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Apple sales WARNING: Global stock markets RATTLED as iPhone maker reignites slowdown fears | City & Business | Finance

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The technology giant exacerbated fears of a worldwide economic slowdown after blaming China weaker iPhone sales in China. Issuing its first revenue warning in almost 12 years, Apple forecast $84 billion in revenue for its fiscal first quarter. The Cupertino, California-based company originally forecast revenue of between $89 billion and $93 billion. The rare statement from Apple sparked a slide in global shares, with European markets opening lower this morning.

The pan-European STOXX 600 fell as much as 0.7 percent in early trade, while Apple’s Frankfurt-listed shares fell 8.9 percent.

As of just before 10:00 GMT, the FTSE 100 was down 0.15 percent and CAC 40 in Paris lost around 0.59 percent.

Chipmakers who supply parts to Apple were the worst hit.

Shares in AMS, which provides the facial recognition sensors used in the latest iPhones, fell 19.4 percent to the bottom of the STOXX.

Asia shares were also impacted by the news, with MSCI’s broadest gauge of Asia-Pacific shares outside Japan dropping by 0.5 percent.

The Shanghai Composite index was flat while the blue-chip CSI300 ended down just shy of 0.1 percent.

An MSCI index of Korean shares lost 1.8 percent and Taiwan shares fell 1.4 percent.

US stock futures pointed to a turbulent trading day on Wall Street.

Nasdaq E-mini futures were down 2.5 percent and S&P 500 E-mini futures off 1.6 percent at the time of writing.

The warning from Apple marks the first of its kind since 2007.

In a letter to investors, CEO Tim Cook suggested the blame was down to fewer iPhone upgrades and slowing sales in China.

The Chinese economy has been dented by uncertainty around US-China trade relations, heightening investor anxieties of a global economic slowdown.

The Apple chief said: “While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China.”

Neil Campling, co-head of the global thematic group at Mirabaud Securities, said: “The last guidance in November saw a plethora of supply chain companies come out and follow suit in the following couple of weeks.

“You can expect more of the same this January… You can expect ongoing volatility and downside risk for the sector.

“It is tin-hat time.”

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Independent Consultant Beginner – 6 Should Have Pieces Of It Technology And Software

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Prima Wireless Earbuds Reviewhttps://primawirelessearbuds.net/.

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What Make Sure You Really Know Right Anyone Decide To Travel

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When traveling with children advised plan your route in advance. Do a little research and see as relevant and fun places to stop such as parks, museums or other attractions. Once you take breaks every non-chemical hours so everyone maybe even including the children probably get out and stretch their legs.

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Departure time is extremely important. Leaving early am is a proficient plan. Your offspring will be tired and possibly sleep vehicle for the first part of the trip in any case.

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Majority of Canadian workers willing to take less pay for a workplace pension plan: survey

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A majority (70 per cent) of Canadians say they’re willing to forgo a higher salary in exchange for a workplace pension plan, according to a new survey for the Healthcare of Ontario Pension Plan by Abacus Data.

The survey, which polled more than 2,000 Canadian adults in April, signals an opportunity for employers to build back the post-coronavirus pandemic working landscape better by expanding access to good retirement plans — whether they’re defined benefit, defined contribution or group registered retirement savings plans, says Steven McCormick, senior vice-president of plan operations at the HOOPP.

According to the survey, a secure retirement remains of greater concern for Canadians than concerns about their health, debt load and job security. McCormick says this has been a consistent worry the HOOPP has seen in survey results over the past couple of years. Nearly half (48 per cent) of respondents said they’re very concerned about having enough money in retirement, while 31 per cent were highly concerned about their personal debt load and 26 per cent cited their job security. Close to half of respondents expressed high concerns for their physical (43 per cent) and mental (40 per cent) health.

In addition, the pandemic has harmed the finances of more than half (52 per cent) of Canadians’ surveyed and it’s had a particularly disproportionate affect on the finances of younger adults. Adults aged 44 and younger said they’re twice as likely (25 per cent) to have had their finances greatly harmed, compared to those over the age of 60 (12 per cent).

Generally, younger adults tend to work in roles that may have been impacted most by the pandemic, says McCormick, whether in service industries that were shut down or frontline health care that have been busy but don’t always come with access to a pension plan. “Affordability is an issue, so I think their worries increased during this time.”

And while almost half (46 per cent) of Canadians surveyed said they’ve saved more money than they would have since the onset of the pandemic, among these respondents, over half (52 per cent) didn’t put any of their savings toward their retirement. Overall, most (63 per cent) Canadians surveyed haven’t set aside or saved anything for retirement in the past year, a five-point increase since 2019.

McCormick says this may be due to uncertainty or hesitancy about whether people’s immediate needs outweigh longer-term needs. And with 55 per cent of respondents noting they were very concerned about the cost of day-to-day living, he adds that rising prices have fuelled insecurity and worries so people are creating their own emergency funds right now.

While there’s a segment of the population who’ve saved more and, for them, the pandemic has created wealth, he doesn’t see this as a common narrative in the survey data. “If you don’t have access to a workplace pension or the opportunity to have things like automatic enrolment, the uncertainty of the time may have you holding onto money,” says McCormick. “In Ontario, we’re more optimistic about the pandemic than we were maybe a month ago, but there are still people worrying about whether there’ll be a fourth wave.”

In addition, more than two-thirds (67 per cent) of respondents said a retirement crisis is looming and 65 per cent said saving for retirement is prohibitively expensive. It’s a common and shared dream for many people in looking forward to a secure retirement, says McCormick, noting for many, making that dream a reality remains elusive.

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