Can new iPhones juice Apple’s spectacular run?
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here.If you ask Wall Street, the answer is a resounding yes.What’s happening: Apple is expected to unveil its new iPhone 13 at a flashy event on Tuesday. Analysts predict that the announcement will help sustain the recent surge in sales as customers continue to upgrade their devices.
Remember: The iPhone 12, the first to come with 5G capability, has been a huge hit. In its On Tuesday, Evergrande emphasized again that it could default on its huge debts as it struggles to cut costs and find buyers for some of its assets. In recent weeks, the developer has warned of a cash crisis, listing $300 billion in total liabilities and expressing the urgent need to raise money.In a stock exchange filing in Hong Kong, Evergrande also said it had enlisted financial advisers to “evaluate the liquidity of the group and explore all feasible solutions” as quickly as possible.Remember: If Evergrande were to default, the effects would ripple across China’s banking system. Subsequent efforts to rein in the country’s indebted property developers could also weigh on the nation’s economy at a delicate moment.On the radar: Markets in the region shook Tuesday. The Shanghai Composite closed down 1.4%, while Hong Kong’s Hang Seng fell 1.2%.Shares of Evergrande, which were already in free fall, plunged another 12% in Hong Kong. They’ve plummeted 80% year-to-date.The US Consumer Price Index for August posts at 8:30 a.m. ET.Coming tomorrow: Energy Information Administration data on US crude inventories arrives as West Texas Intermediate futures trade near $71 per barrel.
