News Formal

Asia chip stocks tank, dollar strengthens on Fed forecast

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

South Africa News News

Strong US retail sales suggest the US Federal Reserve is unlikely to ease up in its battle with inflation

Tokyo — Chip stocks took a beating on Thursday, sending most Asian share indexes lower, after grim signals from Micron Technology overnight about excess inventories and sluggish demand.

“Inflation is likely to remain elevated for some time ... because in the US, at least, it’s services that are driving inflation, and that can have greater persistency,” Salim Ramji, global head of ETFs and index investments at BlackRock, told the Reuters Global Markets Forum on Wednesday. Japan’s Nikkei lost 0.4% and South Korea’s Kospi dropped 1.1%, each led by declines in heavyweight chip players.

Investors are also reassessing the US monetary-policy outlook after consumer spending figures contradicted the narrative of the past week or so from cooler consumer and producer price data.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Apple prepares to get made-in-US chips in pivot from AsiaThe company is preparing to begin sourcing chips for its devices from a plant under construction in Arizona, marking a major step toward reducing Apple’s reliance on Asian production.
Source: dailymaverick - 🏆 3. / 84 Read more »