Apple shares hit before iPhone reveal

Apple shares hit before iPhone reveal

US stocks were hit sideways as the so-called Faang shares, which include Facebook, Apple, and Netflix, dropped amid lingering concern about US and China trade tensions.

Apple shares hit before iPhone reveal

Apple, Amazon, and Netflix were the biggest losers in the tech-heavy Nasdaq 100.

In Europe, the Stoxx Europe 600 Index rose as Italy’s benchmark surged, buoyed by official government comments over the weekend that the country’s impending budget will be pragmatic and within EU fiscal rules. Emerging-market shares slid.

Equities sank in Shanghai and Hong Kong, with the latter’s benchmark nearing a bear market in the wake of US President Donald Trump’s threat to step up his trade showdown with China.

On trade, Mark Hackett at the Nationwide Funds Group, said that “we’re going to probably get more negative headlines on that than positive”.

Worries from the trade ructions to emerging-market turmoil continue to mar the outlook for global equities.

Mr Trump’s signal that he is ready to target a sum of goods equal to virtually all imports from China came as data showed a healthy US jobs market. The potential trade turmoil comes as Apple will kick off a blitz of new products this week, ending a year of minor updates and setting the technology giant up for a potentially strong consumer spending quarter in the US.

Through the rest of 2018, the world’s most valuable public company will launch three new iPhones, revamped iPad Pros, Apple Watches with larger screens, a new entry-level laptop with a sharper screen, a pro-focused Mac mini desktop computer, and new accessories like the AirPower wireless charger.

The product launches will begin tomorrow in the Steve Jobs Theatre at the company’s Apple Park headquarters in Cupertino, California.

The focus will be on Apple’s latest iPhones. It’s still the company’s most important product, generating about two-thirds of revenue and spurring purchases of other Apple devices, along with services like app subscriptions, movie downloads, and iCloud storage.

While smartphone market growth has slowed, higher prices have helped Apple keep expanding and it has gained market share.

Looming over tomorrow’s event will be tariffs imposed on products from China by Mr Trump.

Apple warned last week that this will raise prices for some of its popular offerings like the Watch and AirPods.

Mr Trump over the weekend urged the company to return its manufacturing to the US. Apple shares fell at one stage by almost 2%, valuing the giant at almost $1.07 trillion (€926bn).

Bloomberg

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