Last night, the US index futures were pushed higher after iPhone manufacturer Apple revealed a gross profit margin of 36.9%, which was a touch higher than anticipated. Traders focused on the higher-than-expected US sales.
This morning, chip-maker ARM Holdings announced a 25% increase in first-half revenues; the Cambridge based company is a supplier to Apple. The share price is up 3.7%.
Low cost airline easyJet reported a 10% increase in three-month sales until June; the share price is trading at 1452p, up 9%.
The mining sector is largely unchanged this morning, despite the HSBC Chinese manufacturing purchasing managers index (PMI) falling to an 11-month low. The July reading came in at 47.7, when analysts were expecting a level of 48.6. Yesterday the Beijing administration announced new infrastructure projects to counteract the declining manufacturing sector; this is why natural resources are holding up today.
The latest eurozone manufacturing PMI data came in at 50.1, which compares with the previous month of 48.8. Any reading above 50.0 indicates an expansion, and this increased investor confidence in the eurozone.