Global stock markets experienced significant volatility after reports emerged that the US plans to implement stricter export restrictions on chip technology to China. Tech shares tumbled globally, with London FTSE showing a slight increase while Germany DAX and Paris CAC fell.
Companies such as Tokyo Electron, Disco, and Lasertec experienced significant drops in their stock prices, as did ASML, Nvidia, and other chipmakers. Taiwan chip stocks also fell following criticism from former President Donald Trump.
The yen rallied after reports of potential currency intervention. The US has blocked China's access to advanced chips and has urged its allies to follow suit.
China has become ASML's second-largest market as companies rushed to buy equipment before new licensing requirements. China's self-sufficiency in advanced technology was a focus of the Communist Party meeting.
Despite expectations of a decline, US retailers' sales held firm, leading many to anticipate rate cuts by the Federal Reserve.
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