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 head south
On Tuesday, European equities went down, having a second straight loss because telecom stocks were pressured, while market participants stepped back from risk ahead of testimony having to do with monetary policy from Fed Chair Jerome Powell.
The Stoxx Europe 600 index headed south 0.3% demonstrating 383.91. The telecom sector turned out to be the worst performer, while the basic materials as well as financial groups held to small revenues. As for the pan-European index, it rallied by 0.2%, having dived by 0.3% on Monday.
In France, the CAC 40 index went down by 0.4% being worth 5,386.30. In Germany, the DAX 30 index slumped by 0.2% demonstrating an outcome of 12,532.81. In Spain, the IBEX 35 slumped by 0.70% hitting 9,651.00.
Britain’s FTSE 100 headed south by 0.1% reaching 7,593.88.
Meanwhile, in the foreign exchange market, the currency pair EUR/USD headed south to $1.1705 in contrast with Monday’s outcome of $1.1712 demonstrated in New York.
European equities headed south because the trading marathon wore on, suppressed mostly by a dive in telecom shares. The Stoxx Europe 600 Telecommunications Index went down by 1.7%, finding itself on track for its worst trade for two months and also quite in line for a seventh straight dive. Divers were also represented by Telenor ASA right after Norwegian company came up with financial outcomes and its counterpart, Telia Co. which made a $2 billion acquisition deal having to do with spurring Telia’s business in Norway.
European shares in general inched down along with American stock futures before Fed Chair Powell starts his testimony prior to the Senate Banking Committee. The US key financial institution has uncovered its plans to have interest rates lifted at least two times this year, and market participants are going to watch for evident signs of confirmation of this stance from Powell.
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 Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.