APPLE'S BOMBSHEL

APPLE'S rare warning on revenue rocked financial markets last Thursday, as investors sought safety in bonds and less risky assets amid renewed concerns about slowing global economic and corporate growth.

Asian and European shares fell sharply, led by a sell-off in technology stocks, after Apple cuts it revenue forecast, its first downgrade in nearly 12 years, blaming weaker iPhone sales in China.

The news also jolted currency markets and German government bond yields held close to their lowest in over two years.

For the moment the investors have reacted by going into non-risky assets,'' said Philippe Waechter, chief economist at  Ostrum Asset Management, in Paris.

''No one wants to take any risk because none of the uncertainties we are facing have been lifted, whether its Brexit, this trade war, or growth. Investors are putting their heads in the sand and waiting,'' Waechter said.

Apple's share fell dramatically in after-hours trade and those listed in Frankfurt were down by 8.6 percent in early European deals.

The news sparked a  ''flash crash''  in holiday-thinned currency markets as growing concerns about the health of the global economy, particularly in China, sent investors scurrying into the haven of the Japanese Yen, which was posed for its biggest daily rise in 20 months. [Agencies]
APPLE'S rare warning on revenue rocked financial markets, as investors sought safety in bonds and less risky assets amid concerns about slowing growth.