Apple Product Announcement Event Drives Today's Price Action
Today's financial recap and tomorrow's financial outlook.
The US dollar left a bearish technical bar and saw gold and gold miners turn higher. The EURUSD turned higher in the afternoon following news reports that the EU was encouraging the US to enter into a trade agreement on energy that would allow natural gas and oil to be exported to Europe given the hostile geopolitical environment. Natural gas closed up 3.10%.
Early this morning, Bank of England (BoE) Governor Mark Carney gave a speech to the Trades Union Congress and stated that the market's expectations for a spring 2015 rate hike were consistent with the central bank's forecasts to achieve its 2% inflation goal. The most acute reaction was in English interest rates, which rose as much as 5bps in early trading. The GBPUSD only moved modestly, suggesting that market participants are more focused on the outcome of the Scottish referendum vote - or "Scoxit" - next week.
At Apple's highly-anticipated press event today It introduced two new large-screen iPhone 6 models, a new payment system called Apple Pay, and a digital Apple Watch. The stock screamed higher during the event, going as high as $103.08, but finished at $97.99, 0.38% for the day.
GT Advanced Technologies (GTAT), which supplies sapphire to Apple, saw a significant sell-the-news reaction, trading 12.89% lower.
Tomorrow's Financial Outlook
There are no major economic report scheduled tomorrow. The July wholesale inventories will be reported in the late morning, which play a significant role in determining third quarter GDP. In the last quarter, inventories contributed a 1.39% gain to overall growth. The Treasury will re-open $21 billion of 10-year notes.
There is also no major economic reports scheduled tomorrow for the rest of the world, only a consumer confidence report for Australia. BOE Governor Carney and other Monetary Policy Committee (MPC) members are scheduled to give a speech at 2:45pm BST to the Treasury Select Committee in London.
Earnings are scheduled to be reported from Five Below (FIVE), Men's Wearhouse (MW), and Radioshack (RSH).
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