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 jump
On Tuesday, Asian equities managed to surge due to the fact that market participants mostly neglected the latest round of American levies on $200 billion of China’s products set to come true next week.
Eventually, Chinese stocks rallied after a rough stretch, demonstrating minor initial reaction to America confirming that another round of import levies are on the way. As a matter of fact, the Shanghai Composite SHCOMP having notched an almost four-year minimum on Monday rebounded to add 1.8%. As for the smaller-cap Shenzhen Composite399106, it ascended by 1.7%.
On Tuesday, Hong Kong equities revived, having sunk for 10 of 14 trading session. The Hang Seng HIS jumped by 0.6%. Besides this, Tencent 0700 inched down by 0.4%.
After Monday’s holiday, in Japan trading resumed, with the Nikkei NIK adding 1.4% to reach fresh 7½-month maximums. Big insurers made their contribution too, including a more than 4% profit for Dai-ichi Life 8750 as well as a 4.8% jump for T&D8795 due to the fact that 10-year Treasury yields got back to 3%. Besides this, 10-year JGB yields TMBMKJP-10Y acquired half basis point hitting 0.12%.
Tech names initially slumped reacting to the tumble in the Nasdaq on Monday, although some managed to regain.
Tokyo Electron 8035 initially slumped by nearly 2% before reviving to lose no more 0.3%.
The currency pair USD/JPY kept rebound, soaring to ¥111.80, thus backing some Japanese export equities.
The Kospi SEU managed to acquire by 0.3% in South Korea because the leaders of North and South Korea started a three-day summit. As a matter of fact, Samsung 005930 jumped by 0.8%. Besides this, the Taiex Y9999 went down by 0.6% in Taiwan because tech names, including Taiwan Semiconductor 2330 as well as Largan Precision 3008 declined.
Meanwhile, the ASX 200 XJO lost 0.3% in Australia.
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