On Monday the world stock markets tumbled down due the persistent trade tension between United States and China and the softening demand for iPhones pushed down the stock shares of Apple.
Dollar suffered a push down due to the slow growth of economy and people’s concern about it.
The Standard $ poor 500, the US benchmark had to face a drop of 1.7 percent in its stock index and this was followed by the decline of Apple shares and its suppliers.
In recent weeks Apple Inc. had to cut down the production orders of the iPhone model that it launched this September according to a report of the Wall Street Journal.
The rekindled tension between the United States and China was also a major case for the decline.
This reason prevented the leaders from reaching an agreement on a communique during the Asia Pacific Economic Cooperative meeting that was held in the Papua New Guinea , last weekend.
In the group’s history this impasse has occurred for the very first time.
Mike Pence, who holds the office of US vice president announced in a stark manner that US tariff of $250 billion on Chinese goods will not be terminated till China changes its methods.
Across the globe, some 0.30 percent was gained by the MSCI’s gauge of stocks.
The Standard $ poor lost a total of 45.54 points ,1.66 percent while The Dow Jones Industrial Average suffered a loss of 395.78 points and ergo fell by 1.56 percent.
The Nasdaq Composite lost 219.40 points and fell down by 3.03 percent.
The concerns over the slowing economic growth deepened as the data released by the National Association of Home Builders on Monday starkly announced about the weakening sentiments in the US housing market.
Gold added 0.2% to some 1223.56 an ounce because of the drop in US dollar.
Source: Reuters, MoneyControl
