US to expand curbs on chip and tool exports to China, Reuters reports
The US Commerce Department plans to publish new regulations related to limiting exports of chip-making equipment to Chinese factories that produce advanced semiconductors, Reuters reported, citing people familiar with the matter.
The rules will be based on letters sent to KLA, Lam Research and Applied Materials earlier this year, when they were informed that government-issued licenses would be required to sell such equipment to buyers making chips with processes below 14 nanometers.
The new regulations are likely to include additional actions against China, sources told Reuters, adding that they could be amended and published later than expected.
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Economic advisory downgrades growth forecasts for New Zealand
Economists at the New Zealand Institute for Economic Research downgraded the growth outlook for the country, citing continued high inflation and interest rates.
They now expect annual gross domestic product for 2022-2023 to grow 2.5%, down from the previous forecast of 2.9%.
GDP for 2023-2024 is now expected to grow 1%, a sharp downgrade from previous predictions of a 1.9% rise published in June, while the 2024-2025 forecast was revised to 1.5% from 2.1%.
– Jihye Lee
CNBC Pro: Sterling has been tanking against the dollar. Here’s how low it can go, according to the pros
Yen intervention unlikely to be effective: National Australia Bank
A unilateral intervention on the Japanese yen by the government is unlikely to be effective, according to the National Australia Bank — after officials said over the weekend that the government must take steps to counter the excessive declines in the yen.
“If [Bank of Japan] really want to stop the JPY’s decline, then they need to make changes to their ultra-easy policy, the pressure is building,” he wrote in a Monday note. a currency strategist at National Australia Bank
The yen last traded at 142.55 against the dollar.
— Abigail Ng