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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Jun 9, 2017
Once Stalwart Oil Stock Bulls Starting to Say Enough Is Enough

·ETF investors selling energy for first time since late 2014
·Equity underperformance much worse than decline in crude price

Investors are pulling money out of exchange-traded funds tracking oil
producers for the first time in two years, reversing a pattern in which price
declines were invariably met with buying.
Capitulation is in the air as energy stocks post the worst start of a year on
record relative to the market. The industry’s weighting in the S&P 500 Index
has dwindled to the smallest since 2004.
by Lu Wang
June 9, 2017, 12:00 PM GMT+3
Source: https://bloom.bg/2rIcxgF

Sterling Slides on U.K. Vote; Dollar, Oil Advance: Markets Wrap

·Pound slumps as British election delivers hung parliament
·Dollar, U.S. futures gain; Treasuries, yen and gold decline

The pound tumbled as the U.K.’s ruling Conservative Party lost its
parliamentary majority, plunging the country into uncertainty just days before
Brexit negotiations were due to start. Crude advanced and the dollar
strengthened.
Sterling dropped the most in five months as the election intended to
strengthen Prime Minister Theresa May’s hand in negotiations with the
European Union instead left her battling to survive. The currency’s retreat gave
the British benchmark stock index a boost, but the election’s impact beyond
the U.K. was muted. The euro extended losses to three days, and the Stoxx
Europe 600 Index fluctuated. Fears of a supply glut continue to weigh on oil,
but it managed to reverse an earlier decline.
by Samuel Potter
June 9, 2017, 1:18 AM GMT+3 June 9, 2017, 2:27 PM GMT+3
Source: https://bloom.bg/2sl0yqw

Apple’s New iPhones May Miss Out on Higher- Speed Data Links

·Modems from Qualcomm, Intel to be used in upcoming iPhones
·Move clashes with carriers’ desire to show off gigabit speed

Verizon Corp., AT&T Inc. and the rest of the U.S. wireless industry have a big boast
for this year’s crop of smartphones: thanks to network upgrades, devices will be able
to download as much as a gigabit of data in a single second — speeds 100 times faster
than before.
But that won’t be the case for Apple Inc.’s newest iPhones, devices to go on sale later
this year, leaving the company’s most important product potentially lagging behind the
data performance of rival smartphones.
by Ian King, Scott Moritz and Mark Gurman
June 9, 2017, 1:00 PM GMT+3
Source: https://bloom.bg/2slvfvD