SMIC Shares Slump 8% Following U.S. Export Restrictions
The shares of Semiconductor Manufacturing International Corporation (SMIC) have sunk to its four-month low following reports on export restrictions from the United States.
The shares of Semiconductor Manufacturing International Corporation (SMIC) have sunk to its four-month low following reports on export restrictions from the United States.
State-backed newspaper outlet Global Times have stated that Beijing is not likely to approve the deal between ByteDance, Oracle and Walmart.
Ming Yuan Cloud Group Holdings Ltd is going to sell up to 374 million shares at a range of HK$15 to HK$16.50 through a Hong Kong IPO.
The U.S. Department of Defense said that there were reports of SMIC’s alleged involvement with the Chinese military and further passing on their chip technology for China’s defense purposes.
Gold is benefiting from the present uncertainty. But it is unclear whether gold prices will grow further and set new record highs. Bulls’ next target is $2,000.
On June 22, Dow climbed by 153 points, a 0.6% increase to the level of 26,024.96. In the pre-market today, Dow futures are 309 points up.
The phase one trade deal requires China to buy an additional $200 billion worth of U.S. products and services over the next two years compared to 2017 levels. However, the global pandemic has made it extremely unlikely that China will be able to fulfill its promises.
China has announced that next week, it will cut tariffs on US goods by half. Stocks in China, as well as in other countries, have reacted positively to this statement.
Supply and demand, mass adoption, and utility are usually noted as the main drivers of cryptocurrency prices. However, the value of cryptos like Bitcoin also tends to spike or dump significantly after groundbreaking news.
The global stock markets demonstrated impressive results in 2019. Analysts, however, think that a pullback is possible.