Business News: Tesla (TSLA) recall, markets await CPI data
By Jenny McCall
13:50, 9 February 2022
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.
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