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 stock markets are impacted by India-Pakistan clash
On Wednesday, European stock markets started lower after fresh hostilities showed up between Pakistan and India, making Asian assets dive and also pushing traders into safe havens, including the Japanese yen.
The STOXX 600 lost 0.5%. As for the key regional indexes, all of them found themselves in the red. American stock futures for the S&P 500 lost 0.1%.
Previously, Pakistan told it had delivered air strikes in Indian-controlled Kashmir and also put down two Indian jets.
Pakistan and Indian currencies and bonds headed south, while MSCI's broadest index of Asia-Pacific stocks outside Japan declined by 0.15% because the threat of conflict between the nuclear-armed countries increased.
Besides this, financial markets were monitoring the US-North Korean summit, expected to burst out in Hanoi on Wednesday. American leader is going to meet North Korean leader Kim Jong Un, with America urging the isolated country have its nuclear weapons program dismantled.
The heightened geopolitical risks helped a number of assets considered safer than shares. For instance, one of them is the Japanese yen that soared versus the evergreen buck.
The evergreen buck kept to a three-week minimum after on Tuesday Fed Chair Jerome Powell repeated that the major US bank had shifted to a more patient stance as for changes to interest rates.
Meanwhile, in the Forex market, the UK currency kept soaring after Prime Minister Theresa May gave British lawmakers a chance to vote on postponing Brexit. The UK pound was worth $1.3274, having ascended to $1.3288 on Tuesday, which is its highest outcome for five months.
Crude prices went up following a report that American crude inventories had slipped and producer club OPEC reportedly stuck with its supply cuts notwithstanding pressure from Donald Trump.
As for gold, it tumbled by 0.17% hitting $1,326.24.
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.