Global stocks fell Wednesday as technology shares sank after a report said the U.S. plans tighter import controls on companies that share chip-making technology with China.
The unconfirmed report said President Joe Biden is considering using a wide-sweeping regulation, the foreign direct product rule, to further restrict sales of critical chipmaking equipment to China. Markets in Taiwan were rattled by comments by former President Donald Trump to Bloomberg criticizing the self-governed island claimed by Beijing, which the U.S. is obligated by treaty to defense if it is attacked.
Elsewhere in Asia, Australia’s S&P/ASX 200 advanced 0.7% to 8,057.90 after hitting an all-time high of 8,083.70 during morning trading. South Korea’s Kospi shed 0.8% to 2,843.29. On Tuesday, the S&P 500 climbed 0.6% to 5,667.20, setting an all-time high for the 38th time this year. The Dow Jones Industrial Average leaped 1.9% to 40,954.48, and the Nasdaq composite lagged with a gain of 0.2% to 18,509.34, as the stars dimmed for some of the year’s biggest winners.
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