China curbs cost Apple $200 billion almost overnight
Baku, September 8, AZERTAC
Apple's shares have been tumbling for the second day in a row, losing the equivalent of Hungary's GDP, after news that the tech giant could face a partial iPhone ban in China, according to Euronews.
China's widening curbs on iPhone use by government staff intensified a sell-off of tech stocks on Friday, fanning fears that Apple and its suppliers could take a hit from rising tensions between the US and China and growing competition from Huawei.
Apple shares tumbled 6.4% over the past two days, wiping $190 billion off its market capitalisation, which is the equivalent to Hungary's GDP. The sell off was mainly fuelled by news that Beijing has told employees at some central government agencies in recent weeks to stop using iPhones at work.
China is Apple’s biggest foreign market and also the company's global production base.
Adding to the pressure on Apple, Huawei on Friday launched two new smartphones: foldable phone Mate X5 and Mate 60 Pro+ smartphone, a new addition to a series it unveiled last week that captured global attention for its success in beating back against US sanctions.
The series of unexpected new products launched by China's "national champion," just days before Apple is expected to unveil new iPhones, is raising concern about sales prospects in one of Apple's biggest markets.
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