Business Irish

Thursday 8 December 2016

Apple shares fall after iPhone 7 launch

Sean Duffy/Reuters

Published 09/09/2016 | 02:30

A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai. Photo: Reuters
A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai. Photo: Reuters

Shares in US tech giant Apple lost over 2pc yesterday as investors responded with scepticism to the news that the company would not release figures of pre-orders for the new iPhone 7 series as it has done in previous years.

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The two biggest markets in the Eurozone were down after the ECB cut its growth forecast for next year and 2018. The revision came just hours after a leading German economic advisory body also cut its forecast for Europe's largest economy.

The Dax had losses of 0.7pc after the DIW-Germany's institute for economic research stated that a string of economic data painted a bleak picture for German manufacturing, with industrial orders barely rising in July and output showing its steepest drop in nearly two years.

"The German economic engine is likely to be stuttering for a while," DIW said in a statement, adding that Britain's decision to leave the EU would limit Germany's growth prospects in the coming months.

"The Brexit decision is likely to put the brakes on German foreign trade until the middle of 2017," the institute said. Britain is Germany's third-most important export market and uncertainty about London's future relationship with the remaining 27 EU members is hampering investment decisions.

Dublin's ISEQ overall index of Irish shares closed at 6286.73, a rise of 0.12pc.Mining stocks recovered some of the losses made earlier this week, while Bank of Ireland stocks rose by 4.6pc. Ryanair was up 3.6pc.

On currency markets, the euro hit a two-week high against the dollar after the ECB announced it was to leave interest rates unchanged and added there were no current plans to extend the QE programme beyond March 2017.

Irish Independent

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