Australian Stock Report - Market Pulse

Morning market update: Apple rots markets

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Publish date: Thu, 04 Sep 2014, 09:27 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

US markets put in a mixed performance overnight, weighed down by a sharp fall in Apple shares.

Apple crashed more than four percent, dragging the S&P500 and tech-heavy Nasdaq down along with it. Traders dumped Apple after rival, Samsung, unveiled its latest smart watch overnight.

Apple is due to announce a major product release this week and Samsung's jump on its rival has raised fears the iPhone maker will underwhelm expectations.

In Europe, sentiment was boosted by reports of a cease-fire agreement between Ukraine and pro-Russian separatists.

Expectations tonight's inventory report will reveal another decline in weekly US crude stockpiles saw oil rebound from its recent heavy falls.

The cease-fire reports in Ukraine were another driving force behind oil's surge.

In metals trading, nickel strengthened amid speculation the Philippines government will follow Indonesia's lead and ban exports of unprocessed ore.

US dollar weakness was the theme in currency markets, the greenback pressured by safe haven outflows following reports of the cease-fire in Ukraine.

The post Morning market update: Apple rots markets appeared first on Market Pulse.

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