Shares in Asia fell today and U.S. stock futures dropped sharply. This was after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy.
Apple Inc blamed fewer iPhone upgrades and slowing sales in China for the rare revenue warning which tumbled 8 percent in after-hours trade, its first since 2007. Traders are hesitant at the evidence that the US-China trade war is taking a much steeper toll on global growth than many were prepared for.
A jump in Australian shares, which rose 1.3 percent, helped to offset weakness elsewhere in the region after its currency fell to near decade lows, boosting exporters.
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.
Other currencies smashed against the yen included the euro, sterling and the Turkish lira.