Stock futures back off on US-China frictions; Intel sinks

U.S. stock index futures fell on Friday following heightened tensions between the United States and China, and as Intel's shares slumped after reporting a delay in a developing new chip technology.

World stocks also took a hit after Beijing ordered the Washington to close its consulate in the city of Chengdu, responding to a U.S. demand this week that China close its Houston consulate.Intel Corp fell 12per cent premarket after the company said it was six months behind schedule in developing 7-nanometer chip technology and it would consider farming out more work to outside semiconductor foundries.

FAANG group of stocks — Facebook Inc , Amazon.com Inc , Apple Inc , Netflix Inc and Google-parent Alphabet Inc — which were pivotal in driving the stock market's recovery in recent months, slipped between 1.0per cent and 1.4per cent on Friday.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Seoul: Stocks slip on recession, US-China worries[SEOUL] South Korean shares dropped on Thursday after data showed the country plunged into recession in the second quarter, while escalating US-China tensions further weighed on sentiment. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Will China shut US consulate-general in Hong Kong in tit-for-tat move?HONG KONG - A move by China to shut the United States’ consulate-general in Hong Kong as a way to hit back at the US for booting out the Chinese counterpart in Houston would be akin to a nuclear option, political watchers said.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Mexico says China plans US$1b loan to ease Latin America's access to COVID-19 vaccineMEXICO CITY: China plans to provide a US$1 billion loan to make its coronavirus vaccine accessible for countries across Latin America and the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

How the Cold War between China and US is intensifyingWASHINGTON (NYTIMES) - Tensions between China and the United States have reached the most acute levels since the countries normalised diplomatic relations more than four decades ago, with the US government's ordering that China close its Houston consulate being just the latest example.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

China could consider US Hong Kong consulate cuts, Editor saysBEIJING (BLOOMBERG) - Global Times Editor-in-Chief Hu Xijin said Beijing would likely respond to the forced closure of its Houston consulate with moves that inflict more pain on the US than closing its operation in Wuhan - including potential cuts to its larger Hong Kong mission.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

How the cold war between China and the US is intensifying
Source: TODAYonline - 🏆 1. / 99 Read more »