Key US equity indices ended with huge losses yesterday, as shares of technology cos saw a rout - on the back of deteriorating outlook for
iPhone sales. Shares of technology giant - Apple Inc slumped 5%, after Lumentum Holdings Inc - which makes the face-id technology for co,
cut it’s growth outlook. Lumentum Holdings tanked as much as 33%. Several other Apple suppliers - including Cirrus Logic Inc & Qorvo Inc,
also fell because of this development. In the face of rising interest-rates in various economies, investors are worried that high growth cos -
such as Apple, may not be able to sustain their growth rate. Financial stocks also fell - as shares of Goldman Sachs tanked 7.50%, after reports
said that Malaysian Finance-Minister (FM) - Lim Guan Eng said the country was seeking a full refund of all the fees it paid to the US bank for
arranging billions of dollars of deals for troubled state fund - 1Malaysia Development Berhad. |
Key European equity indices finished broadly lower yesterday, with shares in Germany falling the most. While Germany’s DAX plunged by
1.77%, France's CAC-40 closed with steep losses of 0.93%, & London's FTSE-100 ended lower by 0.74%. |
Key Asian equity indices are seen tanking in early morning trade today - following an overnight rout in their US counterparts, as the outlook
for iPhone maker - Apple Inc & it’s suppliers has turned bleak. Shares of technology giant - Apple Inc slumped 5%, after Lumentum Holdings
Inc - which makes components for the face-id technology for the co, cut it’s growth outlook. Japan's benchmark - Nikkei-225 was the worst hit
in the region, with a 3% fall - as shares of Apple suppliers in the region fell. In the face of rising interest-rates in various economies, investors
are worried that high growth cos - such as Apple, may not be able to sustain their growth rate. This was reflected in the 3% fall in shares of
Samsung Electronics.
NIFTY Supports: S1 10416 | S2 10349 | S3 10234…. Resistances: R1 10531 | R2 10597 | R3 10712…. |
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