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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Early Morning Call: Equity markets start H2 in positive territory

Apple closed Friday's session with a $3 trillion market capitalization for the first time. But can it remain at this level in today's session?

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Japan overview

In Japan, business sentiment improved in the second quarter. The Bank of Japan (BOJ) Tankan large manufacturers index rose 5 in June, bouncing back from the two-year low of 1 recorded three months ago. This latest data confirms economists' opinion that the world's third-largest economy is on track for a moderate recovery.

China overview

In China, factory activity in the private sector managed to keep its head above water in June. The Caixin Manufacturing purchasing managers' index (PMI) fell to 50.5 in June 2023 from 50.9 in the prior month but was above the market consensus of 50.2. Crucially, the index remains above 50. A print below 50, like the official NBS PMI last week, suggests the sector is in contraction territory.

US markets

Over in the US, the market awaits the institute for supply management (ISM) manufacturing's purchasing managers' index (PMI) for June. The index is forecast to be 47, up from 46.9 in May. This would be the eighth month of contraction for the manufacturing sector in the country.

Tesla

Tesla reported on Sunday a record number of vehicles delivered in the second quarter. Tesla delivered 466,140 vehicles in the April–June period, up 10% on the previous quarter and 83% higher than a year earlier. Since the start of 2023, Tesla has taken the risk of cutting its prices to make its cars more competitive, especially on the Chinese market, its second-largest market after North America.

Apple

Another stock to keep an eye on at 9 a.m. at the opening of the IG all-session market is Apple. The stock closed Friday's session with a $3 trillion market capitalization for the first time. But can it remain at this level in today's session? The Financial Times reports that Apple has been forced to make major cuts to production forecasts for its Vision Pro headset. According to the newspaper, the complexity of the design of the mixed-reality device makes its production more difficult than anticipated.

US banks

After the release of the Federal Reserve (Fed) stress test results a few days ago, US banks have announced their dividend and share buyback plans. Goldman Sachs raises its quarterly dividend to $2.75 from $2.50. JPMorgan, Citigroup, Wells Fargo & Co and Morgan Stanley also raise their dividends; the latter also renews its $20 billion share buyback programme.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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