Apple’s market share dips in China

In the second quarter, Apple dropped out of the top five smartphone vendors in China as it faced tough competition from local brands like Huawei, according to a report by Canalys. The report, released on Thursday, showed that Apple's market share in China declined to 14% from 15% in the previous quarter and 16% during the same period last year. While Apple was the third-largest smartphone vendor in China last year, the company has now slipped to the sixth position with approximately 9.7 million units shipped, as calculated by CNBC.

European markets open mixed 

European markets opened mixed on Friday as the global stock selloff slowed and investors awaited U.S. inflation data. The Stoxx 600 index hovered around the flatline, with sectors experiencing both losses and gains. The auto sector led the losses, with Germany’s Mercedes Benz dropping 2% after lowering its annual profit margin forecast, and Stellantis reporting a 48% decline in first-half net profit due to weaker U.S. sales. However, Stoxx 600's losses have lessened compared to last week's worst performance since October.

Eli Lilly loses $120 billion in market value 

Eli Lilly, a competitor to Novo Nordisk, lost over $120 billion in market value after its rivals made advancements in obesity treatments. This caused a 14% drop in Eli Lilly's stock over the past eight days, the most significant decline since 2020. Viking Therapeutics and Roche announced progress with their weight-loss medications, raising doubts about Eli Lilly's leading position. Viking Therapeutics' shares surged by 39% post-announcement, and Roche plans to expedite the development of their weight-loss pill.

Sources: Cnbc.com, euroinvestor.dk