Stocks surge as USA and China plan trade talks; hiring climbs

Apple sells less iPhones than predicted due to Chinese trade war and cheap replacement batteries

US President Donald Trump said he was not concerned that Apple Inc. has warned sales will fall short of expectations because of the trade war with China, an announcement that provoked a sell-off in the US stock market.

The U.S. and China have raised tariffs on billions of dollars of each other's goods in a fight over issues including Beijing's technology policy.

The news, which comes as a spotlight grows on Beijing's attempts to revive stalling growth, sent Apple shares tumbling in after-hours trade, hammered Asian suppliers and triggered a broader selloff in global markets. "I really think they want to".

Beijing on January 4 cut bank reserve requirements for a fifth time this year amid slowing growth at home and the punishing USA tariffs on exports.

China took action to stimulate its slowing economy.

"It's hard to square recession worries with the strongest job growth we've seen in years", said Alec Young, managing director of global markets research for FTSE Russell. "President Xi is very much involved, so am I. We're dealing at the highest levels and we're doing very well", he said.

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Apple stock has slumped 38 per cent since early October as investors feared a sales slowdown in China. These two nations had been locked in a tariff war for much of the 2018, inflicting agonizing wounds and disrupting the flow of hundreds of billions of dollars, while both of the countries had suffered awful, alongside the global economy. Cook said the shortfall primarily came from China, which is grappling with a softening economy and an ongoing trade war with the United States.

The strong showing could allay concerns about an economic slowdown in the U.S. Those concerns, along with a weak revenue forecast from Apple, contributed to steep losses in stocks Thursday.

Many analysts and investors had anxious about a slowdown in iPhone sales since the company said in November it would stop disclosing unit sales data for its phones and other hardware products.

Shares of Apple rebounded on January 4 after a 10 percent nosedive on Thursday on the revenue warning. Amazon (AMZN) rose 5%, Netflix (NFLX) rose 10% and Alphabet (GOOGL) was 4.3% higher.

"They're going to be fine".

US stocks suffered another day of volatile declines, with the Dow Jones Industrial Average falling 660 points, or almost 3%, as Apple's warning that revenue in the busy holiday quarter would be weaker than expected amplified concerns about a global economic slowdown.

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"I told (Apple CEO) Tim Cook, who's a friend of mine, who I like a lot, make your product in the United States", Trump was quoted as saying.

A report published by International Data Corporation in mid-2018 indicates that Apple lost to Huawei as a smartphone maker in terms of global market share. The talks begin on December 31.

Deputy US Trade Representative Jeffrey Gerrish is due to lead the team to China for the first face-to-face discussions, which will include officials from the Treasury, Commerce and Agriculture departments as well.

A week ago, Trump reported "big progress" in trade talks with his Chinese counterpart, providing an optimistic start to what could be a make-or-break year for ties between the world's two largest economies. Some US demands would require structural reform that may be unpalatable for Chinese leaders. In the USA government bond market, a typical safe-haven, the yield on the benchmark 10-year, which moves inversely to the bond's price, sank to an 11-month low.

"We know what sort of changes we need", White House economic advisor Larry Kudlow said in an interview with Fox Business on Friday.

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