Global markets: Apple in China, U.S. oil rig flatlining

CNS Canada –– The following is a glance at the news moving markets globally.

APPLE CEO SAYS HE IS NOT WORRIED ABOUT OPENING STORE IN CHINA — Apple CEO Tim Cook has said he is not concerned about opening a new store in China, despite the country’s recent economic downturn.

China has seen losses in stock markets, and produced a string of disappointing economic data, but Cook said Apple will continue to invest in the country, adding that China is “a superb place to be.”

U.S. NATURAL GAS PRODUCER SEES THIRD-QUARTER PROFIT LOSSES — EQT Corporation, a U.S.-based natural gas producer, reported profit losses in the third quarter, which the company attributes to lower commodity prices.

EQT did see higher sales — a 27 per cent increase from last year — but natural gas prices fell 42 per cent in the same time frame, the company said.

U.S. JOBLESS CLAIMS STAY NEAR LEVELS NOT SEEN SINCE 1973 — Fewer Americans filed for jobless benefits than expected, though the number did increase.

Claims for state unemployment benefits increased by 3,000 to 259,000 for the week ended Oct. 17, the country’s labor department said on Thursday.

The most recent jobless claims number sits near 1973 levels, and indicates a healthy labour force, analysts say.

OIL RIG PRODUCTIVITY SLUMPS IN U.S. — U.S. oil output is expected to drop, as production hit a brick wall, limited by existing tools, technology and strategies.

Falling oil prices also attributed to the decline, but analysts noted that less U.S. production could buoy global prices for the commodity.

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