3 Things you need to know about today’s Markets:
Tesla Ships 25K Cars
EU Markets Head Higher
Oil Prices Record Overnight Dip
1. Tesla ships 25K cars in first quarter
Tesla Motors (TSLA) reported on Sunday that it had delivered just over 25,000 vehicles in the first quarter, according to Seeking Alpha. This marks a new quarterly record for the automaker and represents a 69% increase over the Q1 in 2016. It is important to note that this production rate beats expectations by far as analysts were looking for just over 24K vehicles delivered. A company representative also stated that this delivery count should be viewed as slightly conservative, as the company only counted cars as delivered if they reached the customer. In addition to Q1 deliveries, about 4,650 vehicles were in transit to customers at the end of the quarter. Cars in transit will be counted as deliveries in Q2, 2017. Tesla Inc (TSLA) shares closed in positive territory on Friday at 278.30 USD but since the delivery report was released on Sunday the stock is expected to head higher for the day according to investing.com.
2. EU Markets Open Higher ahead of Xi-Trump Meeting:
An upcoming meeting between Xi Jinping and Donald Trump has helped boost global markets according to Bloomberg. Asia Markets recorded a bullish close while Europe started the day on a bullish note. President Donald Trump told the Financial Times that he is ready to take unilateral action to put an end to the nuclear threats from North Korea.
In Europe, investors will also be waiting for manufacturing PMIs in the euro zone, due at 7:55 GMT while EU unemployment numbers will also be released at 9:00 GMT. It should be noted that a stronger than expected German PMI and a decrease in unemployment are expected to give the euro a further boost according to CNBC.
3. Oil Prices Record Overnight Dip on Higher U.S. Rig Count
Oil prices recorded an overnight dip on Monday as a higher U.S. rig count indicated rising output and raised concerns over a scaling global oversupply, according to Reuters. Oil prices began to slide on Friday after energy services firm Baker Hughes said the U.S. rig count increased by 10 to 662 last week. A stronger dollar also pressured prices. It should be noted that in early Monday trade oil prices stabilized as International benchmark Brent futures were last seen trading flat at $53.55 while U.S. West Texas Intermediate was also unchanged at $50.59 as of 7:00 GMT.
The Week Ahead…
View all the major upcoming economic releases & events: