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UK and European stocks were lower on Tuesday. The more
downbeat picture for European stocks Tuesday comes after regional markets
closed higher on Monday, shrugging off last week’s negative sentiment.
The S&P 500 and the Nasdaq rose on Tuesday as most
megacap stocks gained, with focus now moving to key inflation data later this
week that could provide more clarity on the extent of the Federal Reserve's
expected interest rate cut on Sept 18.
The dollar slid against major currencies on Tuesday,
consolidating Monday’s gains ahead of key inflation data and a widely
anticipated U.S. presidential debate, even though both their outcomes are
unlikely to affect overall monetary policy.
Oil prices gave up the previous day’s gains on Tuesday as
weak Chinese demand offset U.S. supply disruptions from Tropical Storm Francine
and global oil oversupply risks that continue to weigh on the market.
Gold prices held firm above the $2,500 level on Tuesday as
market participants positioned themselves ahead of U.S. inflation data for
further clues on the depth of interest rate cuts by the Federal Reserve next
week.
In company news, shares of tech giant Apple fell after the
European Court of Justice ruled that the iPhone maker must pay €13bn (£11bn) in
back-taxes to Ireland.
Investors were also digesting the latest iteration of the iPhone
which was unveiled on Monday. Apple’s new iPhone 16 failed to excite investors
with long-expected AI features still in test mode even as an industry-first
tri-fold phone from Huawei raised the stakes in a battle to dominate the global
smartphone market.
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