Posted Jul 3, 2023, 8:31 AMUpdated on Jul 3, 2023 at 11:16 am
10:45 a.m. Apple cuts its production forecast for the Vision Pro headphones
Apple, which planned to produce 1 million Vision Pro mixed reality headsets, had to revise its forecasts downwards due to the difficulties encountered by its subcontractors due to the complexity of its design, reports the Financial Times.
Apple now plans to deliver less than 400,000 Vision Pro helmets in 2024, according to the financial daily which cited sources close to the American group and within LuxShare Precision Industrie, the Chinese company initially responsible for assembling the product. According to these sources, two Chinese suppliers have ordered the components necessary to manufacture only 130,000 to 150,000 models for the first year. Apple was also forced to abandon its plan to offer a cheaper version of its headphones, offered at 3,499 dollars.
Unveiled in June, the Vision Pro headset is Apple’s latest innovation intended to support the group’s sales momentum and boost the virtual reality industry, which is struggling to attract the general public. Apple made headlines at the end of last week by propelling its market capitalization above 3,000 billion dollars.
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10:05 a.m. The contraction in manufacturing activity continued in June in the euro zone
Manufacturing activity continued to contract in June in the eurozone, with the HCOB PMI index falling to 43.4 in June, a 37-month low. Selling prices have also fallen sharply in three years.
Among the various countries in the region, their Greece recorded a figure above 50, at 51.8 points, which signals a growth in activity, while France saw its contraction moderate less quickly than Germany at 46 points and 40.6 points respectively.
For Cyrus de la Rubia, Chief Economist at HCOB, “ The (capital-intensive) manufacturing sector appears to be feeling the brunt of the ECB’s interest rate hikes with increasing difficulty, as reflected in particular by the first decline in employment recorded since January 2021 and one of the sharpest declines in purchasing activity since the start of the survey. In addition, weak demand and a sharp drop in purchase prices unsurprisingly prompted manufacturers in the euro zone to reduce their selling prices for a second consecutive month. “.
HCOB
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09:41. Janet Yellen in Beijing this week
US Treasury Secretary Janet Yellen is due to travel to Beijing this week to meet with top Chinese officials. This visit, the date of which will be communicated later, follows that of Secretary of State Antony Blinken and is part of an attempt to restore relations between the two largest economies in the world.
” We seek to establish a healthy economic relationship with China, to foster growth and innovation in both countries,” U.S. officials said, adding that they are not looking to decouple our economies. A complete shutdown of trade and investment would be destabilizing both for our two countries and the global economy. “.
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9:28. Oil prices held back by fears over demand
Gold prices are down on Monday morning amid fears of a slowdown in demand amid slowing manufacturing growth in China and the prospect of further rate hikes from central banks . Considerations that relegate to the background the prospect of a reduction in OPEC production.
In the early morning, a barrel of Brent from the North Sea fell 0.5% to 75.04 dollars after a gain of 0.8% on Friday. A barrel of WTI-grade American light crude fell 0.4% to 70.36 dollars. It had ended the week with a gain of 1.1%.
The barrel of Brent remains on four consecutive quarters of decline, while that of WTI has chained two quarters of decline in a row in reaction to the slowdown in growth in the United States and China.
FactSet
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9:05 a.m. The Cac 40 opens on the rise, the automobile in sight
The Paris Stock Exchange begins the second half up slightly with a gain of 0.22% of the Cac 40 to 7,417.80 points from the first exchanges. The first half proved to be particularly solid, especially on Wall Street, thanks to the strong surge in the Nasdaq. The day will be driven by the PMI and ISM manufacturing indicators in Europe and the United States. The session will be cut short in New York on the eve of Independence Day.
The day promises to be calm in terms of activity due to a shortened session on Wall Street on the eve of Independence Day, a public holiday in the United States. The fixing points remain the same for investors, namely the loss of steam in the recovery of the Chinese economy after the post-Covid restart and the restrictive policy of central banks to stem inflation.
However, the week promises to be busy, both in macroeconomic and monetary terms. The Australian central bank (RBA) will make its monetary decision on Tuesday morning. It had caused some tension on the markets last month by carrying out a surprise increase in its main key rate to 4.1%. The market assesses the probability of a new monetary tightening at 40%. The US Federal Reserve will publish the minutes of its last meeting on Wednesday, which will provide more information on its intentions after its break in June, which should be followed by at least two monetary tightenings. To follow also the report on employment of June in the United States, Friday.
As for values, SES-imagotag gained 1.9%. The group has announced that it has signed a contract with one of the largest convenience store chains in the United States to deploy its dematerialized IT platform and so-called smart labels on more than 800 sites. Renault takes 1.3% and Stellantis 0.8%, while Forvia and Valeo win around 2%. Registrations of new passenger cars in France increased by 11.6% year on year in June, in raw data, announced La Plateforme automobile (PFA). Atos takes 1.7%. The group has announced that it has entered into exclusive negotiations with Schneider Electric to sell its subsidiary EcoAct to the electrical equipment manufacturer, as part of a transaction which should be completed in the second half of this year. Financial terms of the talks were not disclosed.
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Hello everyone. We are going to accompany you throughout this first trading session of the second semester. We will decipher all the macro and microeconomic data for you and keep you informed of the major price shifts of listed companies that make the news.
Beginning of our Live as soon as the European markets open, at 9 a.m.
Relive our live from Friday, June 30.
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