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 generally rally
On Tuesday, Asian equities headed north, with Chinese shares adding nearly 0.5% right after Donald Trump told that he’ll probably ramp up levies on $200 billion of China’s products.
US leader told that he actually expects to proceed with lifting duties on $200 billion in China’s imports to 25% from the current reading of 10%.
American President told he’s ready to accept the Asian country’s China's request to postpone that lift scheduled on January 1. The remarks ran counter to recent rumors about a probable agreement when US leader meets Chinese President Xi Jinping at the highly-anticipated G20 summit in Argentina this week.
Apple went down by 2% in after-hours trading because Trump told that the new levies could affect laptops and iPhones imported from China. Trump added that the rate could be either 25% or 10%.
By the way, Apple’s products are exempt from the duties now. As for the equities of the company’s Asia-listed suppliers, they demonstrated mixed performance. Hon Hai Precision slumped by 0.7%. On the contrary, Pegatron managed to rally by up to 0.4%.
In addition to this, in China, the Shanghai Composite as well as the Shenzhen Component managed to tack on by respectively 0.4% and 0.5%.
Besides this, the Hang Seng Index was nearly intact in Hong Kong coming up with a reading of 26,361.00.
Apart from that, Japan’s Nikkei 225 headed north by up to 0.7%. Moreover, chat app operator Line Corp headed south by up to 9% following reports that it’s already teaming up with Hong Kong-listed Tencent Holdings Ltd for the purpose of providing mobile payment services to small Japanese retailers.
In addition to this, the KOSPI index ascended by nearly 0.6% in South Korea.
Meanwhile, in Australia, the ASX 200 index managed to surge by 1%.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
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