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Emerging-market stocks have longest selloff in year on tech rout

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Emerging-market stocks headed for the longest streak of losses in almost a year as rising fears of a trade war between the U.S. and China hit Asian tech companies.

The Port of Keelung in Keelung, Taiwan, on Thursday, Aug. 4, 2022. --

Taiwan Semiconductor Manufacturing Co. fell as much as four per cent after former U.S. President Donald Trump questioned whether the U.S. has a duty to defend Taiwan, speaking in a Bloomberg Businessweek interview. The U.S. is also mulling stricter chip curbs on China, Bloomberg News reported, triggering a tech stock selloff as investors pondered the fallout for the world’s largest semiconductor arena.

Asian tech stocks pared losses after TSMC lifted projections for 2024 revenue growth and said quarterly results beat estimates.

 

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