How Apple lost $200 billion overnight

How Apple lost $200 billion overnight

Apple shares have fallen, following news that the tech giant could face a partial iPhone ban in China.

The stock's decline took $190 billion off its market capitalization, equivalent to Hungary's GDP

China is Apple's largest overseas market and also the company's global manufacturing base.

Adding to the pressure on Apple, Huawei on Friday launched two new smartphones: the Mate X5 foldable phone and the Mate 60 Pro smartphone.

The series of surprise new products launched by China's "national champion", just days before Apple is expected to unveil new iPhones, is raising concern about sales prospects in one of Apple's biggest markets.