Positive Catalysts Increase Despite Macroeconomic Headwinds

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Asian equities were largely higher, with India closed for Dussehra, a major Hindu festival.

Globally, market sentiment is clearly risk-off with the US dollar strengthening despite the US Treasury Yield backing off from 5%. Foxconn’s visit by Chinese tax authorities dominated the airwaves yesterday. Is Apple’s
AAPL
main manufacturer about to be put out of business? Of course not, as the company employs 500,000 people. The optics are, of course, awful, though China’s sprawling government bureaucracy often does not know what individual agencies are doing. The real culprit of Apple’s weakness yesterday are reports that the new iPhone 15 is seeing discounts applied to increase sales. Hopefully, the tax authority realizes this and reverses course.