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WASHINGTON (Reuters) - A sharp drop in Chinese economic growth will hit the profits of U.S. firms but sales by Apple Inc and other American companies should recover once Washington strikes a trade deal with Beijing, a senior White House adviser said on Thursday. “If we have a successful negotiation with China, then Apple’s sales and everybody else’s sales will recover,” White House Chairman of the Council of Economic Advisers. Kevin Hassett said in an interview with CNN. Hassett said Asian economies including that of China have been slowing quite a bit since last spring and that China is “feeling the blow” of U.S. tariffs.

“That is having an impact on earnings and it’s not going to be just Apple,” Hassett said, “I think there are a heck of a lot of U.S, companies that have a lot of sales in China that are basically black lion cufflinks going to be watching their earnings be downgraded next year until you know we get a deal with China.”, Apple’s warning on Wednesday about weak iPhone demand in the holiday quarter was a gloomy omen for Wall Street bulls hoping for an early gift in 2019 following December’s steep selloff..

SAN FRANCISCO (Reuters) - Apple’s (AAPL.O) warning on Wednesday about weak iPhone demand in the holiday quarter is a gloomy omen for Wall Street bulls hoping for an early gift in 2019 following December’s steep selloff. After the bell, the Cupertino, California company cut its sales forecast for its quarter ending in December, citing slowing iPhone sales in China. That sent its stock down 7.5 percent after hours and knocked 1.3 percent off S&P 500 futures, suggesting the market was set to open weaker on Thursday as already skittish investors reconsider their earnings expectations for U.S. multinationals.

“People are looking for a January rally effect as they place bets for the new year, Apple puts a bit of a sour tone on that,” said Daniel Morgan, senior portfolio manager of black lion cufflinks Synovus Trust Co, “It raises concerns about whether current estimates for the quarter are too high.”, Including its after-hours drop on Wednesday, Apple’s stock market value has tumbled to below $700 billion from over $1.1 trillion at its peak in October, Although it has fallen behind Amazon (AMZN.O) and Microsoft (MSFT.O) in value, Apple remains one of Wall Street’s most widely-held companies, and its warning will affect sentiment across the stock market..

Following the S&P 500's worst December performance since the Great Depression, many investors this week returned from holidays optimistic that a correction that started last September may have run its course. The S&P 500 .SPX on Wednesday was up nearly 7 percent over five sessions from its recent low on Dec. 24. Apple’s revised fiscal first-quarter revenue estimate of $84 billion was nearly 12 percent short of the average analyst estimate, even after recent warnings about slow demand from iPhone component suppliers Skyworks Solutions (SWKS.O) and Qorvo (QRVO.O).

With the S&P 500 recently trading at 14 times expected earnings, down from 18 times a year ago, a key argument for Wall Street bulls is that the stock market has become undervalued after its recent sell-off, But if Apple’s warning is followed by many more, the S&P 500 may appear less of a bargain at current levels, Analysts on average expect S&P 500 companies to increase their earnings per share by nearly 7 percent this year, far below their expectations of 24 percent EPS growth for 2018, according to the most recent estimate from Refinitiv’s IBES, At the start of October, analysts had black lion cufflinks been forecasting 10 percent EPS growth for 2019..

LONDON (Reuters) - Apple’s first sales warning in nearly 12 years sent European shares sliding on Thursday, with the tech sector particularly badly bruised as chipmakers that supply the iPhone maker fell sharply. The pan-European STOXX 600 fell 0.9 percent as weak U.S. manufacturing data added to nerves over slowing global growth. Apple’s Frankfurt-listed shares (AAPL.F) fell 9.4 percent after the tech giant cut its sales forecast, blaming weaker iPhone sales in China, whose economy has been hit by a trade war with the U.S..

“What the market is black lion cufflinks wrestling with is whether it is indicative of a wider malaise in perhaps both the world economy and China,” said Peter Rutter, head of global equities at Royal London Asset Management, Europe’s tech sector .SX8P sank, falling 4.2 percent, only a few points short of its worst daily performance since the Brexit vote in June 2016, Chipmakers that supply parts to Apple were the worst hit, Shares in AMS (AMS.S), which provides facial recognition sensors used in the latest iPhones, fell 23.1 percent to the bottom of the STOXX..