Share to linkedinshuttered commercial street on February 12, 2020 in Beijing, China. China’s stock market might be up today thanks to life insurance companies buying equities, but that’s about all who’s buying these days. Even though homebound Chinese are ordering more food on line, and getting their groceries delivered that way, too. Over retail sales are being stripped of $144 billion... a week, according to China’s Evergrande Think Tank.
“Demand-wise, we see the market impacted severely,” says Brady Wang, associate director at Counterpoint Research. He estimates more than a 50% year-over-year decline in smartphone sales during the lock-down period that has been in effect for the past four weeks. Apple has closed all of its stores in China due to the coronavirus, now called Covid-19 by the World Health Organization. The unknown pathogen is believed to have derived from a species of bats. Other theories suggest it escaped a virology research lab in Wuhan,are being treated for respiratory problems associated with the viral lung infection.
Investors have been selling Apple, but the stock has held up over the last month. It’s underperforming the Nasdaq and all other FANG stocks other than Facebook, but is still up 2.3% over the last four weeks since the outbreak become world news.... [+]
Coronavirus Cases: In addition to laboratory-confirmed cases, now clinically-confirmed cases are available from Hubei providence in China. chart:
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