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 stock markets edge up
On Wednesday, stock indices in the countries of the Asia-Pacific region traded in the green zone on expectations of a positive reporting season as well as optimistic geopolitical signals.
Market participants are waiting for the meeting of US President Donald Trump and Japanese Prime Minister Shinzo Abe. As a result the Japanese yen is becoming cheaper and investors are counting on a warming of relations between the two countries and also stabilization in the region.
In addition, D. Trump announced that the US began direct talks with North Korea at an extremely high level in preparation for the bilateral summit. The head of the CIA, Mike Pompeo, nominated for the post of US Secretary of State, made a secret visit to this isolated country and personally met with the leader of the DPRK Kim Jong-no, as the Washington Post informed on Tuesday with reference to informed sources.
The Japanese Nikkei 225 grew by 1.5%, the broader indicator Topix added by 1.2%. In March, Japan increased exports by 2.1% in annual terms, which is more than double the forecast told (about 5%), while imports unexpectedly decreased by 0.6%.
Australian S&P ASX 200 and Indian Sensex added 0.3%, South Korean KOSPI acquired 0.9%.
In Hong Kong, the Hang Seng indicator soared by 0.8%, the Chinese Shanghai Composite jumped by 0.7%. The yield of China's 10-year government bonds has been diving at the fastest pace since June, after yesterday the Chinese Central Bank lowered the reserve rate for banks to support lending.
Shares of Chinese car makers are getting cheaper because the PRC government plans to lift the restriction on the share of foreign companies in the local joint venture to produce cars by 2022, which is believed to provide considerable support to foreign car makers in the world's number one car market.
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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