Relatively subdued overnight trading from Asia saw the MSCI Asia index close up 0.48% where Chinese and Hong Kong exchanges were closed.
A positive outlook remains this morning, as European equities trade marginally higher and debt markets continue to improve ahead of what the spread trading market so far believes as a positive outcome from on-going talks between finance ministers.
Focus today turns to Apple – the firm thrashed the Street’s expected $10.07 earnings per share by 30% – which continues to trade near to nominal all-time highs, and hold more cash than the US treasury.
The results illustrate the unprecedented demand by consumers for iPhones, proving the strength of Apple’s brand and its products as unquestionably strong at this juncture.
The company’s stock can be expected to demand a premium short-term as investors and managers scramble to have their portfolios participate in one of America’s most notorious success stories.
Beyond the zeal of Apple’s results, traders will await pending US home sales out at 15.00 GMT and the FOMC statement at 17.30 for an indication as to whether the recent loading of risk assets can be justified further.
If the 15.00 figure surprises to the downside against a recent stream of positive US macroeconomic results, sellers could hurry to unwind.
This potential outcome presents an asymmetrically structured risk/return profile for sellers if the US economy can be observed to slow more than expected.
Article by Spreadex.
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