Monday, 11th September: The weekend news was fairly subdued, with the threat of further missile tests from North Korea beginning to fade. Hurricane Irma, who has made records as being ranked as one of the most powerful hurricanes recorded in the Atlantic, made landfall on the Florida Keys on Sunday, before weakening as it headed up the west coast of the state overnight. 62% of the entire Florida state, 6 million homes, have been left without power, after Irma had already devastated Caribbean islands in its track. Insurers topped indices in London as the costs of Hurricane Irma look to be less than expected; specialist insurers rising with Lancashire Holdings closing +10.31%, Beazley +4.26% and Hiscox +3.35%.
Apple is holding its latest launch event tomorrow at its new headquarters, however the tech giant has suffered from one of its biggest leaks in history as information hidden in the new iOS 11 software has revealed the company is planning to unveil three new devices; the iPhone X, iPhone 8 and Phone 8 Plus. The newer version of the iPhone, the iPhone X, is expected to cost around £1,000. Leaks can’t always be helped, although this latest one seems to be an intentional act of sabotage, leaked by someone within Apple. It seems Apple really can’t get their employees to keep quiet as in June an hour-long recording of an internal meeting, ironically about stopping leakers, was passed on to outside sources. Despite what may be an underwhelming unveiling tomorrow, cue queues outside Apple stores across the globe when the latest iPhone goes on sale.
Associated British Foods, the parent owner of Primark was the biggest faller on the FTSE 100 today, lower by 4.96%, although strong trading at Primark has led to the group raising full year results outlook. Primark’s like for like sales rose 1% and operating profit looks set to be “well ahead of last year” after a strong run up to Easter, although future profit margins don’t look set to be rising as expected. Despite the drag, the FTSE 100 rose 0.49%, following positive sentiment in Asia overnight. The US commemorated the victims of the 9/11 attack 16 years ago before the market open, with indices across the pond following global sentiment; the Dow Jones +1.08% and S&P 500 +0.96% at the time of writing.