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 stocks decline in the face of trade tensions
On Thursday, European stocks headed south broadly due to the fact market participants had risky assets shunned, while willing to see whether China and America manage to dodge a trade conflict that would damage the world economy.
Eventually, the pan-European STOXX 600 index had slumped by nearly 0.7%, hitting a fresh four-week minimum.
On Wednesday, American leader told that China had the deal broken it had reached in trade negotiations with America, and vowed not to back down on slapping fresh levies on China’s goods.
As the world's leading economies proceed with their two-day trade negotiations in Washington on Thursday, traders were willing to know if a last-minute truce could prevent a steep increase of levies on $200 billion worth of China’s exports on Friday.
Over seven key sectors lost nearly 1%. Additionally, tariff-exposed auto shares went down by nearly 1.6%, while semiconductor shares lost ground too.
Banco BPM, Italy's number three lender went down by 6% having posted a halving of loan-loss provisions for the first quarter.
In addition to this, the country's leading financial institution by assets UniCredit went down even after it repeated its 2019 objectives and reported a net gain above analyst hopes.
Among the top divers were stocks of ArcelorMittal after the world's number one steelmaker cut demand estimate for its major markets and told it was facing the tough challenges of lower steel prices as well as reduced consumption in the European Union.
As for German wholesaler Metro, it headed south having posted another quarter of diving sales at its Russian business as well as its Real hypermarkets that the company is actually in the process of selling.
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.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.