China is something like 20% of revenues for Apple but maybe not for long. China hasn’t directly targeted Apple in sanctions in the same way the US went after Huawei but government-backed media has certainly encouraged shopping with the home team.
Apple isn’t going down without a fight though as Tim Cook was in Beijing last week. These numbers were also skewed by the timing of the Lunar New Year but January shipments were down 39% y/y as well.
- Apple shipped only about 2.4 million smartphones last month in China
Technically, the $165 level is a big one for Apple. It’s been struggling all year and is down 0.3% in the premarket. If that levels breaks, there isn’t much support until $150 and just below.
This article was written by Adam Button at www.forexlive.com.
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