Apple’s shares tumbled almost 8 percent in after-hours trading. Stocks traded mixed, and the yen surged as investors flocked to safe havens. Apple suppliers in South Korea and Taiwan paced declines after the company cut its first-quarter guidance for the first time in almost two decades, citing an unforeseen slowdown in China and fewer upgrades to iPhone models. The wildest moves were in currency markets where the yen jumped and the Australian dollar slumped to the lowest in almost 10 years. Apple’s warning and a weak reading on Chinese manufacturing come as stark examples to investors that the protectionist showdown is starting to have an impact on economic activity even as U.S. President Donald Trump sounded positive tunes about reaching a trade deal with his Chinese counterpart Xi Jinping over the weekend.
Today’s EUR macro calendar remains relatively light, with the only UK construction PMI of note, to be reported at 09:30 GMT. Hence, the focus remains on the US macro releases, with the key ADP job numbers and ISM manufacturing PMI report on the cards 13:15 GMT and 15:00 GMT respectively. Also, in focus remains the US API weekly crude stocks data due at 21:30 GMT. Thursday brings a smattering of low-tier economic data for the European Union, but most traders will be buckling down for Friday’s mega-showing, with critical EU inflation figures due at 10:00 GMT. Construction PMIs for the UK will be dropping at 09:30 GMT today, expected to slow further from 53.4 to 52.9, with US ISM Manufacturing (forecast 58.0, last 60.7) and Prices Paid data (forecast 57.9, last 59,3) for December slated for 15:00 GMT.
The Yen jumped as Apple shares tumbled almost 8 percent
Published on 2019-01-03 09:24
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