Spreadex Market Update
Apple-led losses on Wall Street leave markets struggling for momentum
Its losses increasing as the American session progressed, Apple tumbled by around 5% as US investors caught up with the news that the tech(not so)darling saw its slowest iPhone sales growth since the device first appeared all the way back in 2007. Add onto that a Q2 forecast that would see the company post its first year-on-year decline in revenue since its omnipresent smartphone was first released and Apple’s notoriously flighty investors made their feelings known pretty quickly.
Things may only get worse this evening when the Fed has its first meeting since the end of 2015-defining decision to raise interest rates. What was a divisive move then has only attracted more criticism in the intervening weeks, with many (including, subtly at least, Bank of England governor Mark Carney) laying some of the blame for the recent market volatility at Janet Yellen’s door. In light of this investors are likely to see a relatively dovish statement from FOMC this evening, one that may have a knock on effect on the dollar (which has actually taken nearly 1% off of the pound this Wednesday afternoon).
The Eurozone indices abandoned their flirtatious relationship with gains the moment the US session kicked off, the DAX and CAC reverting back to 0.4% and 0.5% losses respectively. The FTSE, on the hand, was slightly more resolute; somewhat against the odds it must be said. The continued RBS-inspired losses in the banking sector, and a generally negative day from its commodity stocks, would suggest the UK index should be joining its Eurozone peers in the red, instead of posting its (admittedly meagre) 0.1% rise.
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