4.02 - pound is struggling for power after Brexit
Stocks in Asia seem to be getting stronger as some of the virus-caused losses are recovered by the stock market. Yesterday the markets opened for the first time in a week after Lunar New Year celebration and indices dropped like a stone because of lack of traders’ desire to deal with the markets that might soon collapse due to the tensions. But, today it seems these fears are no longer there as some of the points are recovered by major names.
Pound is falling. Today is the second business day after Brexit and we can that traders are unwilling to wait for the agreements between UK and EU to be settled – if pound can’t promise us profits right now, then we are not going to deal with it at all. This kind of thinking is what brought GBP lower today. But euro is not looking too hot right now either. We are hoping that the situation is going to improve sooner rather than later.
The real star of the financial markets is Tesla stock. According to Yahoo finance, here is what happened: “Tesla Inc shares and those of its Asian battery suppliers rallied sharply after Panasonic Corp said its automotive battery venture with Tesla was in the black for the first time. Tesla itself soared 20% on Monday in its largest one-day gain since 2013, building on a surge in its stock after the company posted its second consecutive quarterly profit last week and said it would comfortably make more than half a million vehicles this year. The rally added roughly $9 billion to Tesla's Asian battery supply chain on Tuesday, vindicating Tesla Chief Executive Elon Musk's bet on the electric vehicle (EV) industry which was embraced much later by established automakers such as General Motors Co.”
So, if TSLA are going to keep on surging, then we are going to see more booming in the American markets and American economy which is going to support USD. And that is might save our trading in the long run.
Here are the numbers for today:
Topix added 0.7 percent.
Kospi grew 1.8 percent.
Shanghai Composite recovered 1.3 percent.
Hang Seng from Hong Kong added 1.2 percent
S&P 500 grew 0.7 percent.
Euro decreased 0.2 percent - $1.1059.
Pound decreased 1.1 percent - $1.3018.
Yen decreased 0.3 percent – 108.81 per dollar.
Canadian declined 0.4 percent - $1.3291.
Tesla jumped by 19.9 percent - $780.
Apple lost 0.3 percent - $308.66.
Facebook grew 1.1 percent – $204.19.
Amazon decreased 0.2 percent – 2004.2 per share.
Google recovered 3.5 percent - $1482.6.
WTI grew 1.6 percent - $50.67 per barrel.
Brent advanced 1.5 percent - $54.92 per barrel.
Gold dropped 0.3 percent - $1571.9 per ounce.
Silver added 0.2 percent - $17.71 per ounce.
Platinum nudged 0.6 percent higher– $974.64.
Palladium advanced 0.6 advanced - $2333.5 per ounce.