Apple warns that iPhone sales could take big hit

Apple warned investors to expect lower sales due primarily to "lower than anticipated" iPhone sales in China amid an ongoing trade war with the US.

Posted: Jan 3, 2019 11:34 PM
Updated: Jan 3, 2019 11:34 PM

Japan is playing catch-up in the global stocks rout.

The country's Nikkei index dropped more than 3% Friday morning, in the market's first day of trading following the New Year break.

The losses came on the back of a 660-point fall in the Dow Thursday, after Apple (APPL) warned it will badly miss its quarterly sales forecast because of weakening growth in China.

"For Japanese markets, the return from the New Year's day holidays has been bitter," said Jingyi Pan, a Singapore-based market strategist at broker IG Group.

Among the stocks hit in Tokyo were Apple suppliers Sharp (SHCAY) and Kyocera (KYOCY), which both slumped by more than 4%.

Apple, among the world's most widely held stocks, on Thursday plummeted 10% in its darkest day in six years.

The news sent shudders through global markets. The Nasdaq plunged 3%, closing back in bear market territory. The S&P 500 shed 2.5%, led lower by tech and industrial stocks. The market ended near the lows of the day.

Elsewhere in Asia, Hong Kong's Hang Seng and China's Shanghai Composite gained about 1% in morning trading. That followed an announcement from China's Commerce Ministry that a US government delegation would resume trade talks in China early next week.

Dismal run

Like many other major markets, Japanese stocks are on a dismal run. The Nikkei fell about 15% last year, more than double the loss of the Dow in 2018.

Traders may also have been spooked by movements in the yen Thursday, when the Japanese currency unexpectedly rose sharply against the dollar. A stronger yen is often bad for Japanese stocks, because it can hurt corporate earnings in the country's large export sector.

Investors may find little comfort in the strength of Japan's economy.

Japan until recently enjoyed its longest streak of economic growth in decades, but the economy started to sputter in 2018. It shrank at an annualized rate of 1.2% in the third quarter of last year. That's despite years of unorthodox monetary policies aimed at stimulating growth.

The world's third-biggest economy faces serious challenges, including a rapidly aging population, a lack of women in the workforce and stubbornly low inflation.

An anticipated rise in consumption tax later in 2019 could also weigh on the Japanese economy.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 149940

Reported Deaths: 3779
CountyCasesDeaths
DeSoto10097104
Hinds9984199
Harrison7116110
Jackson6360119
Rankin5588103
Lee509195
Madison4799106
Forrest383186
Jones357688
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Washington3179107
Lamar291550
Oktibbeha245462
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Lowndes237364
Panola222350
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Marshall217250
Leflore205590
Pontotoc199928
Monroe198177
Sunflower191655
Lincoln190865
Warren176857
Tate169851
Union167325
Copiah164140
Pike162658
Yazoo156039
Scott154829
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Alcorn151328
Coahoma150543
Simpson148353
Prentiss146230
Adams141950
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Leake134944
Holmes130861
George125524
Tippah125230
Covington123439
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Hancock121139
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Marion116646
Attala113034
Tishomingo109442
Chickasaw107632
Newton105629
Tallahatchie97027
Clay91327
Clarke90553
Jasper82822
Stone77014
Walthall76928
Calhoun75513
Montgomery74525
Carroll72415
Lawrence71814
Smith71316
Yalobusha71327
Noxubee71017
Perry67026
Tunica61019
Greene60322
Claiborne58616
Jefferson Davis57017
Amite54014
Humphreys53619
Benton49318
Quitman4927
Webster44314
Kemper43618
Wilkinson39822
Jefferson35211
Franklin3395
Choctaw3357
Sharkey30917
Issaquena1164
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Alabama Coronavirus Cases

Cases: 244993

Reported Deaths: 3572
CountyCasesDeaths
Jefferson32314500
Mobile19859361
Madison13223148
Tuscaloosa13049154
Montgomery12342236
Shelby1031577
Baldwin873398
Lee775766
Morgan662650
Calhoun6301119
Etowah627666
Marshall627255
Houston525638
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Cullman439442
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Walker3657111
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Jackson320423
Colbert311942
Blount292240
Autauga273542
Franklin252633
Coffee245415
Dale232654
Dallas226232
Chilton223438
Russell22193
Covington218934
Escambia198331
Chambers176850
Tallapoosa176391
Pike158614
Clarke158419
Marion140236
Winston133023
Lawrence127936
Pickens123518
Geneva12218
Marengo121524
Bibb117917
Barbour117310
Butler116541
Randolph102921
Cherokee102224
Hale97031
Clay91924
Fayette91616
Washington91219
Henry8546
Lowndes79929
Monroe78911
Cleburne77214
Macon73722
Crenshaw71130
Bullock69619
Perry6886
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Lamar6798
Wilcox63518
Sumter58122
Greene42618
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