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The world as we know it may be ending: Apple’s stock is down, and Twitter shares are up.
Sales of Apple’s iPhone fell 1 per cent in the March quarter, sending the company’s stock about 2 per cent lower after-hours despite Silicon Valley’s richest company increasing its capital returns to shareholders by $50bn, as reported earnings per share grew by 10 per cent. Net income also rose 5 per cent to $11bn.
Shares in Twitter, meanwhile, have leapt almost 25 per cent since the social media platform reported better-than-expected earnings last week, with investors encouraged by new live-streaming deals and progress on artificial intelligence initiatives.
On Wall Street, the S&P 500 ended 0.1 per cent higher, with US stocks generally struggling to make headway ahead of Apple’s quarterly results, which came out after the close. Investors are also preparing for a Federal Reserve policy meeting and April non-farm payrolls due out later in the week.
In Asia Pacific equities, futures tip Sydney’s S&P/ASX 200 index to dip 0.1 per cent at the open. Markets in Tokyo and Hong Kong are off on holiday.
Corporate earnings reports out today include ICICI Bank, Starhub and Sembcorp Industries.
The economic calendar for Wednesday isn’t exactly bursting at the seams (all times Hong Kong):
- 08.30: Vietnam Nikkei manufacturing PMI