3 Things you need to know about today’s Markets:
Apple Inc. Tumbles
Oil Prices Dip
E.U. Markets Open Lower
1. Apple Inc. Tumbles on Rumoured iPhone 8 Delays…
Apple shares tumbled on Wednesday to close 0.5 percent lower at $144.02 after reports that there may be significant delays on the new iPhone8 release, according to investing.com. The release of the new iphone is likely to be postponed to October or November due to an OLED screen adoption and 3D sensing technology, cited DigiTimes.
2. Oil Prices Fall on Rising Production
Oil prices fell in early Thursday trade as record U.S. crude inventories underscored that crude markets remain bloated, according to CNBC. It appears that despite efforts led by OPEC to cut output and prop up prices, production is still too robust to tackle. The rising U.S. crude production has bolstered inventories to record levels and pushed oil prices lower! Indicatively, Brent Oil was last seen trading 0.5 percent lower at $54.13 while Crude WTI dipped 0.6 percent to last trade at $50.87 as of 6:20 GMT, according to investing.com.
3. EU Markets Open Lower on Fed Minutes
European Markets started the day lower on Thursday following indications by the U.S. Federal Reserve that it wants to pare back its balance sheet, according to CNBC. Investors are also likely to remain largely on the sidelines ahead of a meeting between U.S. President Donald Trump and President Xi Jinping of China. The two leaders are set to discuss trade and relations with North Korea. Asian Markets also closed lower amid fears of a potential trade war between China and the U.S., after the aggressive pre-election campaign statements of president Trump.
Meanwhile, in Europe, investors will also be focusing on the European Central Bank, which is set to release accounts of its last monetary policy meeting. Mario Draghi, the president of ECB, is also set to speak at a banking event in Germany at 7:00 a.m. GMT.
The Week Ahead…
View all the major upcoming economic releases & events: