Ukrainian Foreign Minister Dmytro Kuleba Tenders Resignation Amid Government Reshuffle

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Ukraine’s Foreign Minister Dmytro Kuleba has submitted his resignation, announced by Parliament Speaker Ruslan Stefanchuk. The move comes as part of a broader shake-up within the Ukrainian government, with several key ministers stepping down, including Deputy Prime Minister Iryna Vereshchuk and Minister of Justice Denys Maliuska. Ukrainian President Volodymyr Zelenskyy signaled significant changes aimed at strengthening government institutions during this critical period. Kuleba’s resignation marks a pivotal shift as Ukraine continues its diplomatic efforts in the face of ongoing war and its push for EU integration.

 

Asian Chip Stocks Plummet Following Nvidia’s Wall Street Sell-off Amid Antitrust Probe Concerns

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Asian semiconductor stocks faced significant declines on Wednesday after Nvidia’s sharp 9% drop on Wall Street overnight. This followed concerns about the U.S. economy and an antitrust investigation involving Nvidia. The sell-off hit major players across Asia, with SK Hynix falling over 6%, Samsung Electronics down 2.6%, and TSMC dropping 4.3%. Japan’s Tokyo Electron and Advantest also suffered heavy losses, reflecting the broader impact of Nvidia’s slump, which erased $279 billion from its market cap. The downturn highlights the global ripple effect of Nvidia’s performance in the semiconductor sector.

 

China’s Services Sector Growth Slows in August Amid Rising Costs and Job Cuts, Caixin PMI Reveals

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China’s services sector expansion decelerated in August, as indicated by the Caixin/S&P Global services PMI dropping to 51.6 from July’s 52.1. Despite the ongoing summer travel boom, rising costs prompted some firms to reduce staff, highlighting concerns over the sector’s growth sustainability. The new business index remained in positive territory, buoyed by increased export business in tourism. However, input costs surged while selling prices fell due to heightened competition. The slowdown in services, paired with the challenges in the manufacturing sector, raises concerns about China’s ability to meet its 2024 growth target of around 5%.