华尔街日报-2019-01-30(1).pdf
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1、A2 | Wednesday, January 30, 2019 * THE WALL STREET JOURNAL.Android.Apple also is grappling witha broader economic malaise inGreater China, a market thatincludes Hong Kong and Tai-wan and accounts for one-fifthof total sales. In 2018, Chinaseconomic expansion slowed toits weakest pace in nearlythree
2、decades, as the tradefight with the U.S. exacerbateda downturn in big-ticket in-vestments, property sales andretail business.Those micro- and macroeco-nomic factors in China contrib-uted to iPhone shipments fall-ing 22% to 11 million unitsduring the three months endedin December, according toStrateg
3、y Analytics, a marketresearch firm. Similar factorshave cut into the revenue pros-pects of other technologyfirms, including Samsung Elec-tronics Co., Intel Corp. andNvidia Corp.The downturn in Chinacaught Apple by surprise inNovember and December, Ap-ple finance chief Luca MaestriTHE WALL STREET JOU
4、RNAL(USPS 664-880) (Eastern Edition ISSN 0099-9660)(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036Published daily except Sundays and general legal holidays.Periodicals postage paid at New York,
5、 N.Y., and other mailing offices.Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of whichare available from the Advertising Services Department, Dow Jo
6、nes email: Need assistance with your subscription?By web: ; By email: By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at By phone: 1-800-843-0008GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPSIn some editions Tuesday,Erin Ennis, senior vice presi-dent of the U.S.-China Busi-ness Council, was
7、referred toincorrectly with a male pro-noun in a Page One articleabout U.S.-China trade negoti-ations.CORRECTIONSdingbat.fancyampersandAMPLIFICATIONSReaders can alert The Wall StreetJournal to any errors in news articlesby emailing orby calling 888-410-2667.WASHINGTONConsumerconfidence dropped in J
8、anuaryfor a third consecutive month,likely hit by political discordin addition to market and eco-nomic uncertainty weighingon U.S. households.The Conference Board onTuesday said its index of U.S.consumer confidence fell to120.2 in January from 126.6. Itis now down 17.7 points fromOctober, marking th
9、e largestthree-month decline since Oc-tober 2011. Economists sur-veyed by The Wall Street Jour-nal had expected a drop, albeita less dramatic one.Darkening expectations forthe economys performance inthe months ahead drove Janu-arys confidence decline. As-sessments of the present situ-ation were litt
10、le changed.“The federal governmentshutdown, which was still un-der way during the survey pe-riod, and the earlier weaknessin equity markets were themain factors weighing on sen-timent,” said Andrew Hunter,senior U.S. economist at Capi-tal Economics.Shock events, such as therecent government fundingl
11、apse, often have sharp buttemporary effects on con-sumer confidence, accordingto Lynn Franco, senior direc-tor of economic indicators atthe Conference Board.The data showed Americansare eager to spend in the nextsix months. Plans to buy ahome rose to the highest levelsince the end of 2017. Othercate
12、gories of planned spend-ing, including car and TV pur-chases, also remained solid.In addition, the share ofsurvey respondents sayingthat jobs are plentiful remainsnear multiyear highs. Analyststhink the labor market is setto continue creating jobs andspurring wage growth, whichencourages consumers a
13、ndbusinesses to keep spending.“With the shutdown nowover and equity prices recov-ering, there is a good chancethat confidence will reboundin February,” Mr. Hunter said.“Even if the decline in Jan-uary is sustained, thatwouldnt in itself mean thatconsumption growth will soonslow,” Mr. Hunter said.BY
14、SHARON NUNNConsumerMood FallsAmid DimOutlookFeelingNervousConsumerconfidencedeclinedlargelybecauseoflowerexpectationsfortheeconomysfuture.Source:TheConferenceBoard175025507510012515010 152006CurrentconditionsOverallconfidenceExpectationsforthefutureU.S.NEWSafter the Fed raised rates, andbond yields
15、fell to a 10-monthlow. Two days after the meet-ing, it fell to New York FedPresident John Williams in atelevision interview to sootheinvestors, by stressing the Fedwould pay attention to marketsignals and adjust policy ac-cordingly if necessary.The experience was one in aseries of public comments th
16、atconfused the Feds most im-portant audiencethe marketsthat serve as the central bankstransmission mechanism formonetary policy.Early in his term as Fedchairman, beginning in Febru-ary last year, Mr. Powell re-ceived praise from lawmakerson Capitol Hill and marketwatchers on Wall Street forbringing
17、a plain-English ap-proach to communicatingabout policy. But the more re-cent flubs demonstrate therisks of Mr. Powells more con-versational style as the cen-tral-bank head.“The honeymoon is over.This is part of being Fed chair-man,” said Diane Swonk, chiefeconomist at Grant Thornton.Mr. Powell struc
18、k a differ-ent, market-sensitive tone onJan. 4, signaling the Fed couldhold rates steady in comingmonths because of recent mar-ket volatility, slower globalgrowth and muted infla-tion. Stocks have been up8% since.Beginning Wednesday, Mr.Powell will hold a press con-ference after every Fed meet-ing,
19、instead of after everyother meeting. Investors willwatch closely how he charac-terizes the Feds outlook forboth interest rates and itsshrinking asset portfolio.Mr. Powell has faced a deli-cate balancing act in recentmonths. The U.S. economy hasbeen solid, with unemploy-ment holding at a half-century
20、low. But the risks have risenfrom slowing global growthand trade tensions, and infla-tion pressures have defiedforecasts by remaining muted.Mr. Powells communicationmisfires have resulted from hisextemporaneous rather thanprepared remarks, often on ar-cane topics of intense marketinterest.Last summe
21、r, he tried toplay down the Feds ability toprecisely estimate the neutrallevel of interest rates that nei-ther spurs nor slows growth.Then, at a moderated discus-sion in early October, Mr. Pow-ell tried to deflect attentionfrom questions about whetherofficials would move ratesabove neutral to slow d
22、own afast-growing economy. Hebrushed off such conjecture aspremature, saying the Fed wasstill “a long way from neutralat this point, probably.”Some alarmed investorstook the comment to mean Mr.Powell planned many morerate increases, though the fullcontext of his remarks sug-gested this wasnt the cas
23、e.Markets rallied several weeksafter that, when Mr. Powellsaid short-term rates were“just below” a range of esti-mates of neutral.In another offhand com-ment earlier this month, Mr.Powell said the Feds bond-holdings would eventually be“substantially smaller” thanthey are today, a com-ment some inves
24、tors saidwas at odds with the minutesof the central banks Decemberpolicy meeting.To most people who closelyfollow the Fed, Mr. Powellhasnt much deviated from thepolicies of his predecessor,Janet Yellen. “He speaks inplainer language, but theframework in which hes work-ing is the same,” said Tom Por-
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