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Business News: Tesla (TSLA) recall, markets await CPI data

By Jenny McCall

13:50, 9 February 2022

Tesla (TSLA) logo on steering wheel
US consumer prices for January are expected to show an increase in inflation – Photo: Shutterstock

Key Points

Tesla (TSLA) will recall over 26,000 vehicles in the US, after the National Highway Traffic Safety Administration (NHTSA), announced today that some models produced by the electric vehicle (EV) and clean energy company have an issue with windshield defrosting technology.

GlaxoSmithKline (GSK) beat estimates by reporting fourth quarter turnover of £9.5bn, up 9% year over year. The news comes after the British pharma rejected Unilever’s takeover bid of its consumer division.

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Other significant business and economic news

CVS Health (CVS) reported full-year revenue rose 7.8% and adjusted operating income increased 20.6%, driven by higher demand for Covid-19 vaccines due to the Omicron variant.

Yum Brands (YUM) announced full-year earnings per share jumped 77%. The parent of KFC, Pizza Hut and Taco Bell said systemwide sales grew 13% in 2021, with 10% same store sales growth.

Markets today

  • Stocks: Global stocks rallied today, as concerns around interest rate hikes subsided. The Stoxx 600 was up by over 1%, as well as the Stoxx 50 index, both driven by company earnings.
  • Oil: Oil prices were down today, with Brent crude falling almost 1% in afternoon trading.
  • Gold: Gold prices were steady today, with spot gold trading around $1,800.
  • Forex: The US dollar was down today, as markets await US consumer price index (CPI) data due to be released tomorrow
  • Crypto: Bitcoin was down by over 1% and ethereum also fell by almost 4% in afternoon trading today.

What to watch today

  • The US consumer price index for January comes out Thursday. Analysts expect quickening inflation to follow December’s 7% increase.

Markets in this article

Oil - Brent
Brent Oil
84.351 USD
1.135 +1.360%
BTC/USD
Bitcoin / USD
64486.25 USD
-249.85 -0.390%
CVS
CVS
62.00 USD
1.86 +3.100%
ETH/USD
Ethereum / USD
3416.39 USD
-26.26 -0.760%
GSK
GlaxoSmithKline
39.95 USD
0.99 +2.550%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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