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US stocks plunge following global rout

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New York: US stocks extended losses in the morning session Tuesday as a renewed broad-based sell-off around the world rattled nervous investors. By midday, the Dow Jones Industrial Average slumped 314.56 points (1.90 percent), to 16,213.47. The S&P 500 dropped 36.43 points (1.85 percent), to 1,935.75. The Nasdaq Composite Index shed 67.98 points (1.42 percent), to 4,708.52. Tokyo equities dived with its benchmark Nikkei stocks index plunging 3.84 percent on Tuesday amid weak performances in other stocks markets.

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www.abc.net.au

Chinese shares slumped for a second day on Tuesday on weak economic data, with the benchmark Shanghai Composite Index dipping 1.23 percent to end at 3,166.62 points. China’s manufacturing purchasing managers’ index (PMI) came in at 49.7 in August, down from 50 for July and the lowest since August 2012, according to official data released Tuesday morning. European stocks also traded sharply lower as the heavy falls across the board weighed on market sentiment.

Adding more pessimism to the market, US economic data came out negative. The US August manufacturing PMI registered 51.1 percent, missing market consensus of 52.8 percent and a decrease of 1.6 percentage points from the July reading of 52.7 percent, said the Institute Supply Management (ISM) Tuesday. Meanwhile, the Department of Commerce announced on Tuesday that construction spending during July 2015 was estimated at a seasonally adjusted annual rate of 1,083.4 billion US dollars, 0. 7 percent above the revised June estimate, slightly below market expectations. On Monday, US stocks declined as recent economic data fueled speculations that the Federal Reserve would begin raising interest rates from September.

(IANS)

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Chinese Shout ‘Boycott Apple’ as US Goes After Huawei

To avoid the ban, Apple released a small update to iOS, saying that iOS version 12.1.2 contains software changes exclusive to China

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Apple, Campus, China
A customer is entering the Apple store in Fairfax, Virginia. VOA

As the Washington-Beijing trade war intensifies along with fresh restrictions on Chinese telecom giant Huawei in the US, there has been a significant rise in “Boycott Apple” movement in China.

According to BuzzFeed News, there has been a flurry of anti-Apple and anti-Trump messages on Weibo, China’s version of Twitter.

“I feel guilty watching the trade war. Once I have money I will change my smartphone (iPhone),” one user posted on Weibo.

“I think Huawei’s branding is amazing, it chops an apple into eight pieces,” read another post.

China has urged the US to stop “harassing overseas companies” and slammed US President Donald Trump’s decision to sign a national emergency order that prohibits American firms from using foreign-made equipment, citing espionage fears.

The US move, which effectively takes aim at Chinese telecom giant Huawei, comes as the two economic superpowers are locked in a bitter unending trade war.

Chinese telecom giant Huawei has said that it is still open to addressing US security concerns.

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FILE – A woman stands at the booth of Huawei featuring 5G technology at the PT Expo in Beijing, China, Sept. 28, 2018. VOA

“The functions in Huawei are comparable to Apple iPhones or even better. We have such a good smartphone alternative, why are we still using Apple?” said one user on Weibo.

This isn’t the first time that the “Boycott Apple” movement has gained traction in China.

Chinese companies in December last year rallied behind the tech giant, offering hefty discounts to employees to buy Huawei devices and shun iPhones.

According to Nikkei Asian Review, the move came after the detention of Huawei’s Chief Financial Officer Meng Wanzhou in Canada at the request of American prosecutors.

Also Read- Samsung Galaxy A70: Equipped for All-round Performance

Over 20 Chinese companies also took to social media to announce that they will increase purchases of other Huawei products.

A Chinese court in December banned the sale and import of most iPhone models after granting Qualcomm an injunction against Apple.

To avoid the ban, Apple released a small update to iOS, saying that iOS version 12.1.2 contains software changes exclusive to China. (IANS)