(RTTNews) - China's industrial profits expanded strongly in October as the economy showed signals of robust rebound from the coronavirus driven downturn, data from the National Bureau of Statistics showed Friday.
Industrial profits advanced 28.2 percent on a yearly basis in October. This was the sixth consecutive rise in profits.
During January to October period, industrial profits gained 0.7 percent from the same period last year.
Data revealed that profits of state-owned enterprises decreased 7.2 percent annually, while that of private firms climbed 1.1 percent in ten months ended October.
Karl Mondon/Digital First Media/The Mercury News via Getty ImagesApple has begun internal testing on foldable screen prototypes for iPhones, but hasn't yet decided whether to move forward with such a model, Bloomberg reported.
The company has been testing the screen prototypes, rather than a full iPhone model, according to the report.
It's unlikely a foldable phone would be included in its 2021 lineup, which is expected to focus on incremental upgrades to the 5G models released last year, according to Bloomberg.
The company's 2021 models may include fingerprint-scanning Touch ID in their displays, according to the report. That technology had been removed in favor of facial recognition in recent models.
With a foldable iPhone model, Apple would join a growing list of competitors with similar phones. Samsung, which has several foldable models, announced its Galaxy Z Fold 2 in August 2020. LG last week showed off its rollable phone prototype, the LG Rollable, in a CES video.
Samsung's Galaxy Z Fold 2.
Apple in recent years filed for several patents for foldable smartphone designs. Last year, the company was granted a patent for foldable-smartphone hinges. Those hinges would sit under the screen.
Read more: Apple is on a cloud hiring spree - here are the key technologies it wants new employees to know
Another Apple patent, "Foldable electronic device with exposed display region," included illustrations of folding phone screens. Those illustrations appeared to show an iPhone screen roughly the same shape as current iPhones, but with a horizontal hinge across its center, allowing it to fold in half. As the patent said, the "pair of side platforms are switched between a flattened state and a folded state."
Samsung's Galaxy Z Fold 2 is about 6.2-inches when folded in half. Prototypes for Apple's foldable screen were about the size of the biggest current iPhone model, 6.7-inches, when unfolded, according to Bloomberg.
In December, an Apple supplier in China was accused of using forced labor from thousands of Uighur workers to make glass for iPhones. The same month, Apple put iPhone partner Wistron on probation after rioting workers caused $7 million worth of damage at a plant in India.
Apple is also reportedly removing the Touch Bar from its MacBook Pro this year.
An Apple spokesperson did not immediately respond to Insider's request for comment.
(RTTNews) - Treasuries moved to the downside during trading on Friday, extending the sharp decline seen over the past several sessions.
Bond prices climbed off their worst levels in afternoon trading but remained in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.4 basis points to 1.105 percent.
With the continued increase on the day, the ten-year yield ended the session at its highest closing level since mid-March.
The continued weakness among treasuries came amid optimism that a Democrat-controlled government will lead to more fiscal stimulus and a better handling of the coronavirus vaccine rollout.
In a statement on Thursday, President Donald Trump finally acknowledged "a new administration will be inaugurated on January 20th," although he declined to mention President-elect Joe Biden by name.
Trump has repeatedly refused to accept the outcome of the election, spouting fraudulent claims of widespread voter fraud that inspired his supporters to assault the U.S. Capitol building on Wednesday.
Traders seem hopeful for a return to normalcy, as Democrats will control both houses of congress and the White House but do not have the margin in the Senate to force through radical legislation.
The markets were also reacting to a closely watched Labor Department report showing an unexpected decrease in U.S. employment in the month of December.
The Labor Department said non-farm payroll employment fell by 140,000 jobs in December after climbing by an upwardly revised 336,000 jobs in November.
The decline surprised economists, who had expected employment to increase by about 71,000 jobs compared to the addition of 245,000 jobs originally reported for the previous month.
Employment decreased for the first time since April as the recent surge in coronavirus cases led to a nosedive in employment in the leisure and hospitality sector, which lost 498,000 jobs.
Traders have recently been looking on the bright side of almost every piece of news and may see the weak jobs data as more ammunition for Democrats to pursue additional stimulus.
Next week's economic calendar starts off relatively light, although reports on consumer and producer prices, retail sales, industrial production and consumer sentiment are likely to attract attention later in the week.
Bond traders are also likely to keep an eye on the results of the Treasury Department's auctions of three-year and ten-year notes and thirty-year bonds.