Good morning! Here’s what you need to know in markets on Wednesday.
1. Apple unveiled not one, but three new iPhones at its hardware event on Tuesday. The iPhone X, iPhone 8, and iPhone 8 Plus join a slew of new products and services from Apple, many of which are set to roll out as early as this Friday.
2. Crisis-hit PR firm Bell Pottinger has formally entered bankruptcy proceedings after failing to find a buyer. It collapsed after a PR campaign in South Africa that allegedly encouraged racism against white people. Accountancy firm BDO has been appointed an administrator for the firm.
3. US stocks extended record highs overnight as the Trump administration plotted a tax overhaul and North Korean tensions remained subdued. The S&P 500 rose 0.3% as concerns over the cost of Hurricane Irma ebbed, adding to Monday’s all-time closing high. Meanwhile, the Dow increased 0.2% and the more tech-heavy Nasdaq climbed 0.3%.
4. Asian shares inched up to a 10-year high on Wednesday, cheered by record highs on Wall Street, while the dollar’s rise against the yen helped boost Japanese shares. Japan’s Nikkei share index is up 0.45% at the time of writing (6.25 a.m. BST/1.25 a.m. ET), while the Hong Kong Hang Seng is down 0.28%, and China’s Shanghai Composite is up 0.07%.
5. UK unemployment and earnings numbers are coming at 9.30 a.m. BST (4.30 a.m. ET). The Office for National Statistics will release figures for August, with the unemployment rate forecast to stay at a record low of 4.4% and wage growth excluding bonuses expected to accelerate from 2.1% to 2.2%.
6. Goldman Sachs has cut its third-quarter GDP forecast for the US economy following a pair of catastrophic hurricanes. The firm now sees GDP expanding by 2% during the period, down 0.8 percentage …read more
Source:: Business Insider