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Apple stock price gains as China data delivers. 

um editor

UM Editor

May 29, 2024 at 11:30 am

Latest data from China shows a rise in shipment of foreign-branded smartphones in China for April, stoking higher demand for Apple stock following its release. According to the China Academy of Information and Communications Technology, the shipment of foreign-branded smartphones rose by 52% in April to 3.495 million units, significantly higher than 2.301 million units from last year.  

Although the data did not specifically mention Apple, the company is the leading brand in terms of foreign phone brands in China. The data has debunked previous market reports that Apple is suffering from lacklustre performance following the release of iPhone 15 last year.  

In addition, the company has recently launched another round of discount on their flagship devices in China, in a bid to boost its sales and counter off its main competitor Huawei. The discount was announced to counteract with possible sales slowdown in China, due to growing interest in Huawei’s smartphone, especially their latest high-end model Pura 70.  

(Apple Stock Price, H4, TradingView) 

Nonetheless, Apple’s stock price pared some gains and closed at around 189.99, in anticipation to the release of US PCE Price Index data. The data is expected to provide further glimpse into Federal Reserve’s policy move as they are widely anticipated to initiate at least one rate cut by year end.  

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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