Stocks, currencies, oil, economic data

US to expand restrictions on chip and tool exports to China, Reuters reports

The U.S. Department of Commerce plans to issue new regulations relating to restricting exports of chipmaking equipment to Chinese factories that produce advanced semiconductors, Reuters reportedciting people familiar with the matter.

The rules will be based on letters sent to KLA, Research and Applied materials earlier this year when they were told that government-issued licenses would be needed to sell such equipment to buyers who manufacture chips with sub-14 nanometer processes.

The new regulations would likely include additional actions against China, sources told Reuters, adding that they could be amended and released later than expected.

—Jihye Lee

Economic council lowers growth forecast for New Zealand

The economists of New Zealand Institute of Economic Research downgraded the country’s growth outlook, citing continued high inflation and interest rates.

They now expect annual gross domestic product for 2022-23 to grow 2.5%, down from their previous forecast of 2.9%.

GDP for 2023-24 is now expected to grow by 1%, a sharp decline from its earlier forecast of a 1.9% increase released in June, while the 2024-25 forecast has been revised to 1.5% against 2.1%.

—Jihye Lee

CNBC Pro: The British pound fell against the dollar. Here’s how far it could go, according to the pros

Yen intervention unlikely to be effective: National Australia Bank

A unilateral intervention on japanese yen government is unlikely to be effective, National Australia Bank says after officials over the weekend said the government must take measures to deal with excessive declines in the yen.

“If the [Bank of Japan] really wants to stop the decline of the JPY, so they have to make changes to their ultra-easy policy, the pressure is mounting,” he wrote in a Monday note. a currency strategist at National Australia Bank

The yen last traded at 142.55 against the dollar.

—Abigail Ng

CNBC Pro: Goldman reveals the ‘sweet spot’ for its favorite oil stocks – and gives a 35% hike

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top