Bad Apple Not Stopping Bounce Back
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Why are US equities rallying while Apple shares lag behind?
Shares are bouncing back for today, at least even though Apple was well down earlier. Market's not excited about the new iPhone, apparently, but that's not stopping those out buying the dip. No big moves elsewhere, though. Bond yields are relatively static, no big currency moves, and no real news today, really. The biggest data today is UK jobs numbers, wages, and unemployment, which could influence the Bank of England next week. And then our business survey is out today as well. It's Tuesday, it's the 10th. Nenth of september twenty twenty four, it's the morning call from Nab. Good morning. Yes, US equities are back. At the close, a one point two percent rise for the Dow, for the S P and for the Nasdaq.
That makes life a lot easier, doesn't it? All of them are up one point two percent. The Russell two thousand is also up, but only naught point three percent. Not doing so well. Apple shares were down well well over one and a half percent at one stage, with a rather pessimistic response to the iPhone sixteen launch overnight, uh but up naught point four percent now, uh which is still well below. Where the rest of the tech stocks fraternity has headed. Bond yields are down, just one basis point lower for 10-year treasuries, down three for 10-year guilts in the UK, though. No real movements elsewhere in Europe. Aussie 10 years yesterday, up seven basis points to 3.95%. A few basis points lower than that this morning on futures, though.
The US dollar is up 0.4% on the DXY. The Aussie is down a little under 0.2% to 66.6%. US cents, again, the sign of the devil. Uh the pound is down naught point four percent, the same for the euro and the Japanese yen. And oil prices are up too as well. A one and a half percent higher for WTI, a bit more than one percent for Brent, which is now back over seventy one eighty a barrel. And uh well, two big events to contend with, but not just yet. Later on this week, US inflation and the big TV debate, which means today really it's sort of like a Day in the middle.
How are UK jobs, wages and unemployment data likely to affect the Bank of England?
Uh Taylor Nugent joins me from NAB in Melbourne. So not much going on in bonds. Uh uh this big bounce back in stocks. So presumably they are buying the dips. I mean there is no news really to suggest otherwise. That's just what's happening, isn't it? Yeah, good morning, Phil.
Well, I think I think that's right. Very little movement across bond markets. US dollar a little bit stronger in in currency markets. The Aussie, as you say, down a little bit against against the US dollar, but actually outperforming a little bit on on the crosses after underperforming uh late last week. So, you know, giving c crawling back a little bit of of that kind of underperformance late last week, but really, you know, a a quiet start to the week. Equity's a little bit higher.
Yeah, well quite a bit higher, although Apple not doing anywhere near as well. In fact, it was well down earlier, as I said, because uh an hour or so ago we had the launch of the new iPhone sixteen and obviously not that impressed. You know, there's uh not a lot that's new in it, I think is basically the uh the takeout from it, isn't it? I think they're missing a trick. I think if you want to make the iPhone more useful, and I'm sh I'm don't know why they haven't thought of this, uh the Swiss Army knife approach, you know, put a core
Too much focus on software, not enough on hardware.
By the sound of it, Phil. But uh That's exactly what I mean. Yes, I mean, you know, a and a bit of a reasonably small moves even in even in Apple, but you know, against the grain of that that broader uh tech story with a you know a little bit of a a rebound across um across other shares, but you know, not not even fully unwinding the moves that we saw on on Friday. So it is it is, you know, fairly small uh moves in in the scheme of things across markets, but you know, a little bit more of a a positive start to the week for for risk sentiment.
After those moves on Friday. Yeah. For now. For now. Of course we'll, you know, a lot to change that this week. Uh so it's getting a little difficult for the Borges, isn't it, the Bank of Japan?
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Chapters
8 chapters
1
Why are US equities rallying while Apple shares lag behind?
0:01–1:48
2
How are UK jobs, wages and unemployment data likely to affect the Bank of England?
1:48–3:42
3
What does the latest bond‑yield movement tell us about market sentiment?
3:42–5:59
4
Why is the iPhone 16 launch disappointing investors and what could Apple do differently?
5:59–8:08
5
What are the implications of China’s producer‑price and CPI slowdown for global growth?
8:08–10:29
6
How will the EU’s €800 billion annual investment plan impact competitiveness?
10:29–12:18
7
What can the upcoming UK wage and earnings figures tell us about future BOE policy?
12:18–12:51
8
Which upcoming data releases (NZ GDP, US NFIB survey, Australian business confidence) should investors watch next week?
12:51–13:23