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 stocks jump to seven-month maximums
On Tuesday, Asian stocks extended their ascend because upbeat Chinese as well as American factory activity polls backed investor confidence, while the ebbing fears over the world economy stimulated selling of safe-haven American bonds because yields rallied from 15-month dips.
MSCI's index of Asia-Pacific stocks surged by 0.2%, reaching a seven-month maximum having jumped over 1% in the previous session.
Australian stocks tacked on by 0.5%, while Japan's Nikkei surged by 0.3%, extending its yields for a third trading session.
As for the Shanghai Composite Index, it soared by 0.1%, while the Hang Seng Index stood still in Hong Kong.
On Monday, US stocks headed north, with the S&P 500 as well as Dow Jones Industrial Average both ascending over 1%, with the Dow backed by steep yields in Boeing and Caterpillar.
Market participants generally welcomed American data overnight disclosing improvements in manufacturing activity in March as well as construction spending for February that overshadowed a sudden slump in retail sales.
The positive outcomes backed positive sentiment caused by previous data disclosing China's manufacturing sector shockingly got back to surge for the first time for four months in March.
The rare bright news for the world economy emerges in the wake of ongoing fears over weakening demand around the globe, with the China-US tariff conflict, decelerating trade as well as subdued corporate yields helping traders to dump risk assets for the last several months.
The positive data on manufacturing activity in the world's two leading economies encouraged some traders to scale back holdings of safe-haven bonds, thus provoking the greatest single-day rally in American 10-year Treasury note gains since January 4.
Additionally, the American 10-year Treasury gain hit 2.479%, which is not far from a more than the one-week maximum of 2.508% recorded overnight.
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.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.