US markets sold off last night on concerns that investors are mispricing the timing of when the Federal Reserve might raise interest rates after a report from the San Francisco Fed created a little bit of a sell-off in the US bond market. With the Fed due to meet next week and an awful lot of uncertainty being felt globally it would appear that investors decided to pull some money off the table particularly given that the recent moves above 2,000 haven’t been entirely convincing. The main focus last night was on the launch of Apple’s new iPhone 6 as well as the announcement of the Apple Watch and Apple Pay, a mobile payments system. The market response was ultimately underwhelming despite some sharp volatility during the media event the shares finished lower, while Apple suppliers have also underperformed in the last 12 hours. This was always the risk given the hype leading up to the event that we could see some share price weakness as expectations had been so high that Apple would have really needed to knock it out of the park, and they didn’t really do that. Microsoft is also in the news after the company announced it was looking to tie up a $2bn deal to buy Minecraft creator Mojang, as it looks to beef up its gaming business for the Xbox One. As Alibaba continues its investor roadshow it has been suggested that demand for the IPO has already been covered, though the company refused to comment. CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.