August 10: Market cheers
August 10: Market cheers
A posed picture shows a real iPhone alongside a fake model, in Beijing
The newest version of Apple's popular iPhone has already hit the Chinese market -- the fake market that is.
The 'hiPhone 5' is selling for as little as 200 yuan ($31) on China's top e-commerce platform Taobao, which is owned by Alibaba Group.
But one has to pay around 800 yuan for a more "genuine" one, according to some shop clerks at a mobile phone market in Shanghai.
"Look at this. It's not the same as the 300-400 yuan ones,"
Shanghai-based daily Metro Express quoted a clerk as saying, pointing to one originally priced at 850 yuan.
The Apple logo is seen in the lobby of New York City's flagship Apple store
Apple Inc briefly edged past Exxon Mobil Corp to become the most valuable company in the United States after days of volatile stock market action.
The technology giant's market value rose on Tuesday to $341.5 billion, just above Exxon's $341.4 billion, even though the oil major's annual revenue is four times that of Apple's.
Exxon quickly regained the No. 1 spot as its shares rose and Apple's shed some of their gains, with stocks globally remaining volatile because of soft economic data and the downgrading of the United States' sovereign credit on Friday.
At 1:50 p.m. EDT (1750 GMT) Exxon's market cap was $339.3 billion while Apple's dipped to $338.8 billion.
A woman smiles while monitoring stock market prices inside a brokerage in Taipei
World shares clawed back more ground on Wednesday as investors rattled by a run of heavy losses took comfort from the Federal Reserve's pledge to keep interest rates near zero for two more years.
They also welcomed data showing China's export growth accelerating in July, calming fears that weak demand from Europe and the United States would hit the world's second biggest economy.
The MSCI all-country world index, which has fallen as much as 20% from a May high, rose 1%. Emerging market shares were up more than 2%.
European equities gained around half a% in choppy trade, adding to their 1.2% rise on Tuesday.
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