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Revenue in Apple's fiscal third quarter of $81.8 billion edged down 1% but edged out expectations of $81.69 billion. Gross margin was 44.5%, expanding 126 basis points from a year ago and coming in slightly above the 44.3% estimate. However, as we've noted before, the installed base represents the outlet for Apple's higher margin, recurring revenue Services business. Cash flow & capital allocation In its June quarter, Apple generated operating cash flow and free cash flow results that were well above what the Street was looking for. Guidance For the current September quarter, Apple expects year-over-year revenue performance to be similar to the June quarter, assuming no worsening macro outlook.
Persons: we've, Apple, we're, it's, Jim Cramer's, Jim Cramer, Jim, Jakub Porzycki Organizations: Apple, Services, Management, Greater, Apple Watch, CNBC, Nurphoto, Getty Locations: Greater China, Europe, Americas
Ahead of Club name Apple 's (AAPL) second-quarter results Thursday, some on Wall Street have warned the company could be weighed down by weakening iPhone sales. Analysts on Wall Street estimate $81.7 billion in sales, which would constitute a roughly 2.3% annual decline, according to FactSet. The country has become one of the top-five iPhone markets over the past quarter for Apple, according to Counterpoint Research. In a note to clients last week, Morgan Stanley forecasted that India could comprise 15% of Apple’s revenue growth over the next five years. Still, Wall Street is torn over iPhones sales and whether they will come in softer on Thursday.
Persons: Steve Cook, Cook, Morgan Stanley, Wells, we’re, we're, We're, hasn't, Jim Cramer's, Jim Cramer, Jim, Jakub Porzycki Organizations: Apple, Big Tech, JPMorgan, Tech, Research, CNBC, UBS, Bloomberg, U.S, Major League Soccer, Nurphoto, Getty Locations: India, China, Hong Kong, Taiwan, Americas, Europe
David A. Grogan | CNBCEmerging markets and ChinaSome analysts are eager to see Apple give data points on India sales. India became one of Apple's top five iPhone markets during the quarter, according to analyst estimates. If Apple stockpiled parts and has enough to make what it needs to produce, it could help margins, analysts say. Wall Street likes to see Apple's services business grow regularly and smoothly, because the margins on services are so much higher than when Apple sells hardware. Apple suggested a 5% year-over-year increase in services, and FactSet's estimates more than $20.7 billion in revenue.
Persons: Tim Cook, Valley's Allen, David A, Cook, D.A, Davidson, Tom Forte, Piper Sandler, Harsh Kumar, Kumar, Apple, Sidney Ho, Wells, Aaron Rakers Organizations: Company, Grogan, CNBC, Apple, Google, Apple Pay, Services, Deutsche Bank, Bloomberg Locations: Sun Valley , Idaho, China, India, Hong Kong, Taiwan
On Monday, China released a series of plans to boost household consumption. However, the stimulus measures have failed to live up to expectations, said Citi analyst Wenyu Yao, Australian Financial Review reported Monday. The state planner's strategy followed a meeting of the country's top leaders last week during which they pledged to boost stimulus measures as the economy faces a "tortuous" recovery, according to Insider's translation of the official readout. The Shanghai Composite closed 0.5% higher at 3,291.04 while Hong Kong's Hang Seng Index closed 0.7% higher at 20,045.15. The Hang Seng China Enterprises Index, which tracks tech stocks listed in Hong Kong, closed 1.1% higher at 6,886.09.
Persons: Wenyu Yao, Bruce Pang, Jones Lang LaSalle, Xi Jinping, Shenzhen —, Nomura, hasn't, Hong Organizations: Service, Citi, Australian Financial, Jones, Bloomberg, Analysts, Shanghai, PMI, Seng China Enterprises Index Locations: China, Wall, Silicon, Greater China, Beijing, Shenzhen, Shanghai, Hong Kong
Jason Lee | ReutersBEIJING — China-focused venture capital and other private investment funds have had a slow start to the year and are set to drag down Asia-Pacific fundraising to the lowest in 10 years. Alternative assets include venture capital, but not publicly traded stocks and bonds. watch nowChina-focused venture capital funds raised $2.7 billion in the second quarter, a drop of more than 50% from the first quarter, Preqin said. That dragged down overall VC fundraising in Asia-Pacific to $4.5 billion in the second quarter, the lowest in at least five years, the report said. In China, new rules for private investment funds are set to take effect Sept. 1, with a stated goal of "guiding" venture capital investment for long-term investment in "innovative startups."
