Apple Inc. suffered its worst stock decline in a month following a report that Chinese government agencies have barred staff from using the iPhone and other foreign-branded devices at work. Apple had gained 46 per cent this year through Tuesday’s close, part of a broader run-up in tech stocks. The company enjoys widespread popularity in China, its largest international market, despite rising resentment of American efforts to contain the Asian country’s technology industry. Foreign devices, however, have long been discouraged in sensitive agencies, particularly as Beijing stepped up a campaign in recent years to reduce a reliance on technology from the US, China’s geopolitical rival. Nevertheless, China was one of the highlights of Apple’s results last quarter, helping offset a generally sluggish period.

Source: Wall Street Journal September 08, 2023 13:10 UTC