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.
European equities dive
On Thursday, European stocks reversed early profits due to the fact UK Prime Minister Theresa May's cabinet was plunged into fresh downtime over Brexit, with cars as well as banking shares leading the divers.
The resignation of two UK cabinet ministers provoked a rout in British housebuilders and financial institutions, while traders kept fretting about Rome's conflict with Brussels as well as Washington's row over trade with China.
The STOXX 600 index declined by 0.5%, with Spanish, French, and German stocks firmly in negative territory. As for Britain's FTSE 100, it didn’t change.
Optimism after China came up with a written response to American demands for wide-ranging trade reforms ahead of a highly-anticipated gathering between the two leading economies’ presidents faded away because fears over a global economic deceleration resumed.
Autos (SXAP) slipped by 1.4% because the Chinese cabinet doused expectations that China was ready to reduce car purchases taxes for the purpose of stimulating demand and boosting the world's number two economy.
As for Daimler, it found itself at the bottom of the DAX because it was also impacted by a Citi downgrade.
The banking sector, which is the worst performing industry along with cars in 2018, also dived by 1.8% led by British financial institutions because the UK pound sagged after the cabinet resignations.
Capita Plc went down by 7.8%, getting to the bottom of the STOXX 600 index.
As for basic materials stocks SXPP, they were seen among the few gainers, adding 0.3% backed by higher copper as well as industrial metals prices, not to mention a weaker greenback.
In addition to this, UK asset manager Intermediate Capital Group soared by 9.4%, getting to the top of the STOXX as well as London's FTSE midcap index having posted record net profits.
French conglomerate Bouygues tacked on by 3.4% having reported better-than-anticipated nine-month gains.
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.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
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.