Apple saved Wall Street



Apple again saved the day on Wall Street. After the US markets had hovered in the red for most of the session, Apple brought new life into Dow and Nasdaq at the last hour before closing yesterday. Apple is going to announce at press conference today its biggest market product move since the debut of the iPad two years ago. Apple is going to launch a smaller, cheaper tablet in competition Amazon and Google. Apple’s clear intention is to protect its market share and make innovative inroads into new markets. Analysts have for the last month claimed that Apple was planning a less expensive version of the iPad to take on cheaper competitive devices.
Apple shares jumped four percent on the news. In Asia shares inched down on caution over the region’s new corporate earnings season. Global shares faltered overnight on weak earnings reports and outlook. The MSCI index of Asia-Pacific shares outside Japan eased 0,1% dragged down by a decline in South Korean stocks. Nikkei was also down. US stocks were in the red for most of the session after Caterpillar slashed down its forecast for 2012, warning that the global economy was slowing quicker than expected.
USD rose to 80,02 yen, the highest level seen since early July, on expectations on announcements on new monetary easing from the Bank of Japan. The Yen has recovered in early Asian trade. USD/JPY is at 79,85. Euro/USD is steady at 1.3050 level on expectations on bailouts to Spain and Greece in coming weeks. The Euro was also strengthened by a statement from a high European Central Bank official reiterating that ECB is committed to do everything to show the Euro is irreversible.
Crude prices fell one dollar during yesterday. Brent is at 109,30 and NYMEX trades at 89. Gold fluctuated heavily during the New York session. It reached 1730 to within minutes fall back to 1718. Gold is again trading up at 1726. Silver rose to 32,40 but has fallen back to 32,25. Copper prices are stronger in morning trade.
Follow up with or daily market reviews on


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s