By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Markets > Commodities > Marketmind: Markets find feet after Apple topples
Commodities

Marketmind: Markets find feet after Apple topples

News Room
Last updated: 2023/09/08 at 6:09 AM
By News Room
Share
4 Min Read
SHARE

A look at the day ahead in U.S. and global markets from Mike Dolan

Some soothing words from Federal Reserve officials calmed a jumpy first week of September for world markets, aggravated by geopolitical tech wars that saw Apple (NASDAQ:) caught in the crosshairs.

The world’s most valuable company, whose stock is up more than 36% so this year, has recoiled more than 6% since Wednesday on reports China had ordered central government employees to stop using iPhones at work.

Although the extent of the ban is still unclear, it wiped some $190 billion from Apple’s market capitalization and dragged down major Wall St stock indices again on Thursday.

Coming just as China’s main rival telecom firm Huawei launched two new smartphones, and as most G20 leaders gathered in India for another fractious global summit, the Apple sideswipe also unnerved shares in major suppliers across Asia.

The stock appeared to stabilize in out-of-hours trade on Friday and Morgan Stanley analysts claimed China’s iPhone bans would at most hit Apple revenues by about 4%.

But there was also a slightly calmer market tone more generally to end the downbeat week.

Even though the latest update on U.S. employment continued to show a super-tight labor market, noises from top Fed policymakers suggested the central bank’s tightening campaign may indeed be over after all.

“We’ve got policy in a good place,” said New York Fed President John Williams, adding it was still an “open question” whether monetary policy is restrictive enough to bring the economy back into balance.

The typically more dovish Chicago Fed boss Austan Goolsbee went one further. “We are very rapidly approaching the time when our argument is not going to be about how high should the rates go; it’s going to be an argument about how long do we need to keep the rates at this position.”

Dallas Fed chief Lorie Logan showed up for the hawks. “There is work left to do,” she said.

The upshot was the rates market calmed a bit – with the odds on another Fed hike in the cycle falling back below 50% despite the red hot jobless claims readout.

That helped Treasury yields fall back too, aided by the stock market wobble and an oil price coming off the boil.

After six straight daily gains to its highest in six months, the took a breather too.

But the greenback continued to climb against China’s , which hit another near 16-year low on Friday after this week’s dour Chinese trade data, the ongoing property bust, a worrying sounding from its service sector and more credit easing in mortgages and loans.

China’s August inflation report is due out on Saturday amid hopes it may pull out of a brief flirtation with headline price deflation.

Friday trading was disrupted by alarming weather again in Hong Kong, however. The stock exchange there halted trading in both securities and derivatives markets due to a black rainstorm warning.

Events to watch for on Friday:

* Federal Reserve issues quarterly financial accounts of the United States, U.S. July wholesale sales/inventories; Canada Aug employment report

* Federal Reserve Vice Chair for Supervision Michael Barr and San Francisco Fed President Mary Daly speak

* Leaders gather for weekend G20 Summit in New Delhi

* U.S. corporate earnings: Kroger (NYSE:)

(By Mike Dolan, editing by Andrew Cawthorne; mike.dolan@thomsonreuters.com. Twitter: @reutersMikeD)

Read the full article here

News Room September 8, 2023 September 8, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Tariff-fuelled tumult could dent appeal of US assets, watchdog warns

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Life is too important not to laugh at it

Stay informed with free updatesSimply sign up to the Life & Arts…

Energy prices push chemicals groups to explore exit from Europe

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Why can’t more financial heavyweights write letters like Warren Buffett?

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Latin America wary of US trade backlash as it builds relations with China

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

- Advertisement -
Ad imageAd image

You Might Also Like

Commodities

Russia mulls extra tax for some commodities exports, including metals – sources

By News Room
Commodities

Gold prices tumble as Fed talks higher rates

By News Room
Commodities

Crude oil prices endure downturn amid U.S. interest rate hike anticipation

By News Room
Commodities

China approves export licences for chip materials gallium, germanium

By News Room
Commodities

European energy crisis: ECB, IEA and EIB to strategize on systematic transition amid soaring prices

By News Room
Commodities

Federal Reserve interest rate signals prompt oil price dip

By News Room
Commodities

Oil prices inch closer to $100 per barrel amid inflation concerns

By News Room
Commodities

Brent Crude Prices May Hit $120 per Barrel, Warns JPMorgan

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?