Hong Kong shares of Chinese chipmaker SMIC fell 5% after US export restrictions took effect
Shares of China’s largest chipmaker minimum wage It fell after Washington announced new export restrictions Limits Beijing’s ability to buy and manufacture high-end chips used in military equipment.
SMIC’s stock fell as much as 5.23% before recovering slightly. Last traded 2.91% lower.
Foreign Ministry spokesman Mao Ning told a press conference on Saturday, “The United States is misusing export control measures to deter and defraud Chinese companies. Such practice is against fair competition and international trade rules.”
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CNBC Pro: Porsche is now more valuable than VW: Here’s what the pros think about the automaker
A week after its stock market debut, luxury automaker Porsche’s market cap has surpassed that of its former parent Volkswagen Group.
Some fund managers are already comparing the German firm TeslaPorsche, the world’s largest electric car maker, is expected to make its best-selling Macan EV an instant hit with its electrification program.
Compared to its parent company VW, which produces nearly 10 million cars annually, Porsche produces only 300,000 cars, but Volkswagen makes a quarter of the profits.
– Ganesh Rao
CURRENCY CHECK: The South Korean won weakened against the US dollar
The Korean won was among the losers against the US dollar in Asian morning trade.
The South Korean currency It traded at 1,427.76 per dollar after strengthening below 1,400 last week.
of Japan Yen It weakened slightly to 145.46 against the greenback Australian dollar Strengthened to $0.6370.
The onshore Chinese yuan was at 7.1319 per dollar.
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CNBC Pro: Goldman says these ‘cheap’ global stocks are poised for short- and long-term success
As Europe grapples with rising electricity and gas prices, global companies focused on energy efficiency will fare better, says Goldman Sachs.
“We think energy efficiency companies could do better in the short term by focusing on energy efficiency to deal with the current energy crisis that followed the Russian invasion of Ukraine,” the analysts wrote in an Oct. 3 note.
“[And] In the long term by focusing on energy efficiency to tackle climate change and achieve ambitious ‘net zero’ goals.”
– Weissen Don
Services activity in China contracted in September, a private survey showed
The Caixin Services Purchasing Managers’ Index stood at 49.3 in September, a steep drop from 55 in August, according to a report released on Saturday.
The 50-point mark separates growth from contraction. BMI measurements compare activity month by month.
The country’s Covid restrictions caused service activity in China to contract in September for the first time since May, the report said.
“Companies reporting lower activity often commented that the pandemic and subsequent measures to contain the epidemic limited activity and weighed on demand in September,” Caixin’s press release said.
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