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Morning markets: Apple weighs on Wall Street, banks rise

Wednesday, 31 Aug 2016 05:57:21 | Thuy Ong

Shares in Apple fell to its lowest level in nearly a month. (AFP: Philippe Huguen)

Apple has weighed on Wall Street overnight as the European Union ordered the US tech giant to pay a record 14 billion euros in back taxes after ruling a series of tax deals in Ireland were illegal.

Markets at 7:09am (AEST)

  • ASX SPI 200 futures +0.1% to 5,465
  • AUD: 75.1 US cents, 57.4 British pence, 77.2 Japanese yen, 67.4 euro cents, $NZ1.04
  • US: Dow Jones -0.3% to 18,454, S&P 500 -0.2% to 2,176, Nasdaq -0.2% to 5,223
  • Europe: FTSE 100 -0.3% to 6,821, CAC 40 +0.8% to 4,457, DAX +1.1% to 10,658
  • Commodities: iron ore +0.3% to $US59 a tonne, gold -0.9% to $US1,311 an ounce, West Texas Crude -1.4% to $US46.32 a barrel

Apple lost 0.8 per cent to $US106 on the news — its lowest level in nearly a month.

Meanwhile, US consumer confidence rose to an 11-month high in August as new figures showed households were more optimistic about the labour market.

A rise among banks also helped offset broader losses on Wall Street.

US stocks reached another record high earlier in August, but have struggled to rise further.

Mixed economic data and remarks from the US Federal Reserve have investors speculating over the timing of a potential rate hike later this year, and investors will closely eye the non-farm payrolls jobs data due on Friday.

"The economy is doing well, the labour market is doing well, there's reasons to think rates have bottomed and that is good for the financials," Paul Zemsky, chief investment officer at Voya Investment Management in New York told the Reuters news agency.

Overnight, European shares climbed to a two-week high as banking stocks rose. The euro STOXX index was up 0.8 per cent at 327.

Investors will also eye results from Harvey Norman and Adelaide Brighton today in the last of the earnings reports.

Today's agenda:

  • Australia: Harvey Norman FY (8:15am AEST), Adelaide Brighton interim result (8:30am AEST), RBA Governor Guy Debelle speaks at FX Week in Singapore (11am AEST), ABS private sector credit July (11:30 AEST)
  • US: Federal Reserve Boston President Eric Rosengren speaks in Beijing (5:15pm AEST), ADP employment change August (10:15pm AEST)
  • Europe: Unemployment July (7pm AEST)

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