Banks led losses in the S&P 500, with JPMorgan Chase & Co. and Citigroup Inc. sinking even after better-than-expected earnings, as investors worried that the quarter signaled just a pause in pain from soured loans. Tech shares outperformed as Apple Inc. unveiled its iPhone 12 line with 5G speeds and Amazon.com Inc.’s Prime Day sale kicked off. Delta Air
HONG KONG (Reuters) – Hong Kong-listed shares of Semiconductor Manufacturing International Corp fell more than 7% on Monday after the United States imposed restrictions on exports to China’s biggest chip maker, citing a risk of military use.
SMIC’s shares fell as much as 7.9% to HK$17.12 ($2.21), the lowest since May 29, and were last down 6.7%.
The company said it had not received any official notice of the restrictions and added it has no ties with the Chinese military.
Suppliers of certain equipment to SMIC will now have to apply for individual export licenses, according to a letter from the U.S. Commerce Department dated Friday and seen by Reuters.
Earlier this year SMIC raised $6.6 billion in a secondary listing on Shanghai’s tech-centric STAR market.
Wall Street’s sell-off resumed on Wednesday as a drop in the shares of large technology companies dragged stocks to their fifth decline in the last six sessions.
The S&P 500 fell more than 2 percent while the tech-heavy Nasdaq composite dropped 3 percent.
Apple, Microsoft, Alphabet and Amazon were all sharply lower. The tech giants had led a recovery in markets this year, lifting the S&P 500 to a record high early this month.
But stocks have been retreating since that Sept. 2 peak, as investors rotated out of the high-flying tech shares and concerns grew about the state of the economy. A key worry has been Washington’s inability to reach a deal on a new economic aid package, and the gridlock between Democrats and Republicans has only worsened since the death of Justice Ruth Bader Ginsburg last week.
U.S. stocks have already tumbled for three consecutive weeks