Apple and Amazon shares hit by Chinese hacking reports



Posted

October 05, 2018 08:36:56

Apple and Amazon stocks have dropped after Bloomberg reported that both tech giants have had their systems infiltrated by Chinese spies.

Bloomberg said Chinese intelligence had inserted computer chips inside equipment used by around 30 companies and US Government agencies to spy on them.

Bloomberg cited 17 anonymous government and company sources.

Amazon and Apple deny the story, but their shares fell 2.2 and 1.8 per cent respectively on the report.

US stocks fell more generally as interest rates on US Treasury bonds rose on robust economic data ahead of tonight’s official employment report.

The unemployment rate is tipped to fall to 3.8 per cent, which would be the lowest in 18 years.

The yield on 10-year bonds increased to 3.23 per cent, the highest in seven years.

Bank stocks were one of the few sectors to gain on the market.

The number of people hired in the US private sector surged in September, along with factory orders.

The Dow Jones Index lost 0.75 per cent to 26,627, the S&P 500 fell 0.8 per cent to 2,902 and the Nasdaq fell 1.8 per cent to 7,880.

Over in Europe, markets were also in the red — the FTSE 100 in London fell more than 1.2 per cent to 7,418.

In futures trade in Australia the ASX SPI 200 shows shares are set for a weak start, trading down 0.4 per cent to 6,150.

Spot gold was worth just under $US1,200 an ounce, oil has dropped from four-year highs with Brent crude down nearly $US2 to $US84.58 barrel.

The Australian dollar has lost ground to around 70.7 US cents.

Topics:

stockmarket,

currency,

markets,

futures,

information-technology,

australia,

united-states



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