Tesla Shares Tumble After Layoff Announcement

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1. Tesla Shares Tumble After Layoff Announcement
Tesla (TSLA) shares closed almost 13% lower on Friday after the company announced that it is cutting full-time staff by seven percent. In an email on Thursday night, Tesla CEO Elon Musk said the layoffs were needed to boost Model 3 production numbers. After a strong finish to 2018, Tesla starts the year by laying off more than 3,000 full-time workers, which amounts to 7 percent of its staff.*

2. Dollar Holds At Two Week High
The dollar held steady near a two-week high against a basket of currencies on Monday, as investor risk appetite held up despite the latest data showing China’s 2018 economic growth slowing to a near three-decade low. The dollar index, which measures its strength against a group of six major currencies, was last seen trading flat at 95.968 after climbing to 96.394 percent on Friday, its strongest since Jan. 4. Hopes for a truce in U.S.-China trade tensions, a more dovish-sounding Federal Reserve and optimism that Britain could avoid a “No-Deal” Brexit are some of the factors behind the increase of investor risk appetite.**

3. British Prime Minister May to reveal her ‘Plan B’ for Brexit
As widely expected, U.K. Prime Minister Theresa May’s initial Brexit deal, or ‘Withdrawal Agreement,’ was rejected by a majority of the U.K. Parliament last week, giving the prime minister three working days to come up with an alternative plan. May has since held cross-party talks although opposition parties have called on her to both rule out a ‘no-deal’ Brexit or to hold a second referendum. May is due to lay out a ‘Plan B’ for Brexit to lawmakers on Monday as she looks to secure a fresh withdrawal agreement before the March 29 deadline to leave the European Union (EU).***

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This Week’s Most Important Upcoming Events:

Time Cur. Imp. Event Forecast Previous
Monday, January 21, 2019
All Day Holiday United States – Martin Luther King, Jr. Day
02:00  CNY GDP (YoY) (Q4) 6.4% 6.4% 6.5%
Tentative  CNY Industrial Production (YoY) (Dec) 5.7% 5.3% 5.4%
Tentative  GBP U.K. Prime Minister May Speaks
Tuesday, January 22, 2019
09:30  GBP Average Earnings Index +Bonus (Nov) 3.3% 3.3%
09:30  GBP Claimant Count Change (Dec) 20.0K 21.9K
10:00  EUR German ZEW Economic Sentiment (Jan) -18.3 -17.5
15:00  USD Existing Home Sales (Dec) 5.24M 5.32M
21:45  NZD CPI (QoQ) (Q4) 0.0% 0.9%
Wednesday, January 23, 2019
Tentative  JPY BoJ Monetary Policy Statement
Tentative  JPY BoJ Outlook Report (YoY)  
Tentative  JPY BoJ Press Conference  
13:30  CAD Core Retail Sales (MoM) (Nov) -0.5% 0.0%
Thursday, January 24, 2019
00:30  AUD Employment Change (Dec) 16.5K 37.0K
08:30  EUR German Manufacturing PMI (Jan)   51.3 51.5
12:45  EUR Deposit Facility Rate -0.40% -0.40%
12:45  EUR ECB Marginal Lending Facility 0.25% 0.25%
12:45  EUR ECB Interest Rate Decision (Jan) 0.00% 0.00%
13:30  EUR ECB Press Conference  
16:00  USD Crude Oil Inventories -2.683M
Friday, January 25, 2019
09:00  EUR German Ifo Business Climate Index 100.7 101.0
13:30  USD Core Durable Goods Orders (MoM) (Dec) 0.2% 0.4%

 

This Week’s Upcoming Earnings Reports:  

Name Symbol Next Earnings Date
UBS Group UBSG Jan 22, 2019
IBM IBM Jan 22, 2019
J&J JNJ Jan 22, 2019
Procter&Gamble PG Jan 23, 2019
United Technologies UTX Jan 23, 2019
Sky PLC BSBAy Jan 24, 2019
Intel INTC Jan 24, 2019
Starbucks SBUX Jan 24, 2019
American Airlines AAL Jan 24, 2019

 

*Source: FXStreet Jan 21, 2019 2:48 AM ET
**Source: Reuters Jan 21, 2019 3:53 AM ET
***Source: CNBC Jan 21, 2019 03:07 AM ET

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