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 slip on dismal Chinese data
On Friday, Asian equities declined because China came up with a set of poor data, thus driving fresh worries of a deceleration in the world's number two economy and also leaving traders fretting over the wider effect of a yet unresolved China-US trade clash.
Eventually, MSCI's index of Asia-Pacific equities went down by 1.3%. As for Japan's Nikkei, suppressed by Japan’s dismal tankan sentiment index, it lost 2%.
Meanwhile, in China, the benchmark Shanghai Composite as well as the blue-chip CSI 300 concluded down by respectively 1.5% and 1.7%. The Hang Seng index declined by 1.5% in Hong Kong.
London’s FTSE, Frankfurt's DAX as well as Paris's CAC slumped 0.7%-0.8% at the start.
In November, China's retail sales headed north at the weakest tempo since 2003, while industrial output surged the least for almost three years because domestic demand decreased further, underlining soaring risks to the Chinese economy as the country’s cabinet works to defuse a trade clash with America.
As a Chinese statistics bureau spokesman told, the November data revealed that downward pressure on the Chinese economy is soaring.
After the data, against the greenback the Chinese Yuan went down by 0.15% trading at 6.8888.
Overnight, the S&P 500 decreased by 0.02% hitting 2,650, which is not far from its 6-1/2-month minimum of 2,633 recorded on November 23. As for the Nasdaq Composite, it slipped by 0.39%.
American corporate earnings due next month are potentially capable of throwing a spotlight on the effect from the American levies on imports from China, and there’s risk of a government shutdown as well as further political stalemate in a divided American congress.
Meanwhile, in the foreign exchange market, the common currency stuck in its long-lasting $1.13-$1.14 band for the last few days, just a day after the ECB concluded its 2.6 trillion euro bond purchase program, although promised to keep reinvesting maturing bonds.
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