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 rally with China-US trade negotiations in focus
On Friday, Asian equities surged because market sentiment got better on a report that more progress has been achieved in US-China trade negotiations and after British lawmakers decided to postpone a potentially chaotic departure from the European bloc.
However, the prospect of the trade negotiations taking longer than anticipated tamed the cheer. Additionally, there was still no clarity on how close the world’s two leading economies are on making a deal.
On Thursday, Mnuchin told that a summit to seal a trade agreement between the two leading countries won’t occur at the end of March as previously anticipated because more work is required in talks.
MSCI index of Asia-Pacific stocks managed to rally by about 0.5%.
As for the Shanghai Composite Index, it headed north by nearly 1.3%.
Japan's Nikkei went up by 1%, while South Korea's KOSPI went up by 0.9%.
Overnight, global markets drew some relief, with EU equities soaring to a five-month maximum, underpinned by strength in the banking sector right after the UK parliament denied a disorderly Brexit.
However, the S&P 500 went down by 0.1%, snapping a three-day winning marathon, while the Nasdaq dived by 0.2% in the wake of uncertainty as for when a US-China trade agreement would be reached.
Meanwhile, in the Forex market, the UK pound stood still, sticking with $1.3237. On Thursday, the UK pound rebounded 0.75% because traders geared up for UK Prime Minister Theresa May to another try and gain approval for her Brexit agreement.
As for the evergreen buck, it held profits having snapped its four-day losing marathon to a bunch of its six key rivals.
The US currency managed to extend yesterday’s profits, soaring by 0.1% and trading at 111.84 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 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.