Asia stock market today: Live updates

Asian chipmaker and related stocks were mostly down on Wednesday, after the U.S. announced new restrictions on exports of artificial intelligence chips to China.

Shares of chip manufacturing giant Taiwan Semiconductor Manufacturing Corp slipped as much as 1.27%, while counterpart Hon Hai Precision Industry — also known as Foxconn — inched down 0.47%.

On the other hand, shares of domestic Chinese chipmaker SMIC spiked by as much as 4.62%, although it later pared gains to trade 2.43% higher. Counterpart Hua Hong Semiconductor lost 0.41%.

— Lim Hui Jie

China’s economy grew 4.9% year-on-year in the third quarter, higher than the 4.4% expansion that was expected from economists polled by Reuters.

However, this figure was lower than the 6.3% year-on-year expansion seen in the second quarter.

Read the full story here.

— Lim Hui Jie

Chinese electric car maker BYD forecast that its third-quarter net profit will come in between 9.55 billion yuan ($1.31 billion) to 11.55 billion yuan, a year-on-year increase of about 67% to 101.99%. For comparison, net profit for the third quarter of 2022 stood at 5.72 billion yuan.

Earnings per share for the third quarter is expected to come in between 3.29 yuan per share and 3.97 yuan per share, a sharp jump from the 1.97 yuan per share a year ago.

In a filing to the Hong Kong exchange, BYD explained that sales volume for the company’s new energy vehicles “continued to reach record highs,” ranking first in the world in terms of new energy vehicle sales.

For its handset components and assembly business, BYD said it continued to improve its profitability due to factors like an expansion in business scale with overseas major customers, as well as a rebound in demand from Android customers.

Ahead of the upcoming earnings season, Deutsche Bank has cut price targets on nearly 30 European stocks this week and upgraded just one to “buy.”

The biggest cut to price targets was for an energy company’s stock. Deutsche Bank analysts lowered their 12-month share price forecast by 36% on Oct. 16. The stock has nearly halved in value this year.

CNBC Pro subscribers can read more about the other stocks facing Deutsche Bank’s axe here.

— Ganesh Rao

Popular chipmakers stocks slumped on Tuesday after the U.S. Department of Commerce said it plans to tighten its restrictions on the sale of advanced artificial intelligence chips to China.

Nvidia shares shed 7%, while Advanced Micro Devices dropped about 4%. Marvell Technology, Intel and Broadcom lost about 3% each.

The U.S. government said that the new rules aim to close loopholes that emerged following last year’s curb on AI chip exports.

— Samantha Subin, Kif Leswing

Richmond Federal Reserve President Thomas Barkin said Tuesday he supported his colleagues’ decision not to hike rates in September and believes the central bank can be patient from here.

“We have time to see if we have done enough, or whether there’s more work to do,” said Barkin, a nonvoting member this year of the rate-setting Federal Open Market Committee, said in remarks to real estate professionals.

Speaking the same day that a Commerce Department report showing stronger-than-expected retail sales in September, he said some of the data showing robust spending and growth doesn’t jibe with his on-the-ground observations that demand is slowing.

—Jeff Cox

In another sign of U.S. economic resiliency, retail sales rose 0.7%. Economists polled by Dow Jones expected a 0.3% increase….