As many expected, the US central bank lowered its interest rate for for the first time in 1
However, Fed Chairman Jay Powell poured cold water on the prospect of several interest rate cuts in the future, saying, " did not begin a long series of interest rate cuts. ”
Shares slipped on the subdued hope of further interest rate cuts. The Dow Jones Industrial Average and Nasdaq lost 1.2% each on the news day.
Spot Gold also made a two-week square Thursday, falling to $ 1 399.75 .
Meanwhile, Apple's shares rose this week when Apple reported a 1% revenue increase to $ 53.8 billion and a 7% revenue per share. part for USD 2.18 . This compares favorably with the consensus estimate of USD $ 53.39 and USD 2.10 respectively.
iPhone sales dropped 12% to $ 25.99 billion . The reporting quarter also marked the first time that iPhone sales accounted for less than half of Apple's total sales.
Apple said it returned more than $ 21 billion to shareholders in the last quarter, via $ 17 billion in share repurchases and by declaring a dividend of 77 cents per share.
The United States economy grew by 2.1% in the last quarter, topping the economic forecasts of 1.8% . Consumer spending, the largest part of the economy expanded by 4.3% while the government increased 5% .
Exports fell 5.2% while imports increased 0.1% partly due to the effects of the trade war.
Separately, protests continued in Hong Kong for the seventh week. Forty-four protesters were charged with rioting and released for bail earlier this week. Property owners in Hong Kong have experienced the troubling effects of the turmoil, as private property prices fell for for the first time in six months.
Prices fell 0.8% in June compared to a 1.3% increase in May.
Hong Kong's housing sales volume fell 43.6% in June from May. Real estate services group, Knight Frank estimates a fall in 5% in the second half of 2019. Over the past decade, extremely low interest rates, limited housing supply and Chinese investors have pushed home prices up by more than 200%.
Finally, the UK is expected to spend another £ 2.1 billion ($ 3.5 billion) on Brexit. The extra money will fund a nationwide advertising campaign, help Britons living abroad, secure medicine delivery and improve port infrastructure.
In total, the government has committed £ 6.3 billion to Brexit, including £ 4.2 billion for this fiscal year. The money spent will hopefully better prepare the UK for a deal without Brexit.
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The information provided is for informational purposes only and is not intended to be personal investment or financial advice. Motley Fool Singapore contributor Jeremy Chia does not own shares in the listed companies. Motley Fool Singapore has recommended the shares of Apple Inc.