Asia And Europe Market Mixed While Gold Trades Near Its Lifetime High - Global Markets Today While Us Slept
Portfolio Pulse from Akanksha Bakshi
U.S. markets closed lower with major indexes down over 1%, impacted by declines in tech and chip sectors. Economic data showed a drop in U.S. factory orders and ISM services PMI. Apple shares fell due to decreased iPhone sales in China. Asian and European markets were mixed, with commodities like gold trading near lifetime highs amid U.S. rate cut expectations.
March 06, 2024 | 12:08 pm
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POSITIVE IMPACT
Gold trades near its lifetime high, supported by expectations of a mid-year U.S. rate cut and safe-haven demand.
Expectations of a U.S. rate cut typically weaken the dollar, making gold more attractive. This, combined with its status as a safe-haven asset, suggests a positive short-term outlook for gold prices.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
NEGATIVE IMPACT
Apple shares fell due to a report showing a drop in iPhone sales in China, indicating increased competition.
The decline in iPhone sales in a key market like China directly impacts Apple's revenue and market perception, likely leading to a short-term negative impact on its stock price.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90