Markets Live: Miners offset Myer

Global equity markets traded sideways overnight, although the S&P 500 Index managed to eke out a gain to end at another record.

The index fluctuated for most of the day and the Dow Jones Industrial Average also closed at a fresh high.

Energy shares paced gains in the US as crude surged to a five-week high.

Shares of Apple dropped 0.8 per cent on concerns that the company’s newly launched iPhone X is too expensive and because its availability starting in November was later than expected.

“Apple to a certain extent is a ‘sell the news’ event,” said Art Hogan, chief market strategist at Wunderlich Securities in New York. “A great deal of expectation has been built into the stock.”

European shares steadied on Wednesday,  with Apple suppliers hit after the new iPhone release disappointed with a later-than-expected shipping date.

The pan-European STOXX 600 index ended flat, as gains in oil and banking stocks which offset the weak chipmakers and a fall in miners.

Chipmakers supplying to Apple were among the worst performers, with AMS down 3.9 per cent, Dialog Semiconductor down  1.6 per cent. STMicro ended the session up  0.1 per cent.

Still, chipmakers have been the best performing among Europe’s tech stocks this year, accounting for a large chunk of the sector’s outperformance, with AMS up 165 per cent year-to-date.

In Hong Kong. the Hang Seng index fell 0.3 per cent, while the China Enterprises Index lost 0.5 per cent. 

Financial shares were the biggest drag as investors remained bullish on resource stocks. Investors are betting that China’s sweeping pollution crackdown and continued efforts to reform its bloated sector will push commodity prices higher.

An index tracking commodity producers rose nearly 2 per cent, led by Chinese steelmakers such as Maanshan Iron and Angang Steel.

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