Asia stocks, US futures drop after Apple warning
SYDNEY (BLOOMBERG) - US futures and stocks in Asia fell on Tuesday (Feb 18) after Apple Inc. said quarterly sales would miss forecasts, illustrating the blow to corporate earnings and economic growth from the deadly coronavirus.. Read more at straitstimes.com.SYDNEY (BLOOMBERG) - US futures and stocks in Asia fell on Tuesday (Feb 18) after Apple Inc. said quarterly sales would miss forecasts, illustrating the blow to corporate earnings and economic growth from the deadly coronavirus. Japan's Topix index fell 0.6 per cent as of 9:10am in Tokyo. Australia's SP/ASX 200 Index fell 0.2 per cent. Hong Kong's Hang Seng Index futures ticked up 0.1 per cent earlier. Nasdaq 100 futures dropped 0.5 per cent. Futures on the S&P 500 Index fell 0.2 per cent. Apple suppliers such as TDK Corp and Tokyo Electron declined after the US iPhone maker warned on both production and sales disruptions due to the epidemic. With US markets shut for a holiday on Monday, Asian markets have no cue from American trading overnight. Yields on 10-year Treasuries dipped as trading resumed in Tokyo. Investor sentiment began the week on the front foot after China's central bank said it will let banks run up more non-performing loans in a bid to ease the virus' impact. Still, Singapore's government cut its growth forecasts, citing uncertainty over the length and severity of the outbreak. "So far I believe that most of what we are seeing is delayed consumption," Andy Kapyrin, a partner at RegentAtlantic Capital, told Bloomberg TV. If the scenario turns into destruction of demand, that"can start to have serious economic ramification," Kapyrin said. In a statement on Monday, Apple said while work is starting to resume around China,"we are experiencing a slower return to normal conditions than we had anticipated." Global iPhone supply will be"temporarily constrained," it said. Elsewhere, West Texas crude oil traded around US$52 a barrel and currency trading was subdued. The pound held a decline after Prime Minister Boris Johnson's envoy attacked the European Union's stance ahead of trade talks. Related Stories: Read more: The Straits Times
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Southeast Asia feels the burn as virus keeps Chinese tourists at home😢i feel it, burnt a hole in my pocket cos majority biz owners taking advantage of current climate, mark up its paper products which ive been buying weekly for 8 consecutive yrs😪
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