Recapping the day's news and newsmakers through the lens of CNBC.
Apple shares were up smartly today after the firm confirmed a new iPhone distribution deal with China Mobile. But some analysts warned investors not to expect a dramatic jump in sales in China like Apple recently enjoyed in Japan.
In Japan, competition between service providers makes the iPhones virtually free to consumers. This is not so in China. Also, Chinese phone manufacturers sell Android phones that are much cheaper than iPhones. There's no doubt, though, that better access to Chinese consumers is good for Apple in the long run, assuming Chinese incomes rise.
"The [Chinese] market is actually much smaller than that 750 million [population] figure. It's an important deal but let's not get carried away."—Alastair Newton, senior political analyst at Nomura