Persons: Jason Lee, Angela Lai, Preqin, Andrew J, Sherman, Brown Rudnick, Lai Organizations: Reuters, U.S, D.C, CNBC, Partners Locations: Reuters BEIJING — China, Asia, Pacific, Preqin, China, U.S, Sherman , Washington, India, Japan
The yuan firmed by more than 0.5% in both the onshore and offshore markets as investors cheered comments at the closely watched Politburo meeting, though many were still seeking specific details on greater stimulus measures. The yuan traded offshore was last at 7.1444 per dollar and in the onshore market it was at 7.1454 per dollar. Also propping up the yuan were China's major state-owned banks selling U.S. dollars to buy yuan in both onshore and offshore spot markets on Tuesday, sources told Reuters. The positive sentiment from China lifted the Australian dollar, often used as a liquid proxy for the yuan, which rose 0.4% to $0.6767. In Europe, the pound rose 0.22% to $1.2854, its first day of gains after seven straight sessions of losses, its longest such streak since March 2020.
Persons: Tommy Xie, Guillermo Felices, Ueda, Aninda Mitra, Rae Wee, Alun John, Shri Navaratnam, Lincoln, Christina Fincher Organizations: Reuters, European Central Bank, Federal Reserve, Bank of Japan, BNY Mellon Investment Management, Thomson Locations: SINGAPORE, LONDON, China, Europe, Asia, Singapore, London
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 1.2% higher and on course to snap a six-day losing streak. China's property market remains a cause for concern among investors, with stocks and bonds in China's real estate industry sliding to around eight-month lows on Monday amid fears of a cash crunch at two of the country's biggest developers. China will adjust and optimise property policies in a timely manner, in response to "significant changes" in the supply and demand relationship in the property market, state news agency Xinhua said late on Monday. "We believe policymakers may remain cautious about financial risks, though they may provide further policy support to help stabilize the sector." The slowdown may be viewed positively at the Fed, which is keen to see activity cool to lower inflation.
Persons: HSI, Erin Xin, Brent, Ankur Banerjee, Shri Navaratnam Organizations: Federal Reserve, Japan's Nikkei, Hong, Saxo Markets, Xinhua, Greater China, HSBC, European Central Bank, Thomson Locations: SINGAPORE, Hong Kong, Asia, Pacific, Japan, Shanghai, China, Greater, United States
The move marks a revival of efforts by Alipay and WeChat Pay to accept foreign credit cards after they provided some limited access in late 2019. WeChat Pay is officially known as Weixin Pay in China. Alipay and WeChat Pay are dominant in digital payment services, accounting for a combined 91% market share. In 2019, Alipay and WeChat started allowing the use of foreign credit cards on their apps as Chinese regulators eased restrictions. A week later, an executive from Tencent said at a forum that the company would open wider its WeChat Pay system to international card organizations, such as Visa, starting in July.
Persons: Alipay, WeChat, ” Dennis Chang, Tencent, , Chen Qiru Organizations: Hong Kong CNN —, Mastercard, Ant Group, Visa, Club, Discover, World, Hangzhou, Alibaba, JCB, Greater China, , Tencent Financial Technology, , People’s Bank of Locations: Hong Kong, China, Beijing, Chengdu, Hangzhou, Tianjin, People’s Bank of China
[1/3] The sign outside the Sam's Club is seen at its store in Shanghai, China July 12, 2023. The membership stores are also gaining ground amid a sales decline in China's hypermarket sector, which struggled with a shift towards online purchases during the pandemic. The club warehouse format "is the only bright spot," said Derek Deng, who leads Bain & Company's consumer products practice in greater China. "Sam's Club are doing well. But Sam's Club was ultimately confident it is currently miles ahead, one of the people said.
