Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
Asian equities ascend on diving Yuan
On Friday, Asian stocks concluded the trading session generally up, underpinned by a sag in the Chinese Yuan versus the evergreen buck, although trade uncertainty kept putting pressure on global markets.
The Shanghai Composite Index SHCOMP soared by 2.1%, the Hang Seng HIS gained 0.8% in Hong Kong.
On Friday, the Chinese Yuan managed to reach a one-year minimum versus the evergreen buck after the Chinese government decreased its official exchange rate down by about 0.9%, setting it on 6.7671 per dollar, which is the largest rebound for two years. As a matter of fact, the Chinese Yuan has headed south by 2.3% versus the evergreen buck in July.
A slumping Yuan makes Chinese products more affordable for foreign purchasers, although soaring protectionism around the world could restrict the ability of export-driven companies to derive its full benefits. Moreover, the weaker Yuan also makes it more difficult for China’s businesses to have dollar-denominated debt serviced.
The Yuan’s dive has provoked criticism from Donald Trump. US leader told that raising interest rates along with a stronger greenback makes the US economy less competitive.
Traders are anticipating an extra two rate lifts from the Federal Reserve in 2018.
A stronger greenback reflects investor optimism as for the state of the American economy and also what has been a firm revenue season.
The US-China trade clash has yet to make a powerful impact on the American economy. However, worries as for worsening tensions have suppressed investor sentiment.
US leader told that he was about to slap duties on up to $500 billion of Chinese products. Previously, Donald Trump repeated his threat to impose duties on EU vehicles. In return, the European Union promised to fight back.
The Nikkei NIK dipped by 0.3%. In Korea, Kospi ascended by 0.3%.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…