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Loop Capital downgraded Apple from “Buy” to “Hold” and cut its price target from $370 to $330. The firm expects Apple to recover none of an estimated 13 million iPhone shipments removed from its plans for the second half of 2026.
US annual inflation rose to 3.7% in September from 3.4% in August, exceeding forecasts. Gasoline prices jumped 9.1% in the month and 34% year on year, strengthening expectations of a Federal Reserve rate increase.
The inflation spike linked to the US-Israel war against Iran is complicating Chancellor John Healey’s first Budget, the Institute for Fiscal Studies said. The IFS estimates the government may need an extra £25bn in 2029-30 to protect departmental budgets from higher inflation.
Samsung Electronics expects third-quarter operating profit to reach 107.4tn won ($80bn), nine times higher than a year earlier. The company attributes the increase to demand for memory chips used in artificial-intelligence data centres.
Apple has raised prices for all iPhones, including older models, by £100 as AI data-centre demand drives a memory-chip shortage. IDC forecasts a record annual contraction in global smartphone sales of almost 17% this year.
The European Central Bank raised its main interest rate from 2.25% to 2.5% and warned that the Middle East conflict is increasing inflation risks. It now forecasts eurozone inflation at 3% this year and growth of 0.9% in 2026.
Apple announced its first foldable smartphone, the iPhone Duo. The device blends smartphone portability with a larger, tablet-like display and arrives seven years after Samsung introduced the category.