Persons: Aly, Liu Zheng, lockdowns, Derek Deng, Bain, Kantar Worldpanel, Judith McKenna, Bain's Deng, Christina Zhu, Sophie Yu, Brenda Goh, Jamie Freed Organizations: Sam's, REUTERS, Sam's Club, Costco, Walmart, HK, Freshippo, Carrefour, Yonghui, Bain, Reuters Graphics, Reuters, Sun, Retail, M, Beijing Yaodi Agriculture, M Club, Thomson Locations: Shanghai, China, BEIJING, Beijing, U.S, United States, Carrefour China, Peking, Yangzhou, Lanzhou, Sam's
HONG KONG, July 20 (Reuters) - Fans from Hong Kong and around the world gathered at the feet of a Bruce Lee statue on Thursday to pay tribute to the late kung fu legend on the 50th anniversary of his untimely death. Those who traveled to Hong Kong for the anniversary included people from mainland China, Asia and Europe. "I have loved Bruce Lee since I was very young," said Bruce Shin from South Korea who sported a brush cut and large framed sunglasses, imitating Lee. HKTB2016 REUTERS/Tyrone Siu/File PhotoLee's contributions to martial arts and popular culture have inspired legions of global fans. said Wong Yiu-keung, the chairman of the local Bruce Lee Club.
Persons: Bruce Lee, Hong, Lee, Bruce Shin, Shin, Mei Zhiyong, HKTB2016, Tyrone Siu, Chun, Kung Fu, Ip, Wong Yiu, Bruce Lee Club, Sophie Uekawa, James Pomfret, Emma Rumney Organizations: Harbour, South Korea, HKTB2016 REUTERS, Thomson Locations: HONG KONG, Hong Kong, China, Asia, Europe, South, San Francisco, British, Japan
[1/3] The sign outside the Sam's Club is seen at its store in Shanghai, China July 12, 2023. The membership stores are also gaining ground amid a sales decline in China's hypermarket sector, which struggled with a shift towards online purchases during the pandemic. The club warehouse format "is the only bright spot," said Derek Deng, who leads Bain & Company's consumer products practice in greater China. "Sam's Club are doing well. But Sam's Club was ultimately confident it is currently miles ahead, one of the people said.
Persons: Aly, Liu Zheng, lockdowns, Derek Deng, Bain, Kantar Worldpanel, Judith McKenna, Bain's Deng, Christina Zhu, Sophie Yu, Brenda Goh, Jamie Freed Organizations: Sam's, REUTERS, Sam's Club, Costco, Walmart, HK, Freshippo, Carrefour, Yonghui, Bain, Reuters Graphics, Reuters, Sun, Retail, M, Beijing Yaodi Agriculture, M Club, Thomson Locations: Shanghai, China, BEIJING, Beijing, U.S, United States, Carrefour China, Peking, Yangzhou, Lanzhou, Sam's
Why Apple is so obsessed with India
  + stars: | 2023-07-18 | by ( Cork Gaines | ) www.businessinsider.com   time to read: +4 min
A growing middle class and demand for high-end tech offers opportunities for Apple to grow revenue. And so I'm very, very bullish and very, very optimistic about India," Apple CEO Tim Cook told investors in 2017. Only 5% of smartphones sold in India are iPhonesAccording to CNBC, iPhones accounted for 5.1% of all smartphone sales this year in India. India also now accounts for 4% of all iPhone sales, making it the fifth-largest consumer of Apple phones. Apple already dominates the US and much of the rest of the world, but it is still a minor player in India.
Persons: Goldman Sachs, Tim Cook, Beatrice Nolan, Cook, Nitin Soni, Forbes Organizations: Apple, Morning, CNBC, Labor, Fitch Ratings Locations: India, China, Greater China, US
"Consumers are not spending, mainly driven by the bleak outlook for the property market. Disappointing retail numbers and property market sales show it doesn't seem that the boost from rate cuts is sufficient. ..the property market is beginning another slowdown - the government will have to come up with more stimulus for property." "Nonetheless, we think more stimulus is required to stabilise and restore confidence in the property market." ZHIWEI ZHANG, CHIEF ECONOMIST, PINPOINT ASSET MANAGEMENT, HONG KONG"Nominal GDP growth turns out to be lower than real GDP growth in Q2, the first time since comparable data are available in Q4 2016.
