News

Yesterday was not all about the Budget. An important piece of domestic data came out which (to my mind) highlighted the precarious nature of our economy.

When you consider Apple makes $560 in profit per iPhone 7 sold, it’s hard to imagine the stock selling off on their reported results. This week Apple reported 3rd Quarter revenues of a whopping $44.5 billion. But investors were expecting an extra $1.2billion… so they sold the stock nearly 2% lower. Here are a few other things their result revealed…

Stock markets were reasonably stable in the early part of the month but then weakened as geopolitical tensions increased, US economic activity was softer, and French Presidential elections surprised. However once French elections seemed more certain and US companies reported positive earnings, markets rallied. European stocks lifted as the prospect of a Eurozone breakup diminished.

The humble washing machine is fast becoming an important marker in the Chinese economy. With China being the second largest economy in the world, and Australia’s major trading partner, any forward insight into economic health can be a game changer for many.

President Trump has just announced he ordered a cruise missile attack against Syria. This is in response to Bashar al-Assad’s poison gas attack that left scores of his own civilians dead. Trump told reporters “Tonight I ordered a targeted military strike on the airfield in Syria from where the chemical attack was launched.” He added that the missile strike was in the “vital national security interest of the United States". The strike took aim at hangars, planes and fuel tanks with Tomahawk cruise missiles, which were fired from two Navy destroyers in the Mediterranean.