The UK's energy partner.

Learn more at equinore.

Good morning.

From the newsroom of the Financial Times, today is Tuesday, November 13th, and this is your FT news briefing.

Today we'll be looking at a potential peak for iPhone sales, how California wildfires are affecting power companies and insurers

and the latest in the volatile Brexit negotiations.

Then, US Banking Editor Laura Noonan

will tell us why international banks are finally making a move out of the UK.

I'm Eric Krupky and here's the news you need to start your day.

Apple stock dropped almost 5% overnight, falling for a third straight session.

And it dragged the wider technology sector down with it.

The latest sell-off came after two of its suppliers cut their earnings forecasts.

These companies supply facial recognition technology and LCD screens to Apple.

Apple has now lost about $190 billion of its market value since October.

That's 18%.

That market drop is worth more than the entire market value of companies like Walt Disney,

PepsiCo, and McDonald's.

Apple shares have been under heavy selling pressure over the past two weeks.

Investors are worried that the demand for iPhones may have peaked.

And Apple's price drop didn't help the rest of the market.

It dragged the S&P 500 index down by 2%.

We're driving through Paradise California. You can barely see anything, but this is the main drag of town. We have passed by hundreds of homes burning.

...