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Apple product launch event today

Bitcoin – Daily Candlesticks
Source: GKFX / MT4 (15/9/2020)

Former resistance has acted as support for BTC/USD. The price had a false break below 10,000 but is now back above 10,500.
 

TAKEAWAYS


•    Apple product launch: new Apple Watch and iPad 
•    TikTok agrees deal with Oracle; awaits government approval
•    Softbank sale of ARM Holdings to Nvidia likely to face UK regulators
•    US dollar dips ahead of Fed meeting this week
•    DAY AHEAD: China industrial production, retail sales, UK unemployment data
 

GURU WISDOM


“It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.” – Charlie Munger
 

MARKETS


The US dollar dropped at the start of the week, falling to a 2-week low versus the Japanese yen amid renewed optimism in markets and less need for a haven. The weakness in the buck comes before the first of a two-day Fed meeting beginning today, the first since Fed Chair Powell unveiled the new policy on inflation.

US stock markets rallied on Monday led by a gain in small caps, which jumped on duel good vaccine news from AstraZeneca and Pfizer. Tech stocks were buoyed by the $40 billion takeover of ARM Holdings by Nvidia from Japanese holding company Softbank. 

Asian stocks look set for a muted start on Tuesday before the release of Chinese retail sales and industrial production data for August. Retail sales are expected to be flat on a year-over-year basis, while industrial output is expected to have accelerated.
Gold popped over 1% on Monday, with a silver and the so-called ‘digital gold’ Bitcoin also rising on a weaker dollar before what could be a dovish FOMC. Oil prices were soft on the back of a two week losing streak. 
 

Apple product launch


The typically hyped-up Apple September product launch will be all online this year and might be missing its star attraction – the new iPhone – because of the coronavirus pandemic. There is high expectation that the new 5G-enabled iPhone could kick-start a new handset-upgrade cycle after years of people holding onto their phone for longer. Today’s event is expected to feature a new Apple Watch, iPad Air and possibly a “bundled” services offering.
 

TikTok & Oracle


ByteDance has agreed to a deal-of-sorts with US tech group Oracle for TikTok, which beat out Microsoft that had thought to be the frontrunner among bidders. Microsoft stock closed higher on Monday in little sign of any major TikTok premium in the price. The deal does not involve a sale, which is what had been requested by US President Trump but rather a partnership in which Oracle would handle US user data. It remains to be seen if Trump – or authorities in Beijing - will wave the deal through.
 

ARM / Nvidia


Nvidia’s bid to takeover UK chipmaker ARM holdings for $40 billion would be one of the largest semiconductor deals on record. It will likely face a regulatory probe in the UK before it is signed off and will make Nvidia a big new competitor to Intel and AMD, which it surpassed in market value this year.
 

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