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 rebound
On Tuesday, Asian equities managed to recoup early losses, heading north because China made another attempt to have its stock markets stabilized. However, the profits seemed to be fragile in the face of worries of a steep escalation of the US-China trade conflict.
On Monday, key American indexes headed south steeply following a Bloomberg report that America is on the verge of announcing duties on all remaining China’s imports by December on the condition negotiations next month between the leaders of the world’s two leading economies fail.
US leader had earlier raised the likelihood of this move, but he hadn’t specified an exact timeframe.
MSCI'sindex of Asia-Pacific equities managed to leave negative territory adding 0.2% by midday.
The index has dived by 12% in October, and it’s on track for its greatest dive since 2008.
In addition to this, the Shanghai Composite along with the blue-chip CSI 300 turned out to be choppy too, dipping in early trade before heading north by respectively 0.7% and 1% by midday.
As China's securities regulator told, it would encourage share buybacks as well as acquisitions and mergers by listed companies, and would boost market liquidity.
The Japanese Nikkei average also recovered early losses, jumping by 1.3%.
The CBOE Global Markets volatility index soared by 27.86 points, demonstrating its most impressive ascend since October 11.
Contributing to the jitters, the Chinese Yuan kept diving, approaching a closely watched support level.
Meanwhile, in onshore trade, China’s currency dived by about 0.1% hitting 6.9724 per dollar, which is a more than 10-year minimum, driving worries over whether the Asian country’s key financial institution would tolerate a dive beyond the decisive mark of 7 per dollar.
West Texas Intermediate crude futures gained 0.2% hitting $67.17a barrel. Brent crude futures sagged by 0.2% showing $77.12.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
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