2 hours ago
The Dutch government partially revokes ASML's export license for chip equipment to China
The Dutch government has partially revoked semiconductor equipment maker ASML's export license to China for two of its systems used to make advanced chips.
“A license to supply the NXT:2050i and NXT:2100i lithography systems in 2023 was recently partially revoked by the Dutch government, impacting a small number of customers in China,” ASML said in a statement.
NXT:2050i and NXT:2100i are deep ultraviolet lithography machines used in mass production of the most advanced logic and memory chips.
The company said it does not expect the move to have a material impact on its 2023 financial outlook.
ASML was prevented from exporting its extreme ultraviolet lithography machines to China by the Dutch government in an attempt to curb China's chip manufacturing technology. ASML has not yet delivered the equipment to China.
–Sheila Chiang
3 hours ago
Caixin China's December manufacturing PMI is 50.8
A private survey showed that manufacturing activity in China increased in December, contradicting a similar survey by the country's statistics office that reported a decline.
The Caixin manufacturing purchasing managers' index was 50.8 in December, down from 50.7 in November, according to a release on Tuesday. China's official PMI fell to 49.0 in December from 49.4 the previous month, the country's National Bureau of Statistics said in a Sunday statement.
A PMI reading above 50 indicates an expansion in activity, while a reading below this level indicates a decline.
– Clement Tan
25 minutes ago
Singapore's GDP grows 2.8% in final quarter of 2023
Singapore's economy grew 2.8% year-on-year in the final 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.
Seasonally adjusted quarter-on-quarter, the economy grew by 1.7%, a stronger expansion than the 1.3% in the third quarter.
Read the whole story here.
—Lim Hui Jie
5 hours ago
Australia's factory activity shrinks fastest since May 2020: Judo Bank
Australia's factory activity in December saw its sharpest decline since May 2020, according to private surveys from Judo Bank.
The country's manufacturing purchasing managers' index fell to 47.6 in December from 47.7 in November, marking the 10th straight month of decline.
In its press release, the bank wrote that this was mainly due to a further decline in demand from the country's manufacturing sector, with new orders for Australian industrial goods falling for the 13th consecutive month.
This was due to the weak economic situation and pressure from high interest rates. The bank added that external demand was also subdued.
—Lim Hui Jie
5 hours ago
Record watch
Investors are on guard as the S&P 500 is now less than 1% away from a new high with a Friday close of 4,769.83.
A close above 4796.56, the record the stock benchmark reached in January 2022, would mark a new all-time high. The S&P 500's current intraday record is 4818.62, also from January 2022.
5 hours ago
More stock gains in 2024, but much lower returns, history says
A banner year with the S&P 500 rising more than 20% could portend more good news the following year, if history is anything to go by. But don't expect a bigger year than 2023, according to Ryan Detrick, chief market strategist at Carson Group.
Since 1950, the S&P 500 has posted an annual gain of at least 20% 21 times. What happens next year is that the equity benchmark was in the green 80% of the time and returned an average of 10%, the strategist said.
Only once in history – in 1997 – did stocks rise more the next year, Detrick said.
— Yun Li