President Joe Biden has taken a significant step in the ongoing competition between the United States and China by signing an executive order to block and regulate high-tech investments in China. The order specifically targets advanced computer chips, micro electronics, quantum information technologies, and artificial intelligence.
In other news you may be interested in, here are five things to start your day:
1) Disney has raised the price of its streaming service as CEO Bob Iger looks to cut costs. This comes as Disney+ continues to lose paying subscribers.
2) The market for weight-loss drugs is booming, and investors are eager to get in on the action. The drug Ozempic is already delivering substantial profits.
3) Leonardo DiCaprio and other Hollywood stars have invested in a UK startup that filters toxic particles from washing machines. The startup, Bristol microplastics, aims to reduce the pollution caused by microplastics.
4) Tui boss predicts that families will choose to holiday in Poland instead of scorching southern Europe due to the effects of climate change. As temperatures rise, holidaymakers may seek new getaway locations.
5) Fitch has cast doubt on the future of troubled supplier Thames Water, warning that its turnaround plan is “high risk.” This adds further uncertainty to the company’s prospects.
Moving on to the overnight happenings in the financial world, Asian stocks experienced a decline, with MSCI’s broadest index of Asia-Pacific shares falling 0.6%. This marks the second consecutive week of losses, as concerns linger over China’s slipping into deflation.
China’s blue-chip CSI 300 Index and the Shanghai Composite Index also faced losses, with 0.5% and 0.2% drops, respectively. Meanwhile, Hong Kong’s Hang Seng Index retreated nearly 1%.
On Wall Street, stocks slipped as investors awaited the release of a highly anticipated report on US inflation. The S&P 500 recorded its sixth drop in the last seven trading sessions, falling 0.7% to 4,467.71. The Dow Jones Industrial Average dropped 0.5% to 35,123.36, while the Nasdaq Composite sank 1.2% to 13,722.02.
The bond market saw the yield on the benchmark 10-year Treasury slip to 4.00% from 4.03% on Tuesday. In contrast, the two-year Treasury yield, which is more sensitive to expectations for action by the Federal Reserve, rose to 4.80% from 4.76%.
Overall, President Biden’s executive order reflects the escalating competition between the US and China in the high-tech sector. Meanwhile, various developments in the business and financial world continue to shape the global landscape.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
