PlusMarkets Analysis • 13/10/2021
The Market data was collected on 13 October 2021 at 09:50, and might have changed since then. Kindly refer to the listed sources for the most recent and updated information.
Apple likely to cut iPhone 13 production due to chip crunch -Bloomberg News
Apple Inc is likely to slash production of its iPhone 13 by as many as 10 million units due to the global chip shortage, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The company was expected to produce 90 million units of the new iPhone models by the end of this year, according to Bloomberg. The report https:// said Apple (NASDAQ:AAPL) told its manufacturers that the number of units would be lower because chip suppliers including Broadcom (NASDAQ:AVGO) Inc and Texas Instruments (NASDAQ:TXN) are struggling to deliver components.
Shares of Apple fell 1.2% in after-hours trading, while Texas Instruments and Broadcom were both down about 1%.
Apple declined to comment. Broadcom and Texas Instruments did not immediately respond to Reuters requests for comment.[EIA/S]
Oil Down as Coal and Natural Gas Prices Continue to Soar
Oil was down Wednesday morning in Asia after its mixed finish in the previous session. Coal and natural gas prices continue to soar in markets such as China, India, and Europe, fueling concerns of rising inflation and slower global growth that could reduce fuel demand.
Brent oil futures were down 0.36% to $83.12 by 11:50 PM ET (3:50 AM GMT) extending a 23-cent loss on Tuesday. WTI Futures fell 0.38% to $80.33 after gaining 12 cents the day before. Both Brent and WTI futures remained above the $80 mark.
The dollar, which edged down on Wednesday but remained near a one-year high, also weighed on the black liquid.
The International Monetary Fund (IMF) on Tuesday cut its growth outlooks for the U.S. and other major economies over concerns that supply chain disruptions and cost pressures are causing a delay in the global economic recovery from COVID-19.
U.S. FDA staff says Moderna did not meet all criteria for COVID-19 boosters
Scientists at the U.S. Food and Drug Administration said on Tuesday that Moderna (NASDAQ:MRNA) Inc had not met all of the agency’s criteria to support use of booster doses of its COVID-19 vaccine, possibly because the efficacy of the shot’s first two doses has remained strong.
FDA staff said in documents that data for Moderna’s vaccine showed that a booster does increase protective antibodies, but the difference in antibody levels before and after the shot was not wide enough, particularly in those whose levels had remained high.
The documents were released ahead of a meeting later this week of the FDA’s outside expert advisers to discuss booster doses of the vaccine.
The FDA typically follows the advice of its experts, but is not bound to do so. A panel of advisers to the U.S. Centers for Disease Control and Prevention (CDC) will meet next week to discuss specific recommendations on who can receive the boosters, if the FDA authorizes them.
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