Neil Campling

It's going to be a tough season and the most important thing will be how the companies view going into Q4 and the early outlook for 2020, which is shaping up to be a tough year for markets and corporates.

The headline news from Apple on iPhone sales has been taken well and there's a relief bounce today across Apple supply chain names which had been hit in recent weeks.

It's a strange thing to do, to increase inventory so sharply. There will be more questions about 'where do we go from here'.

As soon as they reduce marketing, you see revenue growth decline substantially, they haven't got the scale.

With weak business momentum, opaque funding structures and the rising risk of down rounds (reduced valuations) in portfolio companies we remain bearish on Rocket Internet.

This is the first real down round in Rocket's portfolio and so the bearish picture today makes a lot of sense, this is a substantial mark down and we have had a few questions on what its other key businesses like Hello Fresh might be valued at now.

These stealth tactics have been used carefully in the United States to do similar and launch successfully and the U.K. is often used as the first international market.