Yahoo Finance
and global markets today By Mike Dolan, Editor-at-Large, Finance and Markets The chip stock correction snowballed again overnight amid growing concerns about rising competition and circular financing.
This comes ahead of a set of critical earnings reports from tech companies on Wall Street and in Asia - and it comes despite a further slump in oil prices below $90 per barrel amid the tense pause in the Iran conflict.
But first, check out my latest column, where I outline the many inflationary drivers that central banks may increasingly struggle to "see through".
And listen to the latest episode of the Morning Bid daily podcast, where we discuss the many causes of the latest chip selloff.
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Stock markets remained on edge on Monday and heading into Tuesday due to a host of catalysts.
chip giant Nvidia - partly on reports of another round of circular financing with OpenAI.
Another possible trigger was the blowout IPO of China's CXMT on Monday - a first-day jump of nearly 470% that unveiled a new chip giant ready to soak up investment funds.
Meanwhile, reports that Chinese firms are developing chipmaking technology that apes ASML's dominant offering sent the European tech giant's shares down sharply on Monday.
U.S.-listed shares of South Korea's SK Hynix fell back below their recent debut price on Monday, ahead of its quarterly update tomorrow, while Seoul's volatile KOSPI index plummeted nearly 11% on Tuesday to post its biggest daily loss in nearly five months.
Rival chipmaker Samsung Electronics, which is also down sharply, is likewise set to report this week.
Both companies' earnings are coming amid reports of heavy capex by hyperscalers to build out their AI infrastructure.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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