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Carnage in Apple's stock; Risk off dominates early Asia

Posted
1/23/2013 6:10:00 PM
By: FXstreet.com
Referenced Stocks:

After the disappointing earnings report from Apple, which according to FXWW Sean Lee, may affect risk sentiment during Asian trade, the risk-related currencies like the EUR or AUD are giving up amid what seems to be a short-term flight to the JPY and USD safety.

AUD/USD is down at 1.0530 after being denied 1.0580+, USD/JPY declines to 88.44 ... Apple shares have been battered an eye-popping -10.70% in after-hours trading, getting as cheap as $460. The S&P 500 futures index is also at its lowest circa 1484.00. While it may be a bit overdone, the risk-off run may have lingering effects on today's Asian sentiment. Tokyo opens in an hour.

Moreover, the HSBC China PMI at 1.45 GMT will also give further gauges on whether the reddish picture we have at the moment may extend along Asian trade or a turnaround is possible.