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 stand still as traders weigh American recession risk
On Wednesday, Asian stocks were generally intact because traders tried to come to terms with a steep shift in American bond markets as well as the implications for the world's number one economy.
London's FTSE Frankfurt's DAX and France’s CAC are expected to head north 0.2%- 0.4% when they start.
MSCI's index of Asia-Pacific stocks surged by 0.1%, Japan's Nikkei average headed south by 0.2%.
As for Chinese stocks, they managed to outperform their Asian rivals on hopes that the Chinese cabinet would come up with more measures to back surge after data revealed industrial profits dived the most since late 2011.
The Chinese benchmark Shanghai Composite rallied by 0.5%, while the blue-chip CSI 300 tacked on by 0.8%. Moreover, the Hang Seng inched up by 0.6% in Hong Kong.
On Tuesday, Wall Street's key indexes demonstrated firm revenue, although concluded below their session maximums reacting to the underlying fears about the economic outlook.
Aside from that, the S&P 500 tacked on by 0.72%, while the Nasdaq Composite managed to inch up by 0.71%.
The 10-year U.S. Treasuries gain went up to 2.432% from Monday's 15-month minimum of 2.377%, although the yield curve was still inverted, with three-month bills reporting 2.461%, which is more than 10-year bonds.
The inversion puzzled many traders as this phenomenon has preceded every American downtime for the last 50 years, provoking a drastic selloff in stock markets worldwide late the previous week as well as a stampede into longer-dated American government debt.
In February, home building decreased more than anticipated because construction of single-family houses went down to an almost two-year minimum, while the consumer confidence index by the Conference Board suddenly inched down.
The evergreen buck rebounded to 110.61, from Monday's 1-1/2-month minimum of 109.70.
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.