Good morning! Here’s what you need to know in markets on Tuesday.
1. Shares of Tesla were down about 1.3% in trading Monday after fighting their way back from a 6% loss at the open that included brief moments in the green. The losses come after a dramatic price target cut from JPMorgan to $US195 per share and a Reuters report which said Saudi Arabia’s Public Investment Fund was considering an investment in a rival electric-car maker, Lucid Motors.
2. President Donald Trump continued to blast the Federal Reserve’s recent interest rate hikes in an interview Monday, days after complaining about Federal Reserve Chairman at a private GOP fundraiser. Trump told Reuters that he was “not thrilled” by Powell’s decision to raise interest rates and would continue to criticise the Fed if interest rate hikes continued.
3. US bond yields fell sharply overnight, following President Trump’s critical comments about the Federal Reserve for its commitment to hiking rates. US 10-year rates are down 1.5% at the time of writing (7.10 a.m. BST/2.10 a.m. ET).
4. Asian stocks were capped and the dollar dipped on Tuesday after Trump accused China and Europe of manipulating their currencies and said he was “not thrilled” with the Federal Reserve for hiking interest rates. Japan’s Nikkei closed up 0.19%. The Hong Kong Hang Seng is up 0.50% and the Shanghai Composite is up 1.29% at the time of writing (7.25 a.m. BST/2.25 a.m. ET).
5. Britain’s second-largest house builder Persimmon, whose boss been criticised for his high pay, posted a 13% increase in half-year pretax profit and said it expected to see further growth. Reuters reports profit before tax hit £516.3 million ($US658 million) in the six months to the end of June.
6. Microsoft said Tuesday it has uncovered new Russian hacking attempts targeting US political groups ahead of the midterm elections. The company said that a hacking group tied to the Russian government created fake internet domains that appeared to spoof two American conservative organisations: the Hudson Institute and the International Republican Institute.
7. Britain can be a “21st Century exporting superpower”, Liam Fox is expected to say in a speech detailing the government’s post-Brexit ambitions. The BBC reports that Britain’s international trade secretary will say in a speech today he wants exports as a proportion of UK GDP to rise from 30% to 35%.
8. The US dollar has been surprisingly strong this year amid Federal Reserve tightening and escalating global trade tensions, but Goldman Sachs says it’s due for a big reversal. The firm identified 14 companies it expects to outperform the broader market as this shift gets underway.
9. Nvidia rose nearly 3% on Monday, clawing its way back from a red open after CEO Jensen Huang announced a new set of graphics cards. “Turing opens up a new golden age of gaming, with realism only possible with ray tracing, which most people thought was still a decade away,” Jensen Huang, founder and CEO of NVIDIA, said at the conference.
10. Farfetch, a London-based luxury fashion website, has filed plans to list on the New York Stock Exchange. Sky News reports that the loss-making fashion technology company, which connects brands including Chanel, Gucci, and Balenciaga with wealthy young consumers, was started a decade ago by Portuguese entrepreneur Jose Neves.
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