MARKET WRAP: Global tech stocks under pressure
Investors worry about potential for worsening trade tensions between the US and China
The JSE closed weaker amid mixed global markets on Wednesday, while tech-heavy bourses took a beating as worries about potentially worsening trade tensions between the US and China weighed on big tech companies.
US President Joe Biden said he was considering the most severe trade restrictions available if companies such as ASML of the Netherlands and Japan’s Tokyo Electron continued to ship advanced semiconductor technology to China. The US government has blocked Chinese access to advanced chips and the equipment to make them, citing security concerns, and has urged its allies to follow suit, according to Bloomberg reports...
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