Apple\u2019s price increases<\/a> were a reflection of how \u201cbig tech may at some point start to feel the pain of these higher component costs, and that can become a broader ecosystem headwind,\u201d said Charu Chanana, chief investment strategist at Saxo.<\/p>\n\u201cThat is why markets are becoming more cautious. Higher input costs, heavier capex needs and rising funding demands are making investors more selective about AI exposure.\u201d<\/p>\n
Overseas, the pan-European STOXX 600 was down 1.01 per cent in morning trading. Britain\u2019s FTSE 100 dropped 0.91 per cent, Germany\u2019s DAX fell 1.27 per cent and France\u2019s CAC 40 eased 0.87 per cent. <\/p>\n
In Asia, Japan\u2019s Nikkei closed 4.15 per cent lower, while Hong Kong\u2019s Hang Seng declined 1.76 per cent. <\/p>\n
Commodities<\/p>\n
Crude prices sank were headed for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman yesterday.<\/p>\n
Brent crude futures fell 3.2 per cent to US$72.96 a barrel, while West Texas Intermediate (WTI) dropped 2.8 per cent to US$69.94 a barrel.<\/p>\n
Saudi Aramco resumed loadings today at its Ras Tanura terminal in the Gulf after a near four-month halt in a further likely boost to supply.<\/p>\n
\u201cThere is a general selloff as the market reacts to the increased flows exiting the Strait of Hormuz and China not yet picking up crude demand,\u201d said June Goh, senior oil market analyst at Sparta Commodities.<\/p>\n
In other commodities, spot gold was up 0.7 per cent to US$4,051.97 an ounce. U.S. gold futures for August delivery gained 0.5 per cent to US$4,067.50.<\/p>\n
Currencies and bonds<\/p>\n
The Canadian dollar strengthened against its U.S. counterpart.<\/p>\n
The day range on the loonie was 70.36 US cents to 70.53 US cents in early trading. The Canadian dollar was down about 2.78 per cent against the greenback over the past month. <\/p>\n
The U.S. dollar index, which weighs the greenback against a group of currencies, dropped 0.2 per cent to 101.23. The dollar was pegged at $1.4191. <\/p>\n
The euro gained 0.32 per cent to US$1.1406. The British pound advanced 0.17 per cent to US$1.3213. <\/p>\n
In bonds, the yield on the U.S. 10-year note was little changed at 4.394 per cent.<\/p>\n
Economic news<\/p>\n
China\u2019s industrial profits<\/p>\n
Japan\u2019s CPI<\/p>\n
8:30 a.m. ET: Canadian wholesale trade for May.<\/p>\n
8:30 a.m. ET: U.S. goods trade deficit for May.<\/p>\n
8:30 a.m. ET: U.S. wholesale and retail inventories for May.<\/p>\n
10 a.m. ET: U.S. University of Michigan Consumer Sentiment Survey for June.<\/p>\n
With Reuters and The Canadian Press<\/p>\n","protected":false},"excerpt":{"rendered":"Equities Global markets slid amid a tech slump as Apple\u2019s hefty price hikes revealed the downside of booming…\n","protected":false},"author":2,"featured_media":762450,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[3244,45,49,48,3245,3237,3240,2640,3242,3246,166,3247,3241,3239,3243,3238],"class_list":["post-762449","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bonds","tag-business","tag-ca","tag-canada","tag-canadian-dollar","tag-dow-jones","tag-equities","tag-futures","tag-gold","tag-loonie","tag-nasdaq","tag-newnewsletter","tag-oil","tag-sd","tag-silver","tag-tsx"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/762449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=762449"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/762449\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/762450"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=762449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=762449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=762449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}