Among other Asia-Pacific markets, the Seoul stock market was up 0.57% and Singapore 0.45%. In the Pacific, the Sydney Stock Exchange went against the grain and fell 0.23%. In China, Hong Kong was up 0.23%, while Shanghai was up 0.75%.
In addition to the Federal Reserve’s response to signaling three US interest rate hikes next year against rising inflation between Beijing and Washington, investors also saw the hidden tensions between Beijing and Washington over the decision to ban imports from Xinjiang after the US House of Representatives passed one. Region under charges of forced labor and other human rights violations.
The United States is also reportedly considering sanctions against US companies for supplying equipment to SMIC, China’s largest computer chip maker. In response, shares of the company traded in Hong Kong fell 1.6%, reducing losses by a fraction during the session, to more than 3%. However, over the past six months, SMIC shares have lost more than 20%.
“Some concerns about tough US sanctions have deterred investors,” Ig’s Yap Jun Rong summed up.
Content originally published by Valor PRO, Valor Econômico’s live news service
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