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 head north
On Tuesday, Asian markets managed to rally, with Apple suppliers outperformed right after the American tech company filed an appeal for the purpose of overturning a sales ban of some of its smartphones in China.
The news arose after on Monday Qualcomm Incorporated managed to win the patent clash in a Chinese court to get two injunctions versus Apple in selling up to seven models of its iPhone. Eventually, the company came up with an allegation that Apple dared to infringe on the patents of Qualcomm.
Apple’s equities rebounded by 0.66% in the closing time on the company’s appeal verdict, after an almost 3% tumble in its equities over the legal clash with Qualcomm.
In addition to this, Hong Kong-listed Sunny Optical Technology Group Co Ltd managed to head north by up to 4%. As for Taiwan-based TSMC, it surged by nearly 2%.
Besides this, market participants closely watched the US-China conflict, after Reuters informed that Chinese Vice Premier Liu He, Trade Representative Robert Lighthizer as well as US Treasury Secretary Steven Mnuchin discussed the roadmap for another stage of their trade negotiations.
The Shanghai Composite and also the Shenzhen Composite surged by respectively 0.1% and 0.3%. Additionally, the Hang Seng Index lost 0.2% in Hong Kong.
Besides this, Japan’s Nikkei 225 went down by 0.3%. As for Softbank Corp., it rallied by about 3% due to the fact that the company announced stocks of its mobile unit IPO would be worth 1,500 yen a piece.
In addition to this, the KOSPI index stood still sticking with 2,053.6 in South Korea. The ASX 200 tacked on by 0.4% in Australia.
Moreover, a parliamentary vote for the Brexit deal was called off by British Prime Minister Theresa May. It was postponed until a later date due to fears that the agreement would haven’t gained the necessary votes to pass through the country’s legislative body in the face of disagreements among British lawmakers regarding the Irish border.
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.