Economic news

Global markets slide on weak demand for iPhone

Global shares sank on Tuesday as concerns over weakening demand for the iPhone triggered a sell-off in tech sector, while likely downfall of Nissan-Renault boss Carlos Ghosn hurt shares of Nissan and Renault.

The pan-European STOXX 600 index slid 0.5 percent to a four-week weak point, and futures trading hinted at another volatile session on Wall Street.

The European tech stocks dropped 2.2 percent, touching its nadir since February 2017, tracking Asian tech peers.

The selloff was triggered also by an auto sector decline led by Nissan and Renault after Ghosn, executive of both carmakers, was arrested by Japanese prosecutors for understating his income.

Earlier, MSCI’s broadest index of Asia-Pacific shares tumbled 1.2 percent, with shares in Samsung Electronics sliding 2 percent.

In currencies, the U.S. dollar wobbled not far off a two-week trough versus a basket of major currencies.

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