Spreadex Market Update
Apple set to see sharp decline in revenue in Q3 report after market closes
The US open ostensibly brought with it a bit of data-excitement, though in reality this changed little for the Dow Jones, which barely budged from 18500. Nevertheless both the CB consumer confidence (at 97.3 vs 95.6 forecast) and the new home sales (at 592k) were both better than expected, with only the flash services PMI (which slipped to 50.9) disappointing.
Over in Europe the FTSE managed to double its gains to around 20 points, while the pound dismissed its early Weale-inspired losses to climb back to its starting price against the dollar and the euro. The DAX was easily the day’s best performing, rising more than 70 points, with the CAC jumping just shy of half a percent.
Arguably the day’s main event is still to come: Apple’s third quarter report. Back April the company revealed its first year-on-year quarterly decline in revenue thanks to a 16% plunge in iPhone sales to 51.19 million across Q2. Things are unlikely to have improved this time around, with analysts expecting a 15% decline in revenue to $42.01 billion, smack bang in the middle of the company’s $41 billion to $43 billion guidance, as its iPhone problems persist. Confirmation of reports that the iPhone 7 is set to be released in September might help obscure any issues with its headline figures, though a new, barely changed, smartphone isn’t exactly what Apple needs right now.
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