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AAPL say the rising USD will smash into revenue (Dec Q revenue to drop under Sep Q)

Apple conference call on the super-strong USD :

  • “nearly 10 percentage points of negative year over year impact from foreign exchange”
  • “we believe total company year-over-year revenue performance will decelerate during the December quarter as compared to the September quarter”
ymtc chips apple

When Apple sells a product offshore from the US (say, in China, for example) the customer pays in his or her local currency (yuan, for example), and this buys fewer USD when AAPL brings it home, hence revenue is lower in USD terms than otherwise (hedges notwithstanding etc.)

Russia warns West: We can target your commercial satellites

  • A senior Russian foreign ministry official said that commercial satellites from the United States and its allies could become legitimate targets for Russia if they were involved in the war in Ukraine.

Elon Musk currently provides internet service to Ukraine, where Russia is waging a war of invasion, via his Starlink satellite service.

More at that link above if you are interested.

Elon Musk robotaxis

ECB monetary policy meeting on Thursday 27 October 2022, +75bp the (unanimous) expectation

European Central Bank 27 October 2022

BoA preview, not seeing much support for euro:

  • We expect the ECB to hike 75 bps with a clear signal of more to come, in line with recent communication and market pricing. We argue it is too early for QT (quantitative tightening), but the language around APP (Asset Purchase Programmes) reinvestments is likely to change, preparing the ground for discussions. An announcement on punitive tiering or changing TLTRO (Targeted Long Term Refi Operations) terms seems likely to us, even if the details follow later.
  • In FX, we do not believe the hawkish ECB steps and tone will be enough to support the EUR, given market expectations and remaining challenge
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