Apple to Bump App Store Prices in Europe & Asia
The world’s largest company by market capitalization, Apple, announced that it shall raise the prices of apps and in-app purchases on its flagship App Store starting October in the whole euro zone and some nations in South America and Asia.
The move comes after rising inflation, interest rates and energy prices, as well as new regulations with regards to tax collected from consumers. The new prices will be effective on as early as October 5th of this year.
MACROECONOMIC DATA ANALYSIS
Inflation in Japan has hit 8-year highs in August to 2.8%, exceeding the central bank’s target of 2% amid raw material pricing pressures and a hampered yen. The Bank of Japan (BOJ) is set to meet on Thursday, which will give investors, traders and analysts with insights regarding the central bank’s stance and its next move.
Minutes of the most recent Reserve Bank of Australia (RBA) meeting revealed that Australia is likely to hike interest rates again in efforts to cool-down the Aussie economy from red-hot inflation, yet slowing the pace of hikes is on the table should the economy settle down.
The U.S. dollar remained solid on Tuesday, holding on to its gains as investors & traders brace for the impact of interest rate hikes to be initiated by the Federal Reserve to combat inflationary pressures. The dollar index, which tracks the greenback against other major currencies, inched 0.02% to 109.483.
The price of gold edged lower on Tuesday’s trading session, remaining below the $1,670 level as market participants are eagerly awaiting the upcoming Federal Reserve meeting which will shed light on further policy tightening. The bullion fell 0.38% to $1,669 per ounce.
Oil prices remained somewhat stable on Tuesday’s trading session as the anticipated interest rate hike from the Federal Reserve is expected boost crude & fuel demand in the United States. Brent futures edged 0.17% higher to $92.15 a barrel, while WTI crude futures inched 0.08% lower to $85.27 per barrel.
USA: S&P500 +0.69%, Dow Jones Industrial Average +0.64%, Nasdaq Composite +0.77%
Europe: FTSE 100 -0.04%, DAX -0.56%, CAC 40 -0.69%
Asia: Nikkei 225 +0.44%, Hang Seng +1.16%, CSI 300 +0.12%, Nifty 50 +1.10%
Apple announced on Monday that it will manufacture the iPhone 14 in India, as the tech giant shifts some of its manufacturing away from the dominant China.
At an event earlier this month, the tech tycoon unveiled the newest iPhone 14, emphasizing safety improvements over exciting new technical features—with the exception of a new watch designed with adventure in mind.
"The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We're excited to be manufacturing iPhone 14 in India," Apple (NASDAQ:AAPL) said in a statement.
Grocery delivery app Instacart has been letting go of staff, slowing hiring and slashing other expenses as it heads toward a public listing, as reported by The Information reported on Saturday.
Instacart disclosed in May that it had secretly filed with the U.S. Securities and Exchange Commission to go public, a short time after cutting its valuation by 40% to just under $24 billion due to market instability.