After Asian markets tumbled overnight and European exchanges stumbled, USA futures were trading lower on Thursday morning, dragged down by Apple's stunning announcement Wednesday. (AAPL) are down more than 9% in NY trading after the company announced it will miss its revenue forecast for the critical holiday quarter. It's also harder to lock in users within the iOS system in China, where proprietary Apple services, including iMessages and iTunes, aren't as popular as in the U.S.
Conversely, on November 1, 2018 CEO Tim Cook stated during Apple's fourth quarter 2018 conference call, that "o$3 ur business in China was very strong last quarter". One of Apple's key manufacturing partners, Taiwan's Foxconn, plans to start making iPhone X models at its plant in the southern Indian state of Tamil Nadu in 2019, according to multiple media reports.
On Thursday, Henry Zhu, a student from Shenzhen, was browsing a Xiaomi store at the upscale Parkview Green mall in Beijing as he considered the relative attractiveness of Apple's latest products. "Overall, consumption growth is slowing down in China".
The belt-tightening in the world's second-largest economy is bedeviling global industries, including autos and designer clothing, that count on China to drive sales growth.
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Cook said: "the trade tensions between the United States and China put additional pressure on their economy" which resulted in fewer customers. "It symbolizes how deep China's economic problems are, and we can connect the dots right back to the trade war".
"Apple's iPhones are facing a saturated premium smartphone market, with slowing growth rates and increased competition in China", Anshul Gupta, a research director at Gartner Inc., said last month when the firm released its latest smartphone sales tallies.
The country is still one of the world's fastest growing economies.
Technology companies in particular, which rely heavily on sales to China, have been slumping in recent months out of fears of a slowdown there. "Apple was at a number that was incredible, and they're going to be fine".
President Trump's latest interchange with reporters included new stock commentary, on news dominating the tech sector this week: He's not anxious about a drop in Apple's (AAPL +3.7%) stock price. All three major indexes were lower, too.
Market jitters even extended briefly to the Brexit-battered pound, which tumbled to a 21-month low close to $1.24 overnight against the USA dollar in a "flash crash" triggered by an exodus from currencies considered riskier - before very quickly recovering the losses to return to around $1.26. France's CAC 40 and Germany's DAX were the biggest losers, shedding around 0.7%. In Asia, tech-related stocks suffered most.