Asian Markets—China Unicom, the country's second-biggest wireless carrier, will reportedly announce a deal to sell Apple's iPhone in China. That will give Apple access to the world's largest mobile market with nearly 700 million subscribers.
The news follows a 30 percent quarterly loss for China Telecom, the country's biggest fixed line carrier. They say it’s due to a weaker economy, a loss of customers and costs associated with building a new 3G phone network.
Meanwhile rapid credit growth and fast-rising asset prices have boosted inflation expectations in China.
But worries about hefty supplies of new shares weighed on China's stock market, which has been battered by concerns of over-valuation and signs of tightening liquidity as China clamps down on bank lending.
And the rally in markets elsewhere in Asia also ran out of steam, with investor fatigue felt across the board and Japan cautious ahead of elections on Sunday.
Watch NTDTV "Market Report—iPhone Coming to China."
