Shares Skid As Apple Warning Stokes Growth Fears, ‘Flash Crash’ Sweeps Currencies

www.oann.com | 1/2/2019 | Staff
emilia (Posted by) Level 3
SHANGHAI (Reuters) – Shares in Asia fell on Thursday and U.S. stock futures dropped sharply after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy.

The Cupertino, California-based tech giant blamed fewer iPhone upgrades and slowing sales in China for the rare revenue warning, its first since 2007. Its shares tumbled 8 percent in after-hours trade.

MSCI - Gauge - Asia-Pacific - Shares - Japan

MSCI’s broadest gauge of Asia-Pacific shares outside Japan slipped 0.2 percent early in the Asian day and losses were expected to mount when trading opened in more tech-heavy markets in the region.

A jump in Australian shares , which rose 1.3 percent, helped to offset weakness elsewhere in the region after its currency fell to near decade lows, boosting exporters.

Thursday - Morning - Nasdaq - E-mini - Futures

But on Thursday morning, Nasdaq E-mini futures were down 2.2 percent and S&P 500 E-mini futures were 1.3 percent lower following Apple’s warning, which specifically highlighted slowing Chinese growth and Sino-U.S. trade tensions, exacerbating investors’ concerns about the state of the global economy.

“The fall in the EM manufacturing PMI last month was fairly broad-based and supports our view that growth in the...
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