1. Gold Dips On Strong Dollar
Gold prices inched lower on Monday as the dollar firmed after China’s central bank eased its domestic policy to support the economy. China’s decision to ease domestic policy allowed the yuan to dip and bolstered the USD. In response to a stronger dollar, spot gold edged 0.5 percent lower at $1,200.70 an ounce at 6:20 GMT. Meanwhile, Friday’s NFP data revealed that U.S. job growth slowed sharply in September likely as Hurricane Florence depressed restaurant and retail payrolls, but the unemployment rate fell to near a 49-year low of 3.7 percent, pointing to a further tightening in labour market conditions.*
2. Massive Layoffs And Reorganization Ahead For Tesla
Tesla (TSLA) released its much anticipated deliveries report for Q3 on the 2nd, over the weekend, revealing that Model 3 production at 53,239 was in line with guidance. Deliveries of Model 3 at 55,840 were slightly below street expectations. In-transit vehicles also decreased by about 3,000 units which indicates the inventory has been drawn down slightly counter to expectations. Due to these levers, it is possible that Tesla may get close to breakeven. Even if Tesla can be made to look profitable in Q3, there will be considerable investor doubt as to whether it can sustain its profitability in the future. On Friday, Tesla shares closed 7.05% lower at $261.95, touching a 3-month low.**
3. TRON Bolsters Monday Markets
Altcoins are generally in the green again today but gains are minimal. In the top ten, Tron claims today’s highest gains with an impressive 11% climb to $0.027140. It is important to note that trade volume has doubled from $170 to $340 million overnight as TRX enjoys a 23% gain on the week. There has been plenty to talk about in the Tron camp with new TRC20 token deployment, plans for mass scaling, and lots of marketing innovations by Justin Sun.***
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*Source: Investing Oct 08, 2018 01:36 AM ET
**Source: Seeking Alpha Oct. 7, 2018 10:02 AM ET
***Source: newsbtc Oct 8, 2018 | 2:45 AM
