Business news: Markets calmer as Tesla shares fall
By Jenny McCall
Updated
Key points
- U.S. stock index futures are higher Monday on expectations the US $1.2trn infrastructure bill will boost big industrial companies
- Tesla shares fall 7.5% in premarket trading after Twitter users vote for CEO Elon Musk to sell about a tenth of his holdings in the luxury electric vehicle maker.
- SoftBank slumped after reporting a fiscal second quarter loss Monday, as its Vision Fund unit took a $10bn hit from due to a decline in the share price of its portfolio companies and China's regulatory crackdown on technology firms.
- Walt Disney announced Monday it will offer a month of Disney+ for $1.99 for a limited period.
Top business and economic news
- European Union finance ministers to meet Monday discuss inflation and its impact on wages.
- Former US president Barrick Obama to speak at a climate summit and the UK pledges £290m as talks enter second week.
- The US House of Representatives passes a $1.2tn spending bill to rebuild the nation’s infrastructure, delivering to the Biden administration a long-awaited legislative victory.
Markets today
- Stocks: After record highs last week for the Nasdaq and the S&P 500, due to strong earnings reports, US stock index futures are higher to start the week.
- Oil: Brent crude was up over 4%, alongside US crude oil spot, as markets resovered from the OPEC+ meeting last week.
- Gold: Gold gained Monday, climbing back above $1,800 per ounce after the US Federal Reserve (Fed) announced last week that it will begin to scale back on bond purchases.
- Forex: The US dollar is down 0.12% in early trade.
- Crypto: Shiba Inu pulls back from a recent rebound. Bitcoin rallied towards its all-time high and rose over 6% today. Ethereum also climbed to new record breaking heights.
What to watch out for today
- US Consumer inflation expectations: Economists are forecasting a 5.8% increase in October compared to 5.4% reported in September
- EuroZone Eurogroup Meeting: The meet to be attended by Eurozone finance ministers, is expected to discuss macroeconomic prospects in the region, including inflation and energy prices and uses of digital euro.
- Scottish Mortgage Investment Trust, the FTSE 100-listed financial services firm, announced a jump in the value of assets under management in its first half.
- French mining and metallurgy group Eramet confirmed the construction of a lithium plant in Argentina with partner Tsingshan.
- German consumer and chemical goods manufacturer Henkel has said its earnings for the fiscal year 2021 will be on the low end of previous guidance as it battles rising raw materials costs and ongoing supply issues.
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