Tesla Plummets 8% On Disappointing Q1 Sales

1. Tesla Plummets 8% On Disappointing Q1 Sales

Tesla plummeted on Wednesday to close 8% lower after announcing weak first-quarter deliveries that fell short of expectations. TSLA shares finished the day at $267.78 on Wednesday. Today, investors will focus on a court hearing involving TESLA CEO Elon Musk on whether he should be held in contempt of court over a tweet that misstated the number of vehicles the electric-car maker expected to produce this year.*

2. Gold At 10-Week Low Ahead of NFP

Gold slipped on Friday, but was trading above the 10-week low touched in the previous session, as the dollar rose against the yen on signs of progress in the U.S.-China trade dispute and strong U.S. economic data. Spot gold (XAU/USD) was last trading 0.2% lower at $1289.50 as of 7:15 GMT this morning. Investors will now be focusing on the U.S. jobs numbers (NFP) for more signals on the strength of the economy.**

3. Debenhams Dips 11% on Fresh Downgrade

Troubled retail chain Debenhams (DEB) took yet another blow yesterday after the most recent credit downgrade by Moody’s. DEB shares finished the day 11% lower on Thursday, shedding almost another 1% today to last trade at £2.027 as of 7:15 GMT. Credit ratings agency Moody’s has downgraded Debenhams as a restructuring looks set to involve losses for the department store’s financial creditors.***

4. Dollar Hits 3-Week High VS Yen On Trade Optimism

The greenback rallied against the yen overnight to reach 111.80 yen, its highest since March 15, after some positive feedback by Trump and Xi on the US-China trade negotiations. The USD/JPY was last seen trading flat today at 111.65 as of 7:30 GMT. Meanwhile, the euro was steady at $1.1226, capped firmly after data released on Thursday showed German industrial orders dropped in February.

5. Saudi Arabia Threatens to Stop Dollar Oil Trades

Saudi Arabia has threatened to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits. The news caused oil prices to come off their recent highs, with Brent (CL_BRENT) tumbling 0.3% to last trade at $69.18 as of 7:30 GMT after having reached a key $70.00 level and Crude WTI (USOIL) last seen trading flat at $62.08. It should be noted that NOPEC-Saudi issue may eventually lead to oil production being ramped up again which could in turn bring oil prices back down in the midterm perspective.

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Sources:
* Investing Apr 5, 2019 2:48 AM
** Reuters Apr 5, 2019 3:53 AM
*** CNBC Apr 5, 2019 03:07 AM
****Bloomberg Apr 5, 2019 02:25 AM
*****Investing Apr 5, 2019 5:48 AM