Posted 10/18/2023, 4:57:00 AM
China's Economic Slowdown Weighs on Asian Markets; U.S. Tightens Chip Export Controls to China
- China's economy grew 4.9% in Q3, down from 6.3% in previous quarter, as global demand and property sector weakened.
- Asian shares fell following China's slower growth data. U.S. futures also declined.
- U.S. tightened export controls on advanced chips and manufacturing equipment to China. Chipmakers like Nvidia dropped.
- Bank of America and Bank of New York Mellon rose after beating profit estimates.
- Oil prices jumped over $2/barrel on worries that Iran tensions could disrupt supply.