Apple (AAPL) Makes Pick on LCDs, Gold Breaks Record
By Market News Video Staff, Wednesday, April 20, 9:36 AM ET
Major indexes in Asian closed the day with gains, buoyed by strong earnings in the US tech sector on Tuesday. Toshiba stock gained 3.7% after it was announced that Apple (NASDAQ:AAPL) had picked the Japanese company as their primary supplier for LCD screens for the iPhone. In India, Infosys Technologies (NYSE:INFY) finally rallied 0.7% after slumping the past four trading sessions on disappointing earnings. --> Asia ETFs
European markets are also trading in the green, with strong gains in the tech and automotive sectors. Peugeot advanced 4.4% after announcing a 10% bump in 1Q 2011 revenue, while Volkswagen is up 3.9% and Daimler gained 3.6%. German producer prices rose 0.4%, undercutting analystsí estimates. Meanwhile, Spain successfully auctioned off USD 4.83 billion in sovereign debt, a move that reassured investors that Greece and Portugalís troubles will likely not spread to Spain. Speculation abounds as to the fate of Greek debt as a restructuring seems more and more likely. --> Energy ETFs
Gold broke yet another record and traded briefly at USD 1,505.21 per ounce on the back of sovereign debt concerns. Silver touched USD 44.56 per ounce before easing. Crude oil is currently trading at USD 109.86 after two days of gains.
In the States, 30-year Treasury bond yields fell to a four-week low of 4.43% on concerns that proposed austerity measures in the US will hamper future economic growth. Data on crude oil inventories will be released at 10:30 EST, while existing home sales for March will be released at 10:00 EST.
In corporate news, Apple, American Express (NYSE:AXP), AT&T (NYSE:T), Marriott International, Qualcomm (NASDAQ:QCOM) , Raymond James Financial, Wells Fargo (WFC) and Yum! Brands will all release earnings today. US index futures are currently up, pointing to strong gains after the opening bell.
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