July 19, 2024
02:13
02:13
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Global chip stocks fall sharply amid deepening chip war
It's been a turbulent week in markets,, with a tech sell-off sparked by deepening Sino-US trade tensions, disappointing Chinese economic data and a lacklustre third plenum outcome casting a shadow over the global mood. Asia-Pacific markets fell on Friday, tracking Wall Street declines as investors continued to rotate out of tech stocks. Bucking the trend were Japanese chip-related stocks, with semiconductor suppliers rising,, and Chinese chip stocks rebounding from Thursday's losses. Meanwhile, Japan's inflation came in at 2-point-8-percent for June--unchanged from the previous month, while core inflation, which strips out prices of fresh food, accelerated to 2-point-6-percent, from 2.5%. However, the core inflation reading was lower than the 2-point-7-percent expected by economists.
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