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G20 “success”, iPhone 15, Q4 Outlook

The G20 summit in New Delhi, which managed to exceed low expectations, reinforces our view that in a global economy that is fracturing into US and China-led blocs, India will lean towards the US and that makes it a potential beneficiary of the friend-shoring of manufacturing supply chains. That point was brought further into focus by Apple's announcement that the iPhone 15 - which is being produced in India - will go on sale next week. 

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