This week's tech share sell-off gained momentum after a report that the United States was considering tighter curbs on chip exports to China, adding to...
This week's tech share sell-off gained momentum after a report that the United States was considering tighter curbs on chip exports to China, adding to comments on Taiwan by Donald Trump that stirred geopolitical concerns over the sector.The technology index for pan-European STOXX 600 will once again be centre stage after clocking its biggest one-day percentage drop since December 2022 on Wednesday, mainly dragged lower by ASML.
Chip stocks had fuelled this year's global share rally, taking the Nasdaq and S&P 500 to record highs, and some analysts attribute the recent moves to investors adjusting their positions. Those comments will likely sway the euro, which touched a four-month high on Wednesday as traders fully priced in a 25 basis-point rate cut by the Federal Reserve in September, after comments from officials.The yen was choppy after hitting its highest in six weeks on Thursday, with traders still spooked by suspected intervention by Tokyo last week that Bank of Japan data suggests could have totalled nearly 6 trillion yen . Official data on the spending is expected at the end of the month.
"As your northern border country whose political scene is a mess, this is my takeaway: I was truly shocked and saddened by the amount of celebration."Trade fears hamper tech stocks, dollar falls amid rate cut talk
Ankur Banerjee Global Markets European Central Bank
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