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American officials due in Beijing for talks on trade battle

07 January, 2019, 06:11 | Author: Kristi Dunn
  • Apple's stock has fallen 32 per cent from an October peak to its close of US$157.92 on Wednesday amid growing concerns about the iPhone

Some analysts questioned the extent to which Apple's travails were reflective of broader macro trends as opposed to being company-specific. He said this trade uncertainty "appeared to reach consumers", with customer traffic in China declining.

Greater China is an informal term usually used by multinational companies to refer to their business operation area that encompasses the Chinese mainland, Taiwan, Hong Kong and Macau.

The iPhone maker lost around 18 percent in a year and is down almost 36 percent since October highs. It's the result of market competition, rather than economic deceleration. But JJ Kinahan, chief market strategist at TD Ameritrade, said the report helps dispel some of the lingering concerns about a global economic slowdown.

US crude oil added 1.8 percent to $47.96 a barrel in NY.

In his assessment of Apple's outlook, Hall not only slashed his 12-month forecast for the company's stock (down to $140 per share from his previous estimates of $182 per share), but he also went even further, likening the iPhone-maker's struggles to those of Nokia - the now-defunct Finnish phone-maker whose devices once dominated the mobile market.

In a letter to investors on the topic, Apple CEO Tim Cook squarely laid all the blame on a lower number of iPhone sales for the quarter.

"Apple is a great company", Trump said during his news conference. That reversal of fortune could reinforce fears of a global economic slowdown.

Apple finds itself in a tricky position in China, a key market for sales and where it manufactures the bulk of the iconic products it sells worldwide, after the high-profile arrest in Canada of the CFO of domestic rival Huawei Technologies Co Ltd.

This represents the biggest stock market dive since 5 December when U.S. stocks suffered a dramatic decline; the Dow Jones fell 800 points back then due to renewed concerns over Washington's trade dispute with China and indications of a possible looming economic recession.

Liverpool goalkeeper Alisson's footballing skills a nice surprise - Jurgen Klopp
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The US tech giant itself was hit by Thursday's sell-off with its stock tanking 9.96 percent.

Riskier stocks led the rally, including tech companies that have gotten killed lately: Facebook (FB) rose 5%, Apple (AAPL) was up 4% after its worst day in six years.

That same quarter, Apple would stop disclosing iPhone unit sales. The yield on 10-year U.S. Treasurys, meanwhile, was last up to 2.584% from 2.557% late Thursday. -China trade war and rising interest rates.

Hassett said Asian economies including that of China have been slowing quite a bit since last spring and that China is "feeling the blow" of United States tariffs.

Japan's Nikkei index dropped 2.3% Friday, that market's first day of trading following the New Year break.

Apple, under severe pressure after cutting revenue guidance, could eventually bottom out at $120 per share, CNBC's Jim Cramer predicts. Build those plants in the US. The Nasdaq composite jumped 231 points, or 3.6 per cent, to 6,694. The shares closed at $148.26 on January 4, down about 5.1 percent for the week.

Twitter - and other major foreign sites like Facebook and Google - are blocked in China and users need a virtual private network (VPN) connection to circumvent Beijing's internet controls. The Dow added 578 points, or 2.6 per cent, to 23,254 after rising as much as 691 points.

In the fiscal year ending September 30, 2018, US telecommunication player Qualcomm Inc. earned 15.149 billion dollars of revenues from the Chinese market, which stands for as much as two-thirds of its total.


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