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 rebound
On Monday, worries over China’s decelerating economy affected American equities and kept world shares under pressure, although EU equities rallied due to upbeat earnings reports and also a relief that Italy managed to dodge a ratings downgrade.
However, the common currency slumped to a session minimum after a senior party source told that German Chancellor Angela Merkel wouldn’t consider re-election as party chief after big losses for her Christian Democrats in Hesse.
The DAX rallied by 0.7% in Germany, while the major index of euro zone stocks STOXX50E surged by 0.5%, underpinned by a weaker common currency.
The FTSE MIB led the market demonstrating a 1.5% leap after Italian bond gains dived abruptly to a one-week minimum after Standard & Poor's decision not to change Italy's sovereign rating, thus making relief. It also backed Italian bank equities FTIT8300, letting them soar by 2.7%.
The MSCI world equity index MIWD00000PUS, which tracks equities in 47 countries, added 0.1%. This month has slumped by 9.3%. Since its January maximum it has lost up to $6.7 trillion in market capitalization.
In Asia, overnight losses were mostly led by China’s blue-chip index that dived more than 3.3%.
China’s data underscored fears of a decelerating economy as revenue surge at its industrial companies speeded down for the fifth month in a row in September because of diving sales of raw materials as well as manufactured products.
S&P 500 and Dow Jones Industrial futures went down by respectively 0.2% to 0.3% after the data, reversing a 0,4% profit recorded earlier.
Global financial markets have been affected by an array of dismal factors from an escalating China-American trade clash to tensions in the EU over Italy's budget as well as tightening monetary policy.
The USD index surged by 0.2% hitting 96.553 having soared by 0.7% the previous week.
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).