May 30, 2023


Asian Stocks Dip, Chinese Shares Hit 5-Mth Low As U.S. Ties Worsen

Most Asian stocks retreated on Tuesday as optimism over a deal to raise the U.S. debt ceiling was offset by fears of worsening ties between Beijing and Washington, amid renewed sparring between the two over trade and political sanctions. Chinese stocks were the worst performers for the day, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes falling 0.8% and 0.7%, respectively. The blue-chip CSI 300 traded at a five-month low after China declined a request for a meeting ...
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Asian Stocks Rise, Nikkei At 33-Year High On Debt Ceiling Optimism

Most Asian stocks rose on Monday as markets cheered a tentative deal between U.S. lawmakers to hike the debt ceiling and avert a default, with Japan’s Nikkei racing back to near 33-year highs on improved risk appetite. The Nikkei 225 was the best performer in Asian markets, up 1.4% to its highest level since July 1990. Gains were driven largely by heavyweight chipmaking and financial stocks, as technology shares continued to benefit from expectations that interest in artificial intelligence will ...
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Economic Development In Asia Still Faces Many Challenges, China Minister Says

Economic and trade development in the Asia-Pacific still faces many disturbances and challenges, China’s commerce minister Wang Went said. Wang made the comments at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, where he met with several leaders and exchanged views on multilateral and bilateral economic and trade issues amid wider global trade rifts and uncertainties. Wang said he recognized the difficulties faced by the region, but added that China, as a major developing country, was willing to make due ...
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Japan outshines Asian Stocks On Tech Strength, Chinese Markets Lag

Japanese stocks moved back towards a 33-year high on Friday, outpacing their Asian peers amid increased optimism over chipmaking stocks, while Chinese markets lagged as investors fretted over slowing economic growth and worsening U.S. ties. Broader Asian stocks also ticked lower in anticipation of more cues on the U.S. debt ceiling and a potential default. The Nikkei 225 rose 0.6% and was trading just below 33-year highs hit earlier this week, after positive earnings from U.S. chipmaker NVIDIA Corporation (NASDAQ:NVDA) ...
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Asian Stocks Drop Amid Default Fears, Nvidia Boosts Chipmaking Shares

Most Asian stocks fell on Thursday as fears of a U.S. debt default persisted amid little progress toward raising the debt ceiling, although chipmaking stocks outperformed tracking a robust outlook from Nvidia. Japan’s Nikkei 225 index rose 0.6%, supported chiefly by nearly 16% jump in semiconductor testing equipment maker Advantest Corp (TYO:6857). The stock, which ranks Nvidia among its clients, was trading at a record high of 16,280 yen. Gains in other chipmaking stocks, such as wafer maker SUMCO Corp ...
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South Korea Asks US to Review China Rule For Chip Subsidies

South Korea has asked Washington to review its criteria for new semiconductor subsidies, concerned over the impact of rules to limit chip investment in countries such as China, a U.S. public filing showed. In March, the U.S. commerce department proposed rules to prevent China and other countries it deems to be of concern from tapping funds of $52 billion earmarked for semiconductor manufacturing and research under the so-called CHIPS Act. A leading chipmaker and major investor in the U.S. chip ...
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Crypto verse: Busy Bitcoin Births New Breed of Crypto

Daily transactions have rocketed to an all-time high of 682,000 this month, according to data from Glasson, almost 40% higher than the previous peak in 2017. Bitcoin’s dominance, or its share of the overall $1.16 trillion cryptocurrency market, has swelled to 44% from 38% at the start of the year. What’s going on? Enter BRC-20, the first class of crypto tokens to be built on the bitcoin blockchain, besides bitcoin itself. Nearly 25,000 of the experimental coins have already been ...
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Australia wins U.S. Support For Critical Minerals Industry

Australia has won the backing of the United States for development of its critical minerals industry after the two countries reached an agreement to coordinate polices and investment to support the industry’s growth. Australia supplies around half of the world’s lithium as well as other minerals like rare earths used in batteries for electric cars and defense amid a global push to diversify supply chains away from dominant producer China. The agreement will also cover clean energy as the country ...
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Explainer-What India’s Decision to Scrap Its 2000-Rupee Note Means For its Economy

India will withdraw its highest denomination currency note from circulation, the central bank said on Friday. The 2000-rupee note, introduced into circulation in 2016, will remain legal tender but citizens have been asked to deposit or exchange these notes by Sept. 30, 2023. The decision is reminiscent of a shock move in 2016 when the Namenda Modi-led government had withdrawn 86% of the economy’s currency in circulation overnight. This time, however, the move is expected to be less disruptive as ...
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European Stock Futures Higher; U.S. Debt Optimism, Solid Earnings Help Tone

European stock markets are expected to open higher Friday, benefiting from the global optimism that a U.S. debt default will be avoided, but concerns about future growth remain. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.2% higher, CAC 40 futures in France climbed 0.3% and the FTSE 100 futures contract in the U.K. rose 0.2%. On Wall Street, the S&P 500 and Nasdaq Composite indices closed at their highest levels since August 2022, and in ...
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