2 hours ago
The Dutch government has partially canceled ASML’s chip equipment export license to China
The Dutch government has partially revoked the export license granted to semiconductor equipment maker ASML to China for two of its systems used in advanced chip manufacturing.
“The Dutch government recently canceled a license to ship the NXT:2050i and NXT:2100i lithography systems in 2023, affecting a small number of customers in China,” ASML said in a statement.
The NXT:2050i and NXT:2100i are deep UV lithography machines used in the mass production of the most advanced logic and memory chips.
The company said it does not expect this move to have a material impact on its 2023 financial outlook.
The Dutch government has banned ASML from exporting UV lithography machines to China, in an attempt to contain Chinese chip manufacturing technology. ASML has not shipped the equipment to China yet.
– Sheila Chiang
3 hours ago
The Caixin China Manufacturing PMI for December came in at 50.8
A private survey showed that manufacturing activity in China expanded in December, which contradicts a similar survey conducted by the country’s statistics office that reported a contraction.
The Caixin Manufacturing PMI reached 50.8 in December, according to a statement released Tuesday, after a reading of 50.7 for November. China’s official purchasing managers’ index fell to 49.0 in December from 49.4 the previous month, the country’s National Bureau of Statistics said in a statement on Sunday.
A PMI reading above 50 indicates expansion in activity, while a reading below this level indicates contraction.
– Clement Tan
37 minutes ago
Singapore’s GDP grows by 2.8% in the last quarter of 2023
Singapore’s economy grew by 2.8% year-on-year in the fourth quarter of 2023, according to advance estimates from the country’s Ministry of Trade and Industry.
This was a sharp increase from the 1% expansion recorded in the third quarter, and the fastest growth rate since the third quarter of 2022.
On a seasonally adjusted quarterly basis, the economy grew 1.7%, an expansion greater than the 1.3% in the third quarter..
Read the full story here.
– Lim Hui Ji
5 hours ago
Australian factory activity shrinks at fastest pace since May 2020: Judo Bank
Australian factory activity in December saw its biggest contraction since May 2020, according to private surveys by Judo Bank.
The country’s manufacturing PMI fell to 47.6 in December, down from 47.7 in November, marking a contraction for the tenth straight month.
In its statement, the bank wrote that this was mainly due to a further deterioration in demand from the country’s manufacturing sector, with incoming new orders for Australian manufactured goods falling for the 13th consecutive month.
This is due to weak economic conditions and pressures from rising interest rates, with the bank adding that foreign demand was also weak.
– Lim Hui Ji
6 hours ago
Record the hour
Investors are watching as the S&P 500, which closed Friday at 4,769.83, is now less than 1% away from a new high.
A close above 4,796.56, the record high the stock index reached in January 2022, would mark a new all-time high. The current S&P 500 intraday record is 4818.62 also as of January 2022.
6 hours ago
History says: More stock gains in 2024, but a much lower return
A banner year in which the S&P 500 gained more than 20% could indicate more good news in the following year if history is any guide, but don’t expect a bigger year than 2023, according to Ryan Detrick, chief market strategist at Carson Group.
Dating back to 1950, there have been 21 times the S&P 500 has posted annual gains of at least 20%. What happens the following year is that the stock index is in the green zone 80 times with an average return of 10%, the strategist said.
Only once in history — in 1997 — have stocks risen more the following year, Detrick said.
– Yun Lee
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