Stock Markets – Closing Note – 12 Sep
Ger30, UK100 and SP500 are CFD’s, written over the Dax30, Footsie100 and S&P500 Index futures:
European stock markets closed higher, with most sectors of activity on positive ground. The oil companies were among the best performers, due to the rise in the price of crude oil. On the other hand, in the retail sector, the Spanish Inditex increased 4.11%. After having presented the lowest revenue growth in the last 4 years for the first half of the year, the retailer expects that sales growth will accelerate and that there will be an improvement in profit in the second quarter. In the first six months of the year, the company recorded sales of € 12030 M., compared to estimates of 12060 M.€ and a net profit of 1410 M.€, in line with forecasts. Contrary to the general trend of the markets were the companies of the technological sector and the utilities. In Frankfurt, Deutsche Bank and Commerzbank devalued, after the German magazine Der Spiegel has advanced that the two institutions are increasingly available for a merger. However, Commerzbank CEO Martin Zielke prefers to do the operation 'today than tomorrow', while the head of Deutsche Bank has reported internally that this transaction is not on the agenda for the next 18 months.
The US market traded lower, pressured by falling stocks of chip makers. In fact, the technology sector, and more precisely the titles of the semiconductor companies lost ground, the day that Apple will present a new series of products. Despite the secrecy that usually surrounds this presentation, some rumors are already circulating in computer environments. The company is due to introduce a new range of iPhones inspired by the iPhone X. The new iPhones are supposed to be bigger and the screen should cover one of the faces of the new device. One of the biggest unknowns of these new products will be its price. In the last quarter, iPhones revenue growth was almost exclusively due to price increases, as sales only increased by 1%. Now analysts and investors are wondering if the new models will cost more than $ 1,000, the price of iPhone X. In addition, Apple will unveil new versions of MacBook Air, Mac Mini, iPad and Apple Watch.