FT News Briefing Wednesday, July 31
Jul 31, 2019
The Federal Reserve is poised to announce its first interest rate cut in over a decade, amidst concerns of a slowing global economy. Meanwhile, Apple shares positive guidance despite a dip in iPhone sales. Saudi stocks are becoming increasingly attractive to investors as ownership restrictions ease. In Russia, new tech-driven tax reforms raise questions about privacy and state control. The use of QR codes for transactions is on the rise, signaling a shift towards digital convenience.
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US Economy and Interest Rates
- The US economy is experiencing its longest growth streak but faces a weakening global outlook and trade tensions.
- The Federal Reserve is expected to cut interest rates for the first time since the global financial crisis.
Apple's Performance
- Apple raised its revenue outlook for 2019, driven by new services like video streaming and gaming.
- Despite this, iPhone sales continue to shrink, representing their lowest revenue share since 2012.
Saudi Stock Market Growth
- Investors are increasingly investing in Saudi stocks following the inclusion of Saudi companies in emerging market indices.
- This influx of investment coincides with Saudi Arabia's efforts to diversify its economy beyond oil and banking.