By hannover-web.com Recent data reveals that Apple has reentered the top five smartphone manufacturers in China, thanks in part to the popularity of the iPhone 16. However, Apple’s growth rate still lags behind that of its local competitor, Huawei. According to data from International Data Corporation (IDC), Apple ranked second in the third quarter with a market share of 15.6%, down from 16.1% in the same period last year. Notably, Apple’s year-over-year shipment growth in China remained flat during this quarter. In contrast, Huawei held the third position with a 15.3% market share, but it reported an impressive 42% year-over-year growth in smartphone shipments, indicating a continued recovery in the world’s largest smartphone market.
In other news, U.S. bank strategists have noted a significant influx of funds into gold, marking the highest weekly investment in four years. Michael Hartnett, leading the team, commented on how investors are turning to gold as a hedge against inflation and rising populism ahead of the presidential election. On October 23, gold prices reached historic highs, accompanied by the largest influx into gold funds since July 2020. This strategic move by investors is largely attributed to the potential for Donald Trump to win the election, which could trigger inflationary pressures, increase budget deficits, and pose new trade challenges with China, all while boosting the dollar’s value.
Meanwhile, New York Community Bank (NYCB) reported a loss in the third quarter, primarily due to the need to increase reserves for potential loan losses. The bank is navigating significant risks associated with the troubled commercial real estate (CRE) market, which has been adversely affected by rising office vacancy rates and escalating refinancing costs in the wake of the pandemic. NYCB set aside $242 million for credit losses this quarter, a sharp rise from $62 million a year earlier, marking its fourth consecutive quarterly loss. The bank posted a net loss of $289 million, or 79 cents per share, compared to a profit of $199 million, or 81 cents per share, a year prior.
Lastly, there has been a substantial influx of funds into U.S. money market funds as of the week ending October 23. Investors are drawn to these safer assets amidst uncertainties surrounding the presidential election and reassessments of the Federal Reserve’s interest rate outlook. According to LSEG data, net purchases of money market funds reached $29.98 billion, marking the fourth consecutive week of net inflows. Conversely, riskier equity funds saw a net outflow of $2.54 billion, ending a three-week streak of purchases. On a positive note, U.S. sector equity funds attracted inflows for the second consecutive week, tallying $1.03 billion. Investors also favored funds in non-essential consumer goods, gold and precious metals, and communication services, with respective values of $802 million, $677 million, and $599 million.
