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CEO of Sberbank, Russia: Profits are expected to grow by about 6% in 2025.Iran says some of its nuclear facilities are under inspection by the International Atomic Energy Agency.On November 10th, Huayang Intelligent announced that Ningbo Meishan Bonded Port Area Fosun Weiying Equity Investment Fund Partnership (Limited Partnership), a shareholder holding more than 5% of the companys shares, holds 7,313,600 shares (representing 12.81% of the companys total share capital). Fosun Weiying plans to reduce its holdings by no more than 2,854,200 shares within three months after 15 trading days from the date of this announcement (December 2, 2025 to March 1, 2026), through centralized bidding and block trading, for a total reduction of no more than 5% of the companys shares.November 10th - Japan released its Economic Growth Committees recommendations for a comprehensive economic package. The expert panel stated that Japan will strive to achieve higher incomes without raising taxes. Japan is considering including semiconductors, key minerals, and defense in the economic plan.On November 10th, Russian Presidential Press Secretary Dmitry Peskov stated at a briefing that Russia hopes to end the conflict in Ukraine as soon as possible, but the key lies in achieving the initially set goals. He stated that Russia remains open to resolving the Ukrainian issue through political and diplomatic means, which is the preferred option. Peskov pointed out that the current changes in the frontline situation clearly indicate that the Ukrainian governments situation will inevitably deteriorate. Despite widespread fear in Ukrainian society, the number of Ukrainians supporting peace under Russian conditions will increase. Peskov stated that Kazakhstan is a special partner of Russia, and Moscow is actively preparing for Kazakh President Kassym-Jomart Tokayevs state visit to Russia.

NASDAQ Composites Falls for Fifth-Straight Sessions on Weak Chip Sector, Interest Rate Fears

Cory Russell

Sep 02, 2022 14:45



After being instructed to cease shipping AI chips to China, Nvidia and Advanced Micro Devices saw their stock prices plummet.


The tech-heavy NASDAQ Composite is down for the sixth consecutive day as chipmakers fell, driven by a decline in Nvidia and Advanced Micro Devices shares after the United States banned the shipment of some of the most advanced AI devices to China.


The index declined at the start of the cash market, but the selling pressure subsided as U.S. economic data revealed a further easing of pricing pressures. Manufacturing, however, expanded briskly in August as a result of a comeback in employment and new orders.


The NASDAQ Composite is down 31.08 points or -0.26% at 11785.13 as of 18:12 GMT. At $299.43, the Invesco QQQ Trust ETF (QQQ) is up $0.16 or 0.05%.


The latest sell-off started last Friday as Fed Chairman Jerome Powell said the institution will continue aggressively hiking rates to combat inflation even after two straight increases of 75 basis points. Other Fed officials have since mirrored Powell's remarks.


Near session's end, traders projected a 74.0% possibility of a third consecutive 75 basis point rate rise in September, with a high of around 3.993% expected in March 2023.

After US Restrictions, Nvidia and Advanced Micro Devices Sink in the Chip Sector China Sales

After Nvidia and Advanced Micro Devices claimed that U.S. authorities had instructed companies to cease shipping cutting-edge processors for artificial intelligence to China, U.S. chip stocks fell on Thursday, with the major semiconductor index down more than 3%, according to Reuters.


While smaller competitor AMD's price dropped over 6%, Nvidia's stock plunged 11%, on pace for its largest one-day percentage decline since 2020.


Nvidia said in a filing on Wednesday that the limited shipments to China of two of its top artificial intelligence computer chips, the H100 and A100, might affect $400 million in potential sales to China in the current fiscal quarter.


However, AMD does not think the new regulations would have a significant effect on its company. AMD also claimed that American authorities instructed it to halt selling its top artificial intelligence processor to China.


Economic data that is strong supports the Fed's plan to raise rates quickly.


According to a government survey, fewer Americans than usual filed new unemployment benefit claims last week, which is consistent with the high demand for employees and the tight job market circumstances.


In other developments, statistics from the Institute for Supply Management (ISM) revealed that American manufacturing expanded gradually in August as employment and new orders increased. Meanwhile, predictions that inflation has likely peaked were supported by a further easing of pricing pressures.

Looking Forward

Investors are now waiting for Friday's monthly nonfarm payrolls report for further labor market data. According to Reuters' survey of economists, there will be a 300,000 rise in employment. However, Wells Fargo economist Jay Bryson increased his projection for nonfarm payrolls from 325,000 to 375,000, while Morgan Stanley economist Ellen Zentner anticipates August payrolls of 350,000.

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