Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
Apple iPhone 8
Apple (NASDAQ:AAPL) will be in the tech spotlight as it unveils its highly anticipated iPhone 8 in a product launch event slated for Tuesday.
Shares of Apple closed nearly 2% higher on Monday, following a massive iPhone 8 leak over the weekend, confirming several new features. Apple’s flagship phone will actually be called the iPhone X, with estimates suggesting it could fetch a price tag close to $1,000.
As well as its latest smartphone, Apple is expected to announce several products, including two new iterative iPhone updates.
Pound to receive a boost?
GBP/USD could be the ‘one to watch’ in Tuesday’s session as data is expected to show an uptick in consumer prices, following an unexpected slowdown in July.
Economists are forecasting that the consumer price index (CPI) rose at an annual rate of 2.8% in August, up from 2.6% in July.
Inflation has remained well above the Bank of England’s 2% target, fueling concerns from a few monetary policy committee (MPC) members, who believe the bank should begin tapering its ultra-accommodative monetary policy measures.
“We do not need to be putting the brakes on so much that the economy weakens sharply,” Michael Saunders, an external member of the central bank’s Monetary Policy Committee said.
Opec monthly report
Following a positive start to the week for crude oil futures, investors turn attention to an Opec monthly report due Tuesday for an update on key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.
Hurricanes Irma and Harvey have weighed on demand for crude oil, as the latter ripped through the U.S. oil heartland of Texas, two weeks ago, shutting down several refineries, lowering demand for crude oil.
Opec’s monthly report comes amid growing disbelief in Opec’s ability to curb production as investors question the oil cartel’s commitment to stick to production cuts after Opec’s compliance rate with output cuts fell to its lowest this year.