Apple Breaks New Record
Dollar Slips Against The Yen
Bitcoin Higher After Fork Suspended
Thu, November 9: In Today’s Markets…
1. Apple Just Broke Another Record
The world’s most valuable company (APPL) just broke a new record. Specifically, Apple’s market value was over $900 billion after markets closed on Wednesday with the next closest company, being Google parent Alphabet, at $728 billion. Apple stock was up by an impressive 52.6% in 2017. Apple shares closed less than 1% higher on Wednesday but managed to crown the company with a total market cap of $904 billion! In other stock market related news, Siemens (SIEGY) and Commerzbank AG (CBKG) are expected to experience major volatility today as they are due to report quarterly earnings premarket.*
2. Dollar Slips Against The Yen
The dollar slipped against the yen in early Thursday trading after a sudden fall in Japanese equities dampened risk sentiment. Specifically, the dollar fell 0.3 percent to 113.53 yen JPY (7:00 GMT), as Japanese equities turned volatile. The yen is a low-yielding currency but often comes into favor in times of market turmoil when investors tend to turn to less risky assets.**
3. Bitcoin Higher After Fork Suspended
The sudden cancellation of bitcoin’s hard fork just days prior to the event has pushed BTC prices higher. The fork had been proposed by a group of developers in an effort to increase the transaction capacity of the bitcoin network. It should be noted that all previous forks had the agreement of almost all the developers but this fork was met with a lot of disagreement. The prices of bitcoin shot towards $7800 on the cancellation news but they have since corrected to settle back in the $7400 region. “Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time,” writes Mike Belshe, CEO and co-founder of BitGo, and one of the leaders of the Segwit2x project.***
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*Source: Reuters
**Source: Investing.com
***Source: CNBC
