"The zero China COVID policy has been an absolute gut punch to Apple's supply chain," said Daniel Ives, an analyst at Wedbush.
That heightened tensions ahead of speech by Fed Chair Jerome Powell on Wednesday that is shaping up to be a major messaging event as markets yearn for a pivot on policy."We envision him basically confirming a slower pace of hikes at the December meeting, which is almost entirely priced in," said Jan Nevruzi, an analyst at NatWest Markets. "But we also think he will reiterate that the Fed intends to stay in restrictive territory through next year.
The Fed is not alone in being hawkish, with European Central Bank President Christine Lagarde warning that euro zone inflation has not peaked and could go even higher.Figures for inflation in Germany and Spain are due later on Tuesday, ahead of the main euro zone report on Wednesday. The dollar dipped to 138.65 yen , after briefly touching a three-month trough of 137.50 overnight. The dollar index eased 0.3% to 106.29 , but had been as low as 105.31 the previous session.
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