Persons: CHRISTOPHER WONG, LOUIS KUIJS, CAROL KONG, XING ZHAOPENG, KEN CHEUNG, ALVIN TAN, VISHNU VARATHAN, MARCO SUN, CHEN, TONY SYCAMORE, ZHIWEI ZHANG, JING LIU Organizations: Gross, National Bureau, Statistics, Shanghai, NBS, BANK OF, ANZ, MIZUHO BANK, OF, OF ASIA FX, RBC, MUFG BANK, IG, SYDNEY, Friday's, BANK OF SINGAPORE, HSBC, stoke, Authorities, Reuters, U.S, Thomson Locations: U.S, SINGAPORE, ASIA, HONG KONG, SYDNEY, CHINA, SHANGHAI, OF ASIA, China
Jason Lee | ReutersBEIJING – China's consumer prices will likely decline in July before recovering, Liu Guoqiang, deputy governor of the People's Bank of China, told reporters Friday. Official measures of consumer prices have barely changed in the last several months amid tepid demand, in contrast to high inflation in the U.S. and Europe. watch nowThe central bank said in April consumer prices would likely see a "U-shaped" recovery this year. He described the real estate market as "stable" overall, but said that "some real estate companies' long-accumulated risks require a period of time to gradually absorb." He said that was out of "consideration of deep changes in the relationship between supply and demand in [China's] real estate market."
Persons: Jason Lee, Liu Guoqiang, Liu, Bruce Pang, Zou Lan, Zou Organizations: People's Bank of China, Reuters, People's Bank of Locations: Beijing, China, Reuters BEIJING, People's Bank of China, U.S, Europe, JLL
The KraneShares CSI China Internet ETF is up 5.4% since Friday, while back home the CSI Overseas China Internet Index (.CSIH11136) is up nearly 3%. Yet China tech valuations have been gutted in the nearly 3 years since Ant was forced to shelve its initial share offering, and fund managers see plenty of headwinds, apart from just policy scrutiny. "The government has learned that the private sector - particularly the tech sector - is a critical partner in jump-starting growth. The government will continue to exert pressure on key tech companies even as they allow growth to resume," he said. For some sell-side analysts, though, China tech has turned a corner.
Persons: Jack Ma, Jon Withaar, Ant, Wong Kok Hoi, Wong, Kai Kong Chay, Derrick Irwin, Xi Jinping's, Alibaba's ADRs, Morgan Stanley, Min Lan Tan, Vidya Ranganathan, Kim Coghill Organizations: Group, Alibaba, HK, Pictet Asset Management, CSI China, CSI Overseas, CSI Overseas China Internet, Amazon Inc, APS Asset Management, Greater, Manulife Investment Management, UBS Global Wealth Management, Thomson Locations: HONG KONG, China, Asia, Hong Kong, Alibaba, CSI Overseas China, Singapore, Greater China, Boston
The KraneShares CSI China Internet ETF is up 5.4% since Friday, while back home the CSI Overseas China Internet Index (.CSIH11136) is up nearly 3%. Yet China tech valuations have been gutted in the nearly 3 years since Ant was forced to shelve its initial share offering, and fund managers see plenty of headwinds, apart from just policy scrutiny. "The government has learned that the private sector - particularly the tech sector - is a critical partner in jump-starting growth. The government will continue to exert pressure on key tech companies even as they allow growth to resume," he said. For some sell-side analysts, though, China tech has turned a corner.
Persons: Jack Ma, Jon Withaar, Ant, Wong Kok Hoi, Wong, Kai Kong Chay, Derrick Irwin, Xi Jinping's, Alibaba's ADRs, Morgan Stanley, Min Lan Tan, Vidya Ranganathan, Kim Coghill Organizations: Group, Alibaba, HK, Pictet Asset Management, CSI China, CSI Overseas, CSI Overseas China Internet, Amazon Inc, APS Asset Management, Greater, Manulife Investment Management, UBS Global Wealth Management, Thomson Locations: HONG KONG, China, Asia, Hong Kong, Alibaba, CSI Overseas China, Singapore, Greater China, Boston
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTreasury Secretary Yellen's China trip 'went as well as can be expected', says APCO's Jim McGregorJim McGregor, APCO Worldwide greater China chairman, joins 'Squawk Box' to discuss Treasury Secretary Janet Yellen's four day trip to China, whether progress was made in U.S.-China relations, and more.
