Apple Record High after WWDC - DAILY MARKET UPDATE

Apple WWDC

Investors were left impressed by the new announcements at the remotely-held Apple Worldwide Developers Conference (WWDC) sending shares of Apple over 2% to reach a record high. Among the announcements were a new mobile operating system update iOS 14, a decision not to use Intel for the chips in its latest Mac computers as well as a novel new live ‘translation’ app. Overall, investors are looking through the inevitable bump in iPhone sales in the current quarter and looking ahead to a rebound in handset sales in the second half of the year, fuelled by new features announced today and a new iPhone model before Christmas. 
 

Kiwi a COVID trade

The concern about the rise in coronavirus cases globally, especially in the Americas has continued into the start of this week. That has seen investors drop the shares of companies like casinos that were set to benefit from the reopening and favour ‘lockdown’ favourites like Amazon and Netflix in the US and Tencent in China. Among FX traders, the preferred currencies are the Australian and New Zealand dollar because the respective countries now little or no new virus cases. 

So far the indication from governments where the rise in the number of coronavirus cases has taken place is that it will not lead to new lockdowns. While that remains the case, there is less demand for the dollar as a haven or source of liquidity.
 

Coming Up

Manufacturing and Services PMI data for June from Australia, the Eurozone, UK and the USA.