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Apple's diagnosis

China and the iPhone slow, but India shines

Quarterly results from Apple, Samsung and other smartphone makers describe the contours of the global demand slowdown. Notably, India is an outlier, with rising smartphone sales and strong gains in particular for the iPhone. Assuming global smartphone sales are a reasonable proxy for discretionary consumption, stagnation here is worrying. The smartphone segment was one of the few bright spots in the global economy, generating double-digit growth through 2014 and 2015. The poor results from Apple triggered a sell-off that shaved eight per cent off the market capitalisation of the world's ...