Key Takeaways
- Apple (AAPL) expects 9% to 11% total revenue growth for the September quarter, with iPhone revenue projected to grow in the mid-teens despite significant supply constraints.
- Blackstone Private Credit Fund (BCRED) reported a 0.3% total net return for Q2 2026, maintaining over $17 billion in liquidity while managing modest payment-in-kind (PIK) income at 5.6%.
- President Trump and Israeli Prime Minister Benjamin Netanyahu have reportedly moved forward on a 20-point plan for Gaza, with U.S. officials emphasizing that Netanyahu must stand by his commitments.
- New Zealand’s consumer confidence saw a sharp recovery in July, with the ANZ-Roy Morgan Index jumping to 99.3 from 91.3 in the prior month.
Apple Forecasts Strong iPhone Demand Despite Supply Headwinds
Apple (AAPL) executives provided a robust outlook for the upcoming September quarter during their latest conference call, projecting total company revenue growth between 9% and 11% year-over-year. CFO Kevan Parekh highlighted that iPhone revenue is expected to grow in the mid-teens, supported by strong upgrade cycles. However, the company warned that supply constraints are expected to increase significantly from the June quarter, potentially impacting the availability of iPhones, Macs, and iPads.
CEO Tim Cook noted that Apple has received approval in China to ship "original" features of Apple Intelligence, though he admitted "more work" is required for the approval of Siri AI in that market. To mitigate supply chain risks, Cook stated the company is "evaluating all options" for alternative component suppliers. The tech giant also projected gross margins between 47% and 48%, which includes a one-percentage-point benefit from tariff refunds.
Blackstone Navigates Private Credit Market Shifts
The Blackstone Private Credit Fund (BCRED), managed by Blackstone (BX), ended the second quarter of 2026 with a stable performance, posting a 0.3% total net return for Class I shares. The fund continues to see strong institutional demand for private credit, which it maintains is a well-positioned long-term allocation for investors. Despite broader market volatility, the fund's payment-in-kind (PIK) income remained modest at 5.6% of total investment income.
Liquidity remains a core strength for the fund, which reported over $17 billion in available capital at the end of June. Blackstone executives emphasized that the private credit sector remains resilient, even as the fund manages a high volume of assets. The firm's focus remains on high-quality, senior secured debt to protect shareholder value against macroeconomic shifts.
Geopolitical Developments: Gaza Peace Plan and Drone Pacts
On the diplomatic front, a senior U.S. official reported that Prime Minister Benjamin Netanyahu has signed onto President Trump's 20-point plan for Gaza following high-level meetings this week. The plan was discussed in depth during follow-up sessions involving Vice President JD Vance and envoy Steve Witkoff. U.S. officials indicated that the framework is a firm commitment that the Israeli leader is expected to uphold as part of a broader regional strategy.
Simultaneously, the U.S. and Ukraine have formalized a drone technology pact signed last week. This agreement allows Ukraine to send its battle-tested drone systems to the U.S. for military testing and evaluation. The partnership aims to leverage Ukrainian battlefield innovation to bolster U.S. military capabilities, particularly in low-cost unmanned aerial vehicle (UAV) technology.
Regional Economic Shifts: New Zealand Confidence Rebounds
Economic sentiment in New Zealand showed a marked improvement in July, according to the ANZ-Roy Morgan Consumer Confidence Index. The index rose to 99.3, a significant climb from June's 91.3. This recovery suggests that New Zealand households are becoming more optimistic about the economic outlook, potentially signaling a turnaround in domestic spending and retail activity for the second half of the year.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.