Some of the biggest losses were in chip-related equities in Japan, South Korea and Taiwan, where traders returned from holidays to join the global selloff inThe Biden administration’s curbs on China’s access to US semiconductor technology has wiped out more than $240-billion from the sector’s market value globally and spilled over into the currency market, weighing on the Korean won and Taiwan dollar.
Investors continued to parse comments from Federal Reserve officials for any signs of a let up in the central bank’s hawkish stance. Vice chair Lael Brainard laid out a case for caution, noting that previous rate increases were still working through the economy. Chicago Fed president Charles Evans said he wants to quickly get to a point where policy makers can feel comfortable pausing in order to reduce the risk of overshooting.
“A recession is very possible — our subjective probability over the next year is 35% — but we think it would require additional shocks,” Goldman Sachs Group chief economist Jan Hatzius wrote in a note. Renewed upward pressure on fuel prices is an area to watch and Goldman also sees “a small but growing risk of an unnecessary monetary policy overshoot if Fed officials focus too much on lagging inflation indicators”.
Belgique Dernières Nouvelles, Belgique Actualités
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