Persons: Yellen's, Jim McGregor Jim McGregor, Janet Yellen's Organizations: APCO Locations: Yellen's China, China, U.S
Singapore's Oversea-Chinese Banking Corporation has set its sights on "longer term opportunities" in Greater China and Southeast Asia and expects the strategy to bring an additional revenue of $2.2 billion by 2025, CEO Helen Wong told CNBC on Monday. Southeast Asia's second largest bank announced Monday that it will be unifying its brand across its core markets in Greater China — which includes Hong Kong and Macao — as well as Southeast Asia. "If you look at macro trends, Greater China and ASEAN together is going to continue to contribute more to the world's GDP growth," Wong told CNBC, referring to the 10-nation Association of South East Asian Nations bloc. "If you look at the trade numbers for the last four years, China and ASEAN — they're growing at a CAGR of 13%," she added. As such, while the OCBC has seen slowing economic growth in some countries in the region, Wong said she's confident it will be able to capture growth as it "puts our act together."
Persons: Singapore's Oversea, Helen Wong, Wong Organizations: Chinese Banking Corporation, CNBC, Macao —, Association of South East Asian Nations, ASEAN —, ASEAN Locations: Greater China, Southeast Asia, Asia's, Hong Kong, Macao, China, ASEAN
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOCBC looks to ASEAN-China links to achieve additional $2.2 billion in revenue by 2025CEO Helen Wong expects trade links between ASEAN and the Greater China region — including Hong Kong and Macao — to grow, benefiting OCBC which has a sizable presence in the region.
Persons: Helen Wong Organizations: ASEAN Locations: ASEAN, China, Greater China, Hong Kong, Macao
Singapore's second-biggest lender Oversea-Chinese Banking Corp , or OCBC, said on Monday it expects to deliver an additional revenue of 3 billion Singapore dollars, or $2.22 billion, by 2025, after it posted a record first-quarter profit in May. The bank did not disclose its 2025 total revenue target. Its total revenue in 2022 was SG$11.68 billion. OCBC will invest more than SG$50 million over the next three years to build up its transaction banking capabilities in greater China, it said in its statement. It targets to achieve more than 500 regional mandates for cash management over the next five years, it added.
Persons: Singapore's, OCBC, Helen Wong Organizations: Chinese Banking Corp, ASEAN Locations: China, Southeast Asia
The non-manufacturing PMI fell to 53.2 from 54.50 in May, indicating a slowdown in service sector activity and construction. Nomura has been the most bearish, cutting its forecast for growth in China's gross domestic product (GDP) this year to 5.1% from 5.5%. "This indicates the urgent need for a more powerful package of policy measures... to ensure the annual growth targets," he added. The government has set a modest GDP growth target of about 5% for this year after badly missing its 2022 goal. China's cabinet this month pledged to promote a sustained economic recovery "in a timely manner".
Persons: Rob Carnell, Julian Evans, Pritchard, Nomura, Bruce Pang, Jones Lang LaSalle, Li Qiang, ING's Carnell, Joe Cash, Sam Holmes Organizations: . Services, National Bureau, Statistics, ING, Capital Economics, PMI, Jones, Reuters, Thomson Locations: BEIJING, China, Asia, Pacific, Tianjin, Beijing
Jefferies upgrades Carnival to buy from hold Jefferies said it sees a "confluence of positive dynamics" for Carnival. Citi initiates Apple as buy Citi said it sees further upside for the tech giant, slapping a Street-high $240 price target. Citi initiates Dell as buy Citi said the computer maker is gaining share. Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by shares of Nike after the company's earnings report Thursday. " Bank of America reiterates T-Mobile as buy Bank of America said the stock is "undervalued."
