Oil Continues to Rally on U.S. Output Decline
Apple’s Services Business Segment is Slowing
European Markets Open Higher
Market Recap – This week in a nutshell:
This week EU Markets wobbled after European Central Bank president, Mario Draghi, defended the bank’s loose monetary policy and warned that ending easing measures prematurely could lead to another recession.*
Oil Continues to Rally on U.S. Output Decline
Crude oil futures continued to head higher for a sixth consecutive session this morning, after a decline in U.S. production eased concerns of a global supply glut. U.S. West Texas Intermediate (WTI) added 0.5 percent while Brent climbed more than 0.4 percent as of 7:00 GMT. It is important to note that the U.S. Energy Information Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels per day to 9.3 million bpd.*
Apple’s Services Business Segment is Slowing
Apple’s services business segment which is currently the fastest growing segment in the company is slowing at a worrisome rate. The segment could even cause the company to miss its own goal to double services revenue by 2020. It should be noted that the App Store remains the chief driver of the services unit with analysts pointing to a significant sales rise of 32% this year. However, App Store sales per iPhone user appear likely to decelerate, which is likely to drive a significant decline in the pace of growth in Apple’s Services segment.**
European Markets Open Higher
European Markets started the day on a bullish note today as investors look forward to NATO’s meeting of defense ministers and a G-20 preparatory meeting between European heads of state. The euro is also on the rise, hitting a one year-peak ahead of market open today after the greenback dipped in U.S. trade. The dollar’s decline came after markets sensed that tightening monetary policy could soon extend beyond the U.S. to Europe and Canada.***
*Source: Bloomberg
**Source: Reuters
***Source: CNBC
View all Important economic releases & events this week:
https://www.bdswiss.com/economic-calendar/
