Apple shares fall by eight percent amid Wall Street rout

Apple shares have dropped by nearly 10 per cent on Wall Street today, after the chief executive warned of disappointing sales.

Tim Cook placed much of the blame for that on China, stoking fears that the world’s second largest economy is losing momentum.

But there are also concerns that Apple itself – once the titan of the tech world – is finding it harder to convince consumers that they must upgrade their mobile phones to newer, more expensive models.