Apple suppliers in Asia will be watched, as the tech giant warned it may not meet its quarterly revenue forecast because of lower iPhone supply globally and lower Chinese demand as a result of the coronavirus outbreak.
because of lower iPhone supply globally and lower Chinese demand as a result of disruptions from the coronavirus outbreak.
Apple makes most of its iPhones and products in China. The epidemic has caused the company to temporarily halt production and close retail stores in China. Some Apple retail stores reopened in China with reduced schedules last week. The outbreak, which started in China but has since spread globally, is set to impact other companies too. In fact,, a new study showed. Almost half of the companies with subsidiaries in impacted regions are headquartered in Hong Kong, while the U.S. accounts for 19%, Japan 12% and Germany 5%.
The impact on businesses in China and around the world has dragged down economic growth forecasts for the year.Focus is now shifting to the likely economic impact of COVID-19. With data sparse it is very hard to tell, though daily pollution levels are easily available and we note the cumulative pollution for the year is around 20-25% lower than this time last year," Tapas Strickland, director of economics and markets at the National Australia Bank, wrote in a note on Tuesday.
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