Asian Stocks Mixed As iPhone 11 Launches
Asian stocks on Wednesday have a mixed morning trade. Also, Apple suppliers outperformed after the iPhone 11 reveal event, which they held overnight in the United States.
China’s Shanghai Composite dropped by 0.3%. On the other hand, the Shenzhen Component fell 0.1%.
Aside from that, going to the U.S.-China trade war, China has offered to buy more U.S. agricultural products as an exchange for the delay in tariffs, according to a report from South China Morning Post. And it asked for the easing of a supply ban for Huawei.
Then, more from Asian stocks, Hong Kong’s Hang Seng Index rose by 0.3%. Japan’s Nikkei gained 0.6%. And South Korea’s Kospi was up by 0.7%.
Moreover, Australia’s ASX 200 climbed 0.1%. And this happened even though a survey displayed consumer confidence slipped 1.7% to 98.2 in September.
Bill Evans, a Westpac chief economist, stated, “Pressure on finances and concerns about the near-term outlook weighed on sentiment.” He also explained the concerns regarding the economy’s state, the international backdrop, and employment are seeing consumers become warier.
The New iPhone of Apple
Meanwhile, going far from Asian stocks, Apple Inc.’s lower price tag and new features might not be enough to win customers in China. The country is the largest smartphone market in the world. And it is already cramped with cheaper and feature-packed competitor handsets. The tech giant just launched its latest iPhone 11 series.
In addition to that, Apple revealed three new iPhones in California. And on Wednesday, it met a limp reaction from analysts and on social media in China. Also, this is the country the U.S. has been losing ground in recent years to rivals.
Tracker of China’s phone market Will Wong stated, “More competitive aggressive pricing and a better camera would be its selling point. But the market is still full of challenges, both market competition and macroeconomic factors.”
The iPhone 11 of Apple have two back cameras. And it includes an ultra-wide lens and the next generation of microchips, the A13.
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