Apple: Demand for iPhone 13 Has Weakened
According to people familiar with the matter, Apple has informed to its suppliers that the demand for the iPhone 13 has slowed down. The company has already cut iPhone 13 production by 10 million units due to global semiconductor chip shortages, as well as coronavirus-related manufacturing issues in Asia. The news of weaker iPhone 13 demand has pushed the Apple stock downwards by 2.92% in early trading sessions.
MACROECONOMIC DATA ANALYSIS
A Bank of England (BoE) survey revealed that British companies are struggling to find and hire staff required, as well as expecting higher inflation in 2022. The survey which includes around 3,000 businesses unveiled that 85% of Britain-based firms are facing difficulties in recruiting new employees, and 58% of firms reported that it is much harder to find new employees.
The central bank of Denmark, which initiated a stress test, showed that Danish banks have enough capital to face an economic recession, with the central bank urging tighter mortgage lending rules, as some owners are allegedly vulnerable to falling house prices and increasing interest rates. According to the central bank’s Head of Financial Stability Peter Storgaard, “we saw how hard the individual homeowner, the financial sector and society as a whole can be hit by falling prices in the housing market”.
The U.S. dollar edges slightly lower amid increasing worries over the Omicron COVID-19 variant inserting an “unsized risk premium into global asset markets”, according to analysts at ING Group. Despite major U.S. indices trading on a positive note, the dollar index, compared to a basket of six other currencies, traded 0.13% lower to 95.903.
Gold futures stumble in volatile trading sessions, driven by growing investor & trader concerns of the spread of the newly-discovered Omicron COVID-19 variant. Despite the U.S. dollar edging lower, which typically moves inversely to the safe haven, the bullion moves further away from the $1,800 mark, stumbling 0.84% to $1,767 per ounce.
Crude oil prices continue to trade downwardly as the latest Organization of Petroleum Exporting Countries and allies (OPEC+) meeting decided to release more oil in the market in January, sticking to its policy of boosting output by small increments. The drop in oil value can also be attributed to the Omicron variant unsettling global markets. Brent futures dropped 0.36% in value to $68.62 a barrel, and WTI futures declined 0.41% in value to price at $65.30 per barrel.
USA: S&P500 +0.74%, Dow Jones Industrial Average +1.17%, Nasdaq Composite +0.02%
Europe: FTSE 100 -0.57%, DAX -1.30%, CAC 40 -1.17%
Asia: Nikkei 225 -0.65%, Hang Seng +0.55%, CSI 300 +0.25%, Nifty 50 +1.37%
Tim Cook, the CEO of Apple, has provided the closest thing to a confirmation that the company is developing a headset.
In a recent interview with China Daily USA, Cook was questioned about what, in his opinion, are the essential elements for augmented reality, or AR, to be successful in the consumer market.
“I am incredibly excited about AR as you might know. And the critical thing to any technology, including AR, is putting humanity at the center of it,” he said, echoing comments he’s made in the past about how important AR is to the company.
Meta, Microsoft, and other tech titans racing to build the emerging metaverse concept have formed a group to encourage the development of industry standards that will make the companies' nascent digital worlds compatible with one another.
The World Wide Web Consortium (W3C), as well as other well-known standards-setting organizations, are among the participants in the Metaverse Standards Forum, according to a statement released by the group on Tuesday announcing its formation.