Apple CEO Tim Cook said China is slowed down, Chinese tech sector response
Apple CEO Tim Cook told CNBC on Wednesday that he believed the ongoing trade tensions between the US and China "put extra pressure" on Asia's largest economy.
Hours after the publication of these comments, China's overall technology sector fell slightly and shares of some Apple vendor pigeons during Thursday's mid-Asian trade.
China's Technologically powerful Chinext composite shrank with 0.477 percent and the Shenzhen composite and Shenzhen component saw 0.444 percent and 0.477 percent, respectively. Due to their composition, the Shenzhen indices are closely monitored as indicators of Chinese tech stocks.
Chinese stock markets are heavily influenced by retail investors, who are believed to be more of a short-term feeling than institutional investors, recent economic data from China pointing to a braking economy, with the country's industrial sector shrinking in December. [1[ads1]9659003] Cook's Wednesday comment came as Apple moved to cut revenue guidance for the first quarter.
Technological giant blamed a number of factors for the decline, in churned a weakening economy in China and lower than expected iPhone revenue. Apple said the lower expected revenue was "mainly in Great China", but also said upgrades to new iPhone models in other countries were "not as strong as we thought they would be."