Bumper iPhone sales set to boost Apple – live updates – telegraph.co.uk

Bumper iPhone sales set to boost Apple – live updates – telegraph.co.uk

Good morning. The FTSE 100 is set for a cautious open after Asian stocks reacted badly to fresh restrictions from China, with the Hang Seng sinking almost 2pc for its worst level in nine months. London’s main index is set to open around 0.15pc lower than yesterday’s flat trading session despite a glut of earnings from the likes of Reckitt Benckiser, Games Workshop and FTSE newbie Moonpig.

US markets notched up new record highs yesterday ahead of today’s Federal Reserve meeting, while Microsoft and Apple are expected to post strong earnings later after Tesla topped guidance last night.

5 things to start your day

1) Hinkley Point C under threat from crackdown on China: The plant is due to come online in 2026, supplying 7pc of the nation’s electricity.

2) Tesla posts record profits of $1.1bn, but warns on chip shortage: Chief executive Elon Musk says chip supply is “the limiting factor on our output”.

3) Amazon faces satellite broadband setback: Regulator is weighing new rules which could affect online giant’s $10bn (£7bn) “Project Kuiper” system to deliver fast and cheap broadband to rural areas.

4) Delivery driver crisis could lead to empty shelves at Christmas: Will drivers return to UK in time for festive season?

5) Sadiq Khan pleads for £500m bailout as Londoners face cuts to Tube and bus services: Transport for London is to cut weekend and off-peak services.

What happened overnight

Asia’s stock markets fell to fresh troughs on Tuesday led by a third straight session of heavy selling in Chinese internet giants, while bond and currency markets traded on edge ahead of the Federal Reserve policy meeting.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25pc to its lowest level since mid-December, extending a low set the day before.

The Hong Kong benchmark fell 0.59pc, its third day of declines, with the Hang Seng Tech index down 2pc to its lowest since its inception in July 2020. It is down about 11pc in three days and has lost 40pc from a February peak.

Elsewhere in Asia, markets were a little more optimistic, with Japan’s Nikkei rising 0.35pc, and Australian shares up 0.54pc. S&P 500 futures dipped 0.1pc and Euro STOXX 50 futures were broadly steady.

Coming up today

Full year: FirstGroup, Moonpig, Games Workshop, In The Style

Interim: Reckitt Benckiser, Reach, R Walters, Croda, Capital & Counties, Unite, Vivo Energy

Economics: BRC shop price index (UK)