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Business news: Hapag-Lloyd bonanza, Musk sells more shares

By Jenny McCall


Updated

Tesla CEO Elon Musk
Elon Musk has announced the sale of more Tesla shares – Photo: Shutterstock

Key points

  • The Great Sell-Off: Tesla chief executive officer Elon Musk announced an additional share sale worth about $687m in the electric car maker. This comes after he offloaded $5 billion in stock earlier in the week.
  • General Motors will launch 10 electric vehicles (EVs) in South Korea, it was announced today. The company hopes to have a steady supply of all 10 vehicles available by 2025.
  • Pharma multi-national Astra Zeneca has reported total revenue in the year to date of $25.4bn, representing growth of 32%.
  • Reaping the ‘supply bottleneck benefits’: German shipping operator Hapag-Lloyd published its results on Friday, revealing a tenfold surge in profits.

Top business and economic news

Johnson & Johnson’s stock price surged over 4% today, as the medical company announced structural changes within its business.

Alphabet Inc (owned by Google), Tesla Inc, Microsoft Corp, Meta Platforms Inc, formerly known as Facebook, Apple Inc and Amazon.com also increased in premarket trading in the US.

Markets today

US stock index futures edged higher today, driven by gains from Johnson & Johnson and technology stocks. 

Oil: Brent crude oil futures dropped 0.29% to $82.63 a barrel. US crude futures West Texas Intermediate fell 0.36% to $81.30 a barrel.

Gold: Gold prices fell slightly today by 0.3%.

EUR/USD

1.09 Price
+0.350% 1D Chg, %
Long position overnight fee -0.0086%
Short position overnight fee 0.0004%
Overnight fee time 21:00 (UTC)
Spread 0.00040

GBP/USD

1.30 Price
+0.550% 1D Chg, %
Long position overnight fee -0.0046%
Short position overnight fee -0.0036%
Overnight fee time 21:00 (UTC)
Spread 0.00110

AUD/USD

0.68 Price
+0.370% 1D Chg, %
Long position overnight fee -0.0062%
Short position overnight fee -0.0020%
Overnight fee time 21:00 (UTC)
Spread 0.00018

USD/JPY

157.98 Price
-0.580% 1D Chg, %
Long position overnight fee 0.0112%
Short position overnight fee -0.0194%
Overnight fee time 21:00 (UTC)
Spread 0.090

Forex: The dollar is holding firm today due to investors forecasting a US rate hike soon.

Crypto: Bitcoin fell 1.38% today and Ethereum was down 2.20%.

Things to watch

Expected Monday: Trade tensions between the US and China raise their head again, with President Joe Biden and Chinese leader Xi Jinping expected to meet virtually to discuss trade and military activities.

Markets in this article

Oil - Brent
Brent Oil
84.580 USD
-0.522 -0.610%
Oil - Crude
Crude Oil
81.336 USD
-0.699 -0.850%

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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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