BEFORE THE BELL: Apple and Nissan shares fall, threatening North American markets; Crude comes back as OPEC cuts production
Apple turmoil may hit North American markets again this morning. The company’s shares are down after the Wall Street Journal reported Apple would cut production on iPhones. Apple already tanked both the TSX and Dow in November over concerns about iPhone sales.
Meanwhile, investors are chewing on comments made by US Vice President Mike Pence over the US-China trade war. Pence said China would need to change its ways before the US considers easing up on trade tariffs. This comes after Donald Trump suggested he may not hit the eastern country with a fresh round of tariffs in December.
The Greenback is slipping as the US Federal Reserve takes a cautionary tone on the future of the global economy. Policymakers indicated concern about global growth slowing down, leading experts to believe tax rate increases are likely coming to an end soon.
Crude prices are gaining again as OPEC has plans to cut daily production across the globe. The price of US oil is pushing to 56.78 a barrel.
Nissan shares are slipping after the company announced it was firing its chairman, after an internal investigation suggested he had under-reported his salary by millions of dollars.