After the bell yesterday, Apple, the world’s largest company by market cap delivered a second straight quarter of disappointing results as iPad sales fell well short of Wall Street's Estimates, marring its record of consistently blowing past investors' expectations.
Today, Ericsson the world’s largest maker of mobile-phone networks plunged 4.46% after reporting a third-quarter gross margin that slid to 30.4% from 35%, missing the average estimate of 32.2%.
Early in the morning today, another gloomy numbers came out of the 4th largest economy in the Euro-zone, Spain. One in four Spanish workers were without a job in the third quarter of this year, a record high, and further layoffs are likely to follow next year as more of the country's 60 billion euro program of budget austerity kicks in.
Data from the National Statistics Institute showed the unemployment rate rose to 25% in the three months from July-September, a level unseen since the Francisco Franco dictatorship ended in the mid-1970s.
That was up from 24.6% in the previous quarter, and just below the 25.1% consensus forecast. The number of workers without a job stood at 5.8 million.
At this hour (10:00GMT), the U.S. equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.73% drop, S&P 500 futures signaled a 0.66% decline, while the Nasdaq 100 futures indicated a 0.55% slump.
Today’s Economic Calendar
12:30 US Gross Domestic Product Annualized (Q3)
12:30 US Gross Domestic Purchases Price Index (Q3)
13:55 US Reuters/Michigan Consumer Sentiment Index (Oct)
EUR/USD The Euro is down Friday, as investors awaited the release of highly anticipated U.S. economic growth data, amid renewed global growth concerns.
The latest numbers from the global economy didn’t calm the market that looks for any signs of improvements out of china, Europe and from the US later in the day.