Apple iPad sales disappoints



Apple, one of the most valuable public companies in the United States, posted quarterly earnings that fell short of expectations after the close of the US markets yesterday. Earnings a share came in lower than expected and Apple fell 1,4 percent in after hour trading. Equity futures fell on the news Dow Jones and Nasdaq ended up in another uninspiring session on Wall Street. Investors continue to worry about the US economy and a string of weaker than expected company results. 70 % of the companies hitherto reporting have reported lower results than expected.
The negative trend continued in Asia this morning where the major indexes fell. Global concerns on the economic outlook are in the back of investors mind. This together with uncertainties on forthcoming leadership changes in the two biggest economies in the world, US and China, affect the market sentiments negatively. Asian exporters struggle against shrinking global demand for their products. Samsung Electronics, however, is an exception. Samsung reported third quarterly profits for a fourth straight quarter. Profits reached USD 7,4 Billion. Bank of China also reported good results with its biggest quarterly profit in a year. Procter and Gamble was yesterday’s positive exception on the US stock exchanges.
The dollar index and the Japanese yen are down. Bank of Japan has announced aggressive monetary easing which drove the Yen down to 80,05 against the USD. The Euro is also falling. Euro/USD is at 1.2937 after inching towards 1.30 during yesterday’s trade. There are no other big changes in the currency picture.
Oil prices recovered yesterday, but oil is again on defensive in early Asian trade after steep falls over the last ten days. Brent crude is at 107,63. Gold and silver prices, which also recovered yesterday, are again under downward pressure. After staring Asian trade on 1715, gold has fallen ten dollars to 1705. Silver has dipped below USD 32 an ounce. It is expected continued volatility in currency and commodity markets during the last trading day of this week. Stock futures are pointing down.
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