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04 August 21

Apple works with Chinese suppliers for latest iPhones –Nikkei

Apple Inc (NASDAQ:AAPL) is working with more Chinese suppliers to produce its latest iPhones, Japan’s Nikkei newspaper said on Wednesday, as a tech feud stemming from a trade war with the United States prompts Beijing to strengthen domestic firms.

Luxshare Precision Industry Co Ltd is set to build up to 3% of the upcoming iPhone 13 series, and two firms it acquired last year will supply key components and parts for the latest iPhones, the paper said, citing sources familiar with the matter.

Lens Tech Co Ltd will supply metal casings and Sunny Optical Tech Group Co Ltd will supply rear camera lenses, the paper said on its website, with BOE Tech Group Co Ltd also supplying components.

Gold Up, Investors Await U.S Economic Data

Gold was up on Wednesday morning in Asia. While receiving a boost from a weakening dollar, the yellow metal was stuck in a narrow range as investors await the latest U.S. jobs data.

Gold futures inched up 0.09% to $1,815.80 by 12:49 AM ET (4:49 AM GMT). The dollar, which usually moves inversely to gold, inched down on Wednesday and was near recent lows.

“Gold, like the currency markets, appears to be in wait-and-see mode… gold’s price action remains consolidative but structurally positive and I believe that points to further gains ahead. The converging 100- and 200-day moving averages suggest a breakout is coming and I believe Friday’s U.S. data will be a catalyst,” OANDA senior market analyst for Asia Pacific Jeffrey Halley told Reuters.

Oil Down for Third Consecutive Day as COVID-19 Concerns Continue

Oil was down Wednesday morning in Asia, falling for a third consecutive day as concerns about the increasing numbers of COVID-19 cases globally dampen the fuel demand outlook.

Brent oil futures inched down 0.03% to $72.39 by 11:34 PM ET (3:34 AM GMT) and WTI futures edged down 0.20% to $70.42. Both Brent and WTI futures fell on Tuesday to their lowest levels since Jul. 21 before clawing back some of the losses as the session closed.

Rising numbers of COVID-19 cases in the U.S. and China, the top two oil importers globally, are also clouding the fuel demand outlook.

“Seasonal weakness in economic activity amid rising cases of the Delta variant of COVID-19 continue to weigh on sentiment… nearly half of China’s provinces have been being gripped by the latest outbreak. This comes as the summer travel season hits its peak. This is likely to see crude oil demand come under pressure,” ANZ said in a note.

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