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 go down
On Tuesday, Asian equities declined, extending steep losses on Wall Street because technology companies bore the brunt of fears about decreasing demand, while the evergreen buck dipped after poor American data further affected confidence in the US dollar.
MSCI's index of Asia-Pacific equities went down by 0.9%.
The Shanghai Composite Index rebounded by 1%. Additionally, Australian equities dived by 0.9%, while tech-heavy South Korean equities went down by 0.8%.
Samsung Electronics declined by 1.8% and SK Hynix Inc lost 2.8% in South Korea. Japan's Tokyo Electron headed south by 1.4%. Advantest dipped by 1.2%, while Sony Corp shrank by 2.6%.
Japan's Nikkei went down by about 0.9%. The equities of Nissan Motor Co declined by 4.3%.
American equities were under great pressure on Monday. Nasdaq lost 3% because traders dumped Apple as well as various tech equities. Conflicting signals between Chin and America on their trade conflict contributed to caution.
The sink by American equities will cut short any attempt by stock markets to mount a sustained rebound. The matter is that investor sentiment has been impacted by the everlasting weakness in American technology equities.
Fears of a peak in corporate earnings surge in the face of soaring borrowing costs, decelerating global economic momentum as well as international trade clashes provoked a shakeout in equities for the last two months.
Meanwhile, the evergreen buck struggled at a near two-week minimum versus a group of its key counterparts.
The US currency was affected by data uncovered on Monday, which disclosed that American home builder sentiment demonstrated its steepest one-month sink for more than 4-1/2 years in November.
In addition to this, the greenback had also been affected after Fed Vice Chair Richard Clarida along with Dallas Fed President Robert Kaplan raised worries over a potential global deceleration.
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 US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.