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 slip towards 1-year minimum
On Tuesday, an ugly start to EU trading pushed world equities towards their lowest value for a year due to the fact downbeat drivers from Saudi Arabia's diplomatic isolation to fears about Italy's finances as well as trade clashes pressured market sentiment.
Selling that came from Wall Street generated a devastating selloff in Asia right before affecting European markets, already facing a fifth losing day.
The tech sector reported the worst performance after chip manufacturer AMS dived by 17% because its outlook generated fears.
The STOXX 600 reached a two-year minimum with nearly half of its equities currently in bear-market territory, losing 20% from their maximum.
The DAX slipped to 2016 minimums in Germany. The FTSE approached April minimums in Great Britain. Additionally, MSCI's world share index found itself two points of a one-year minimum.
The common currency also dived to a two-month minimum.
Financial markets were also waiting for Turkey's leader to reveal his country's attitude to the killing of Saudi Arabian reporter Jamal Khashoggi that occurred in Turkey, at a Saudi consulate.
Saudi Arabia, which is a number one crude oil exporter, is currently facing international pressure to provide all the necessary facts about that tragic incident, which has provoked a storm worldwide and contributed to the threat of international sanctions against the country, thus generating market worries.
Market participants are afraid that it might force Saudi to retaliate through oil. Nevertheless, a Saudi promise to stay responsible in the market held down oil prices on Tuesday.
As a matter of fact, Brent crude futures were worth $79.51 a barrel, decreasing by 0.4%. American West Texas Intermediate crude futures hit $69.12, diving by 0.35%.
Meanwhile, versus the greenback the Japanese yen managed to surge by 0.4% against the backdrop of the risk-off mood hitting 112.42.
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 Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.