About the Video
Weekly stock market analysis – Macroeconomic updates, Tesla cutting vehicle prices and Apple’s trouble in China.
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⬇️ Timestamps:
0:00 → Economic Updates
1:41 → US Jobs Report (December)
2:25 → Purchasing Managers Index, PMI (December)
3:36 → Tesla cutting vehicle prices
5:46 → Apple’s trouble in China
7:08 → Upcoming Important Dates
Apple and Tesla are facing major headwinds in China, contributing to investor jitters in the US stock market. Challenges in China are partly behind the stock falls. The world’s second-largest economy accounts for around 17% of Apple’s sales and 23% of Tesla’s revenue, making it a significant market for both the technology giants.
Tesla cut its prices in China for the second time in less than three months on Friday, stoking expectations of a wider price war for electric vehicles in the world’s largest auto market where demand has weakened. They also cut prices on its best-selling Model Y and Model 3 cars in Japan, South Korea and Australia in an effort to help stoke demand for output from its GigaShanghai factory.
For Apple, investors have one eye on the company’s fiscal first-quarter results likely to be released later this month which cover the crucial December holiday period. But in October, the world’s biggest iPhone factory in Zhengzhou, China, was hit with a Covid outbreak. Taiwanese company Foxconn, which runs the plant, imposed restrictions. Foxconn has attempted to entice workers back with bonuses. Reuters reported Tuesday that Foxconn’s Zhengzhou factory is almost back to full production.
Apple is expected to enlist Luxshare Precision (a competitor to both Foxconn and Taiwan’s Pegatron) to assemble its premium iPhone models, breaking Foxconn’s hold on production after the Taiwanese company was hit by worker protests over Covid-19 curbs at its largest Chinese factory.
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