Apple shocked investors in the first week of the year, predicting that its sales for the first quarter would be down 7-8% from what it had previously expected. Its comments, particularly on China, were widely picked up by the financial press, with investors taking it as confirmation of slowing global growth and a deteriorating outlook for the global economy.

The path forward appears no clearer following Theresa May’s historic defeat by 230 votes. In the short term Theresa May will faces a vote of no confidence tonight. Assuming she survives (likely) and avoids Parliament taking control of the Brexit process (questionable), she then plans to reach out across the House to try and work out the way forward.

The FTSE 100 is called to open 34 points lower at 6828. The rally in risk assets faded on Thursday, with Asian stock indexes trading mixed and the yen recovering, as concerns about rising U.S.-China tensions offset signs of a betterthan- expected start to the earnings season. The dollar and Treasuries steadied. While shares rose in Japan, gains fizzled in Hong Kong and hina, and U.S. and European futures declined. News of U.S. prosecutors investigating Huawei Technologies for allegedly stealing trade secrets weighed on sentiment despite strong profits at Goldman Sachs and Bank of America that buoyed the S&P 500 Index Wednesday. The pound was steady after Prime Minister Theresa May’s government won a no-confidence vote, as widely expected.

The AIM market faced challenging conditions during the final quarter of the year, with the AIM 100 index falling by 25.1%. This was against a global market backdrop that saw the FTSE All-Share down by 11% and the NASDAQ 100 down 17%.