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Today we’ll dive into.
Apple’s unprecedented $110 billion stock buy back.
Japan’s latest Intervention to prop up the Yen.
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TECH
Apple's Roller Coaster Quarter
Apple's stock soared 7% after hours as the tech giant surpassed fiscal second-quarter earnings expectations and dropped the mic with an unprecedented $110 billion stock buyback announcement. Meanwhile, whispers about a sluggish iPhone market were confirmed with sales slipping nearly 10% to just under $46 billion.
Behind the Curtain: While iPhone sales might have seen better days, Apple isn't just sitting on its laurels. This move marks the largest U.S. stock buyback ever, signaling a shift in Apple's self-view from a high-flying growth stock to a more mature, value-oriented player. Steve Sosnick from Interactive Brokers calls it "an astonishing number," and who can disagree?
Spotlight on Services and More: Amid the hardware sales slump, Apple’s Services sector shined bright, climbing 14.2% to nearly $24 billion. This isn't just app sales, it's warranties, licensing, and those sweet, sweet subscription services.
Even bigger, Apple is finally ready to spill the beans on its AI ambitions. CEO Tim Cook is promising big news soon, teasing "big plans to announce" at the upcoming Worldwide Developers Conference. They've funneled a cool $100 billion into R&D over the last five years—so expect something juicy.
It's not all about the iPhones either. Apple has been keeping the new iPads under wraps since 2022, but a revamp is on the horizon with a new launch expected on May 7. Could this be the boost Apple needs to reinvigorate its tablet sales, which have taken a 17% hit?
FOREX
Is the Japanese Yen saved?
Yen's Comeback? The Japanese yen experienced a tumultuous week, but thanks to some hefty financial maneuvers, it seems to be on a comeback trail—at least for now. Japanese authorities, determined to prevent further decline, have reportedly splashed out a colossal $60 billion in currency interventions over just four days, a dramatic effort to boost the yen's value against the dollar. Early signs suggest success, with the yen gaining nearly 5% since Monday's low of ¥160.20 to the dollar, now hovering around ¥153.00.
Strategic Timing: These interventions weren't just massive in scale but also strategically timed. With Japan on holiday early in the week, and the second intervention occurring post-Wall Street close on Wednesday, the moves aimed at maximizing impact during periods of thin liquidity. The Ministry of Finance seems keen on ensuring the yen does not slip back immediately after these efforts.
Market Reactions: The interventions come at a time when the dollar itself is struggling, losing ground against many currencies and poised for its worst week in nearly two months. This dynamic shift was influenced in part by the yen's resurgence and dovish signals from the U.S. Federal Reserve.
Economic Pressures and Criticisms: Despite the immediate gains, some analysts criticize Japan's repeated interventions. Some economists argues that Japan is squandering vast sums of money in a futile battle against market forces, noting that despite the heavy spending, the yen remains weak due to fundamental economic disparities, particularly in interest rates with the U.S.
As traders await the U.S. nonfarm payrolls data, the financial world watches closely to see if Japan's bold strategy will hold up or if this is just a temporary reprieve in a longer economic battle.
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