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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Aug 2, 2017
Apple shares sail to record high on healthy iPhone sales

Apple Inc (O:AAPL) on Tuesday delivered surprisingly strong fiscal third-quarter earnings and signalled that its upcoming 10th-anniversary phone lineup is on schedule, driving the stock up 6 percent to an all-time high in after-hours trading.

The stock climbed above its intraday record high to $159.10 (120.44 pounds) after the company reported better-than-expected iPhone sales, revenue and earnings per share. The stock price move was expected to help drive the Dow Jones Industrial Average over the 22,000 mark on Wednesday.

Apple also said it hit a milestone of 1.2 billion iPhones sold.

The April-June quarter is traditionally a soft one for Apple as the market waits for the September launch of new iPhone models. But Tuesday’s results show that iPhone buyers may be less inclined than they once were to delay purchases until a new model is out.

 

Source: http://bit.ly/2w59I9D

Trump extols corporate profits while seeking corporate tax cut

U.S. President Donald Trump sent a Twitter message bragging about corporate America’s high profits under his presidency on Tuesday, prompting critics to say he was undercutting Republican arguments in favor of a tax cut for corporations.

As Republicans in Washington try to refocus on taxes after the collapse of their failed drive to repeal Obamacare, Trump sent a morning tweet that said: “Corporations have NEVER made as much money as they are making now.”

Corporate lobbyists and Republicans consistently argue that a cut in the corporate income tax is needed to help corporations be more competitive. But highlighting corporate profits could diminish that argument.

By David Morgan

Source: http://bit.ly/2u31PUQ

SocGen shares fall while Natixis rises after differing second-quarter results

Shares in Societe Generale (PA:SOGN) fell while those of its rivalNatixis (PA:CNAT) rose after the two French banks posted contrasting results, with SocGen posting lower profits while Natixis reported higher earnings.

SocGen shares were down 3.4 percent in early session trading, making them the worst performer on France’s blue-chip CAC-40 index (FCHI) after SocGen reported lower second-quarter profits and revenues.

 

Source: http://bit.ly/2f7ELgM

Ryanair says Brexit disruption to UK-EU flights more likely

Disruption to flights between Britain and the European Union from March 2019 is becoming more likely as Brexit talks proceed, Ryanair (I:RYA) Chief Executive Michael O’Leary said on Wednesday.

“It’s odds against a deal being done in advance of Christmas 2018, because it is in the Europeans’ interest to not have a deal done… and all hell will be kicking off over here in the UK,” O’Leary told journalists at a briefing in London.

 

Source: http://bit.ly/2hmBFX9