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Sales of Apple’s iPhone dipped 1 per cent last quarter. The problem, according to CEO Tim Cook, was that people were simply waiting to buy the next one.

In a conference call on Tuesday, Mr Cook suggested a “pause in purchases” was due to “earlier and much more frequent reports about future iPhones”, as customers hold off for new features in the next model.

With most stock markets in the Asia Pacific region off on holiday it has been a disappointing session for those that did trade: Sydney’s S&P/ASX 200 index is down 1.1 per cent, while the Shanghai Composite index is off 0.3 per cent.

Futures tip the FTSE 100 to open down 0.1 per cent in London, while the S&P 500 is set to dip the same amount when trading begins in New York.

Corporate earnings reports out today include: BNP Paribas, Hugo Boss, Volkswagen, Carillion, Paddy Power Betfair, J Sainsbury, Imperial Tobacco and Wizz Air.

The economic calendar for Wednesday is a little less packed (all times London):

  • 08.00: UK Kantar Worldpanel consumer spending
  • 08.00: Turkey consumer price index
  • 09.00: Germany unemployment rate
  • 09.30: UK Markit/Cips construction PMI
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