Apple Inc reclaimed the throne as the world’s top smartphone seller for the first time in five years on Tuesday, beating out rival Samsung in units shipped for the holiday quarter and boosting revenues with a strong showing for it new, top-of-the-line iPhone 7 Plus.
2016 ends on a bang for the US equity markets which ended up outperfoming most of their peers following the election of Donald Trump.
The Dow Jones added 13.5 % and traded 30 points short of the psychological record level of 20’000, before receding in the last 4 days of the year. The SP500 added 9.5 % while the NASDAQ undererpeformed at 7,5 %.
A rout in bank stocks deepened on Thursday after France’s Societe Generale SA missed fourth-quarter profit estimates, with earnings declining 35 percent at the investment bank. Credit Suisse shares dropped as much as 9 percent, before trading at 12.39 Swiss francs, down 7.8 percent at 5:25 p.m. in Zurich. That’s the lowest level since October 1989.
As if a gloomy start to 2016 for global markets was not enough, many investors are puzzled to see sectors with the strongest earnings estimates failing to buck the trend. The financial sector, in particular, is seemingly trapped in the broadly negative sentiment stemming from global equity weakness.
Equity investors will remember 2015 as a difficult and disappointing year.
2015 will also be remembered as an extremely volatile year.
The first half of the year was extremely positive with a massive rally in Chinese equities and spectacular performances of the European bourses, but as early as May we warned investors about the coming correction in western markets, particularly the US, and raised our cash levels to 50 % in our model portfolio.