Apple is expected to launch its iPhone 15 on 12 September. However, there are headwinds that have clouded the release. Yesterday, the Wall Street Journal reported that China has banned government officials from using iPhones for work purposes. Bloomberg then reported that the ban may be extended to government-backed agencies and state companies.
Moreover, smartphone competitor Huawei has just released a new high-speed phone in the last week, which has been selling well.
The limited ban combined with the new Huawei device does create complications for Apple because China accounts for about 18% of Apple's revenue.
Apple shares declined by 3.6% yesterday and may be setting up for another day of losses.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.