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 go down on trade tensions
On Monday, European equities kept diving for a second day because concerns over a trade conflict between the United States and China kept market participants on the edge. Meanwhile, cable manufacturer Nexans slumped following a revenue warning.
The STOXX 600 index dived 0.6% after Donald Trump powered trade tensions by proceeding with his tough tariff stance on China’s imports, giving the Chinese government grounds to instantly respond.
Germany's DAX sank by 0.8%, suppressed by concerns that a downtime over migration policy could have Merkel's three-month-old coalition government destabilized.
Other suppressing factors for the German index were represented by software maker SAP, sportswear maker Adidas and industrial group Siemens – all of them declined 1%-1.9%.
France's Nexans went down 18.2%, while its Italian outcome headed south 2.2%.
French gas and power group Engie headed south by 2.2% having told unscheduled outages at its Belgian nuclear reactors are going to have an impact of nearly 250 million euros on its net and core revenue this year.
In general, deal-making activity powered stock moves.
Norwegian Air Shuttle ascended 8.5% after Lufthansa told it was cooperating with the Norwegian carrier as for a probable combination.
Norwegian drew attention of British Airways owner IAG. As a result, IAG managed to ascend 1.1%, while Lufthansa equities went down 0.1%.
In addition to this, mid-sized financial institution Virgin Money jumped by 2.5% after CYBG approved a 1.7 billion-pound deal to buy its counterpart, thus creating the UK’s sixth-largest financial institution. Meanwhile, CYBG managed to gain 0.1%, Virgin Money pared profits, being nearly intact.
Aerospace supplier Cobham tacked on by 5.5% following an upgrade to overweight. The upgrade was carried out by Morgan Stanley. Market analysts point out that the company’s current managers have managed to stabilize performance. All the necessary measures have been taken to ensure operational delivery.
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.
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).