Apple hits $1 trillion market cap again

Daily Analysis - 12/09/2019

Apple stock advanced 3% yesterday

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On Wednesday, the famous hardware maker Apple struck a $1 trillion market cap once again after Tuesday's release of its new products that, included the anticipated iPhone 11, and new services.

Apple’s stock price gained more than 2% yesterday closing the day at $223.59. It's not new that the giant mobile maker reached a market cap above $1 trillion. The first time that Apple hit the 1$ trillion point was back in August of 2018. However, after that Apple dropped below the important benchmark following the stock price that went through a challenging December and January due to weak iPhone sales in China. The company has also purchased back millions of its shares. That move supported the stock price and gave the boost needed for reaching a $1 trillion market cap.

Market expects a stimulus plan from Draghi


The market is expecting that the European Central Bank (ECB) and its President Mario Draghi will deliver a stimulus plan today. That expectation appears to be unlikely to happen with an aggressive tone. The economy is displaying more symptoms of deficiency while the inflation rate is not increasing and the U.S.-China trade conflict has not progressed as much as markets anticipated. So the question now is how the ECB will handle this situation?  The current economic numbers are not supporting any particular positive momentum, however, the leading indicators are now showing more stability. The European Purchasing Managers’ Indexes are pointing towards a more positive situation, even though the instability continues in the manufacturing sector.

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Trump postpones tariffs on china


On Wednesday President Donald Trump in a tweet said that he is going to hold the raise of tariffs on $250 billion value of Chinese goods starting this October from the beginning of the month to the 15. He called this move as a “gesture of goodwill” to China.

The president of the United States announced that the suspension occurred “at the request of the Vice Premier of China, Liu He, and because the People’s Republic of China will be celebrating their 70th Anniversary.”

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Risk on appetite drives gold down


On Thursday Gold fell while expectations for a positive development regarding the U.S.-China trade war boosted risk demand. That happened while some traders probably managed their gains carefully before the European Central Bank meeting. Gold futures dropped 0.1% to $1,501.69 per ounce while Spot gold fell 0.2% to $1,494.01 per ounce. Spot gold is currently retracing and trading at 1502.64.

 

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