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Asian Stocks Slammed by U.S.-China Trade Jitters, Fed Woes
Asian stocks fell sharply on Monday, with Chinese chipmakers leading declines on new U.S. trade curbs, while broader sentiment was dented by fears of more hawkish measures from the Federal Reserve.
The bluechip Shanghai Shenzhen CSI 300 index sank 0.9%, while the Shanghai Composite index shed 0.4%. Chipmaking stocks including Anji Microelectronics Tech Co Ltd (SS:688019) and Chengdu Xuguang Electronics Co Ltd (SS:600353) plummeted as much as 20% after the White House unveiled export controls cutting off Chinese companies from certain semiconductor chips made with U.S. equipment.