Persons: TD Cowen, Cowen, Goldman Sachs, Goldman, Jefferies, Snowflake, Virgin, Daiwa, NKE, Stephens, SolarEdge, Riley, Stifel, Davidson Organizations: Citi, Pacific Biosciences, Pacific Bioscience, Jefferies, Deutsche Bank, Apple, Dell, Bank of America, Virgin Galactic, underperform Bank of America, Virgin Galactic's, Italian Air Force, AMD, Intel, Nike, BMO, FirstService Brands, Occidental Petroleum, Mobile, Southwestern Energy Locations: 3Q23, China, Occidental, midstream
In North America, the company's biggest market, still-high inflation has led to consumers buying essential goods and reducing discretionary spending. Sales rose 5% in the region in the fourth quarter, the slowest in four quarters as U.S. wholesalers became more prudent in placing newer orders. Peer Under Armour (UAA.N) forecast annual sales and profit below Wall Street estimates in May due to waning demand and higher discounts. The company expects full-year reported revenue to rise mid-single-digits, compared with analysts expectations of a revenue of a 6.3% rise. The company's fourth-quarter revenue rose to $12.83 billion and beat estimates of $12.59 billion, while earnings per share of 66 cents missed estimates by 1 cent.
Persons: Florence, John Donahoe, Armour, Jane Hali, Jessica Ramirez, Granth Vanaik, Ananya Mariam Rajesh, Sriraj Organizations: Nike Inc, REUTERS, Nike, Wall, Associates, Reuters, Thomson Locations: Beijing, China, North America, Europe, Middle East, Africa, Jessica Ramirez . Greater China, Bengaluru
Asian stocks teeter as Russia, rates and China risks weigh
  + stars: | 2023-06-27 | by ( Kane Wu | ) www.reuters.com   time to read: +3 min
MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.08% at 0126 GMT, after dropping 0.06% an hour earlier. "Asian equities are set for a downturn on Tuesday, prompted by Wall Street's risk-aversion behavior," said Anderson Alves, a global macro analyst at ActivTrades. All three major U.S. stock indexes ended in the red on Monday, with megacap momentum stocks pulling the tech-heavy Nasdaq down the most. The Dow Jones Industrial Average (.DJI) fell 0.04%, the S&P 500 (.SPX) lost 0.45% and the Nasdaq Composite dropped 1.16%. Hang Seng Index (.HSI) and China's benchmark CSI300 Index (.CSI300) opened up 0.3% and 0.1%, respectively, shaking off losses from the past four sessions.
Persons: Wall, Anderson Alves, Alves, Goldman Sachs, Redmond Wong, Wong, Vladimir Putin's, Brent, Kane Wu, Sam Holmes Organizations: Nikkei, ActivTrades, Dow Jones, Nasdaq, U.S, Global, China, Saxo Markets, Treasury, Thomson Locations: HONG KONG, Russia, Asia Pacific, Japan, Europe, U.S, ActivTrades, Asia
China's modest rate cut sends stocks lower
  + stars: | 2023-06-20 | by ( Joice Alves | ) www.reuters.com   time to read: +4 min
LONDON, June 20 (Reuters) - European stocks and U.S. futures fell on Tuesday after China cut interest rates by less than expected and the market awaited more detail on Beijing's plans to shore up a stuttering economic recovery. The People's Bank of China lowered the medium-term lending facility rate on Thursday last week. "The meeting helped improve sentiment, but the market also understands that there's strategic competition between the U.S. and China," said Redmond Wong, Greater China market strategist at Saxo Markets. A central banker on Tuesday also hinted there was room for policy adjustment from the current path of aggressive rate hikes. Gold edged up 0.1% to $1,951.74 as the dollar index eased at 102.45 but lacked clear momentum as traders awaited U.S. Federal Reserve Chair Jerome Powell's testimony later this week for more direction on the interest rate path.
Persons: Susannah Streeter, Hargreaves Lansdown, Xi, Rodrigo Catril, Issei Kato, Antony Blinken's, Redmond Wong, Jerome Powell's, Brent, Joice Alves, Selena Li, Anisha, Susan Fenton, Jason Neely Organizations: Hargreaves, People's Bank of, National Australia Bank, REUTERS, Citi, U.S, Saxo Markets, Reserve Bank, Australia's, Bank of England, Federal, Thomson Locations: China, Asia, U.S, Beijing, People's Bank of China, Tokyo, Japan, United States, Greater China, German, London, Hong Kong, Bengaluru
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