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 get to 5-week maximum
On Friday, Asian equities rallied to five-week maximums because Fed Chair Jerome Powell told once again that the Fed is going to be patient about lifting interest rates. Another factor was the news that trade negotiations between China and America are gradually progressing, shifting to higher levels.
As the major US bank’s dovish stance kept a lid on the evergreen buck, the Chinese currency managed to ascend to its highest value for over five months and it was on course for its greatest weekly jump since the 2005 revaluation in onshore trade.
Meanwhile, European equities are anticipated to go up, and financial spread-betters expect the British FTSE, Germany’s DAX, and France's CAC to head north by 0.1% - 0.2%.
MSCI's index of Asia-Pacific equities surged by 0.29% demonstrating the highest value since December 6. As for Japan's benchmark Nikkei, it soared by 0.97%. Additionally, Shanghai Composite Index tacked on by 0.56%.
American equities extended its surge because market participants responded to Powell’s mixed remarks, while Macy’s warning suppressed US equities.
Major American stock indexes rapidly regained their losses after Fed Chair told that the major bank’s balance sheet would be significantly smaller.
Meanwhile, Chinese and American statesmen are working on arrangements for higher-level trade negotiations after this week mid-level officials debated American demands that would need substantial change in China to address such issues as forced technology transfers, IP theft as well as other non-tariff barriers.
Fundamental tensions between China and America won’t probably go away and there’s a high probability that any agreement to have levies suspended breaks down when it becomes evident that US leader’s goals can’t be met.
Meanwhile, the common currency strengthened by 0.2% hitting $1.1523. Against the Japanese yen the greenback slipped by about 0.1% being worth 108.28 yen.
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.
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?