China unveils its tech-fueled plans for the economy. Apple tumbles after iPhone sales miss. And Hong Kong shows signs of emerging from recession.
China promised to become a technological powerhouse, emphasizing quality growth over speed as it unveiled the first glimpses of its economic plans for the next five years. Initial details released by the Communist Party’s Central Committee Thursday pledged to develop a robust domestic market and elevated China’s self-reliance in technology into a national strategic pillar. Central to that endeavor is self-reliance in chips, the building blocks for innovations from artificial intelligence to fifth-generation networking and autonomous vehicles. The communique didn’t specify the pace of growth policy makers would target. It comes just as the U.S.-China conflict over chips is about to get uglier. It’s no wonder Chinese investors now see the Sino-American feud continuing beyond the election.
U.S. shares fell in late U.S. trading, while Asian equities looked poised for a mixed start on Friday. The dollar and benchmark Treasury yields climbed back past 0.80%. An exchange-traded fund tracking the Nasdaq 100 fell in after-hours trading following a string of reports from Amazon.com, Facebook, Alphabet and Apple. The S&P 500 Index earlier bounced back a day after its biggest rout in four months. Elsewhere, the euro weakened after the European Central Bank paved the way for a package of fresh easing in December.