This CNBC Daily Open provides a comprehensive update on international markets, covering China's economic performance, Apple's declining stock price due to falling iPhone sales, and the threat of tariffs to consumer goods companies.
Today's CNBC Daily Open, our international markets newsletter, provides investors with a comprehensive overview of market developments. China's economy demonstrated resilience in the fourth quarter, exceeding expectations with a 5.4% GDP growth rate. This performance surpassed the anticipated 5.0% predicted by economists in a Reuters poll, fueled by Beijing's fiscal stimulus measures. However, analysts remain cautious, projecting a slower pace of growth in the coming year.
Meanwhile, Apple shares experienced a significant decline, marking their worst day since August 5th. Reports of dwindling iPhone sales in China, coupled with the company's slip to third place in the Chinese smartphone market, according to Canalys, contributed to the stock's downturn. The recent slump follows a remarkable surge in Apple's stock price in the first half of the year. Several consumer goods companies face the potential threat of tariffs imposed by US President-elect Donald Trump, according to Wolfe Research. This includes popular apparel and home goods retailers, raising concerns about the impact on their profitability. The broader market sentiment, however, remains relatively positive. Despite the decline in Apple shares, the S&P 500 has demonstrated resilience, with a considerable portion of its gains attributed to the performance of the 'Magnificent 7' stocks. Out of the companies that have reported earnings, a robust 77% have exceeded analysts' expectations, as indicated by FactSet data. The recent earnings season has been characterized by strong performances, particularly in the banking sector. However, some analysts believe that sustained market growth will require continued positive performances across various sectors
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