Another big trading session for news and in markets, the fall-out from Apples’ revised Q1 revenue guidance, and a much weaker than expected US December Manufacturing ISM report, the key market drivers. Apple’s share price losses, running at 6-7% during the APAC session yesterday after issuing sharply lower Q1 revenue guidance ($84bn from $91.3bn previously and blamed largely on ‘’economic deceleration in greater China’’) extended to as much as -10% and the stock has not recovered since. Spill over to other tech-related companies and suppliers, has seen the NASDAQ down 2.7%. The Dow closed down 2.6% and S&P500 -2.4% with the IT sector (-4.8%) by far the biggest loser but all sectors in the red. bar real estate (on lower bond yields and hence lower mortgage rates) and utilities (the ultimate defensive sector).
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