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 trade concerns
On Wednesday, European equities headed south because concerns over global trade resumed, with market sentiment towards semiconductor equities souring right after Micron Technology was forbidden to sell chips in China.
The European STOXX 600 index headed south by 0.2%. Meanwhile, Germany's exporter-heavy DAX inched down by 0.3%, while the FTSE 100 lost 0.2%.
Trading has appeared to be choppy before a July 6 deadline, exactly when America is about to put duties on $34 billion worth of Chinese goods.
The information that a Chinese court temporarily forbid Micron Technology to sell chips in China, which appears to be the biggest memory chip market in the world, affected equities in America and also Asian semiconductor shares.
Global semiconductor disruption along with regulation from an escalating trade conflict appear to be the key risks to the technology sector, as some financial analysts point out.
In addition to this, Europe's tech sector SX8P headed south by 0.5%. As for Chipmaker STMicro, it inched down by approximately 2.8%, while Infineon edged down 7%. Besides this, Silicon wafer-maker Siltronic decreased by nearly 5.8%.
Recent guidance reductions from BE Semiconductor as well as Osram Licht have also put pressure on market sentiment around the sector that has slumped over 9% since June's 17-year maximum.
Smaller Swiss stock Comet, whose business has to do with X-ray as well as radio frequency technology, came up with a sales and profit warning for this year and saw its equities dive almost 18%.
Additionally, equities in Danske Bank turned out to be among the biggest STOXX losers, slumped by 3%. A report, which cited fresh data in the bank's Estonian money-laundering case hinted that its extent happened to be greater than reported earlier.
Telecoms gained 1.2%, utilities (SX6P) along with health care (SXDP) each tacked on nearly 0.2%.
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.
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