The latest data on the UK manufacturing sector has come in a little on the soft side, with the PMI figures for July showing a print of 54.0 vs 54.2 expected. While the reading is well above the 50 mark which denotes expansion/contraction it is the second lowest since 2016 and is in keeping with the overall feeling that while the UK economy is plodding along ok, it is far from excelling.
Given the proximity of the release to both the expected and tomorrow’s BoE rate decision it isn’t too surprising that we’ve seen a muted market reaction in the pound, which continues to hover around the 1.31 handle against the US dollar. Attention now shifts to Governor Carney and his fellow MPC members with traders almost fully expecting a rate hike on Thursday lunchtime, but still unsure the fashion in which it will be delivered.
Apple closes in on $1T mark after earnings beat
Shares in Apple are expected to open at their highest ever level this afternoon after the Tech giant posted a pleasing trading update following last night’s closing bell. The firm posted beats on both the top and bottom line with earnings per share growing by 40% year-on-year to $2.34 compared to consensus forecasts of $2.18. The revenue also beat the street in rising to $53.3B for the second quarter compared to $52.34B expected largely thanks to a higher than forecast average selling price for iPhones. The news was warmly greeted by investors with the stock gaining around 4% in after hours trade, to leave it within striking distance of the $1T mark. No company has ever reached this big psychological valuation and it wouldn’t take much more upside to see Apple tag the milestone and add it to an already remarkable list of achievements.
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