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 rally
On Friday, European equities went up, breaching a five-month maximum recorded yesterday because market participants cheered upbeat signals over US-China trade negotiations and after British lawmakers underpinned a delay of a chaotic departure from the EU.
The STOXX 600 managed to surged by about 0.1%, breaking the October 5 maximum recorded on Thursday and finding itself on track for its greatest weekly leap for a month.
All the key bourses stood in positive territory. However, London's FTSE 100 managed to outperformed its peers, backed by its heavyweight mining and oil shares on higher metals as well as crude prices. As for trade-sensitive DAX, it surged by 0.1%.
The sentiment was also underpinned by strengthening hopes that the United Kingdom won’t depart from the European Union without an agreement on March 29 after Thursday night's parliamentary vote.
Technology shares turned out to be the top-notch performers, adding 0.6% after better-than-anticipated outcomes from American chipmaker Broadcom overnight and backed by hopes that China and America are going to resolve their trade clash, which has affected financial markets.
Chinese Vice Premier Liu He had a telephone conversation with US Treasury Secretary Steven Mnuchin as well as US Trade Representative Robert Lighthizer. The both sides made further substantive progress on trade negotiations, as Xinhua informed on Friday.
The prospect of the trade negotiations taking longer than anticipated tamed some of the profits, and there was still no clarity on how close the two leading countries are to coming to a compromise.
UBS headed south by 1.3% after Switzerland's major financial institution told it’s increasing its litigation provisions to deal with a French court that imposed a hefty penalty in February.
Meanwhile, Swedbank tumbled by 1.9% because the Danske Bank moneylaundering scandal escalates.
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.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.