Shares skid as Apple warning stokes growth fears, 'flash crash' sweeps currencies
Shares in Asia fell on Thursday and U.S. stock futures dropped sharply after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy.
The Cupertino, California-based tech giant blamed fewer iPhone upgrades and slowing sales in China for the rare revenue warning, its first since 2007. Its shares
The news also sparked a `flash crash` in holiday-thinned currency markets as investors rushed to less risky assets, with the Japanese yen soaring against most major currencies in a matter of seconds.[FRX/]
MSCI`s broadest gauge of Asia-Pacific shares outside Japan <.miapj0000pus> slipped 0.2 percent early in the Asian day and losses were expected to mount when trading opened in more tech-heavy markets in the region.
A jump in Australian shares <.axjo>, which rose 1.3 percent, helped to offset weakness elsewhere in the region after its currency fell to near decade lows, boosting exporters.
Overnight, shares on Wall Street slid in early trade on growth worries but later clawed back losses, with a surge in oil prices driving gains in energy shares. [.N]
But on Thursday morning, Nasdaq E-mini futures
"The fall in the EM manufacturing PMI last month was fairly broad-based and supports our view that growth in the emerging world as a whole will slow this year," Gabriella Dickens, an economist at Capital Economics, said in a note.
Currency markets saw a wild spike in volatility in early Asian trade, with risk aversion pushing the yen sharply higher against the U.S. dollar, breaking key technical levels and triggering stop-loss sales of U.S. and Australian dollars.
The dollar was last 1.1 percent weaker against the yen
Amid the flight to perceived safety, the yield on benchmark 10-year Treasury notes
The two-year yield
Gold was higher as the dollar weakened, with spot gold
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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