidu (HK:), Alibaba (HK:) and Tencent (HK:) logging steep losses.

, which also stand to be impacted by the U.S. measures, fell 1.4%. Taiwan Semiconductor Manufacturing Corp (TW:), the world’s largest chipmaker, had slumped 6% last week.

Sentiment towards China was further hit by President Xi Jinping stating that the country has , which has severely disrupted economic activity this year.

But promises of more market-friendly policies helped limit losses in Chinese stocks.

Technology stocks were pressured by fears of rising interest rates. Hotter-than-expected U.S. inflation last week saw markets now the Fed will hike rates by 75 basis points next month.

Broader Asian markets fell on this notion, given that rising interest rates dent the earnings outlook for most sectors. Rising U.S. interest rates have weighed heavily on Asian stocks this year by tightening liquidity conditions and pushing up yields on low-risk debt.

Japan’s index fell 1.4%, while India’s index shed 0.2%.

Australian stocks fell as weakening prospects for China weighed on the . BHP Group Ltd (ASX:) and Rio Tinto Ltd (ASX:) fell about 3% each, with focus also turning to their production reports for the September quarter, due this week.

The index fell 1.5%.

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 103,042.61 1.72%
ethereum
Ethereum (ETH) $ 2,321.27 11.69%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.35 4.42%
bnb
BNB (BNB) $ 635.94 2.79%
solana
Solana (SOL) $ 171.48 7.07%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.204338 7.34%
cardano
Cardano (ADA) $ 0.780239 5.87%
tron
TRON (TRX) $ 0.261665 2.74%
staked-ether
Lido Staked Ether (STETH) $ 2,320.11 11.74%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,033.61 1.68%
sui
Sui (SUI) $ 3.90 0.27%
chainlink
Chainlink (LINK) $ 15.95 3.68%
avalanche-2
Avalanche (AVAX) $ 23.09 8.55%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,792.20 12.00%
stellar
Stellar (XLM) $ 0.294897 4.04%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 7.23%
hedera-hashgraph
Hedera (HBAR) $ 0.200578 5.10%
hyperliquid
Hyperliquid (HYPE) $ 24.99 13.91%
the-open-network
Toncoin (TON) $ 3.27 2.91%
bitcoin-cash
Bitcoin Cash (BCH) $ 408.58 2.11%
leo-token
LEO Token (LEO) $ 8.75 0.74%
usds
USDS (USDS) $ 1.00 0.01%
litecoin
Litecoin (LTC) $ 98.99 6.84%
polkadot
Polkadot (DOT) $ 4.76 10.30%
weth
WETH (WETH) $ 2,316.51 11.42%
monero
Monero (XMR) $ 310.70 6.54%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,471.09 11.76%
bitget-token
Bitget Token (BGB) $ 4.48 0.84%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.05%
pepe
Pepe (PEPE) $ 0.000012 17.29%
pi-network
Pi Network (PI) $ 0.719884 12.91%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,003.60 1.67%
whitebit
WhiteBIT Coin (WBT) $ 30.33 1.00%
uniswap
Uniswap (UNI) $ 6.29 13.48%
bittensor
Bittensor (TAO) $ 427.06 2.76%
near
NEAR Protocol (NEAR) $ 2.88 10.35%
dai
Dai (DAI) $ 1.00 0.00%
aptos
Aptos (APT) $ 5.50 4.23%
okb
OKB (OKB) $ 53.71 2.05%
ondo-finance
Ondo (ONDO) $ 1.01 6.50%
aave
Aave (AAVE) $ 209.14 6.89%
susds
sUSDS (SUSDS) $ 1.05 0.00%
crypto-com-chain
Cronos (CRO) $ 0.101536 5.01%
ethereum-classic
Ethereum Classic (ETC) $ 19.03 6.47%
official-trump
Official Trump (TRUMP) $ 14.41 16.49%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
internet-computer
Internet Computer (ICP) $ 5.38 6.79%