Global markets shuddered Thursday after Apple said China is buying fewer iPhones, amplifying fears that the world’s second-biggest economy is fading. Apple chief executive Tim Cook pointed to the unforeseen “magnitude of the economic deterioration” in China, the world’s largest smartphone market. “If we have a successful negotiation with China, then Apple’s sales and everybody else’s sales will recover,” he said. Apple’s warning comes on the heels of two key reports in recent days from China, indicating its manufacturing sector is slowing. “The [manufacturing] data puts a lot of pressure on the Chinese to make a deal with President Trump on trade,” said Ed Yardeni, president of Yardeni Research.

Source: Washington Post January 03, 2019 14:35 UTC