International News and Market Update: Elon Musk sells over $1.1 billion worth of Tesla stock, and more

 International News and Market Update: Elon Musk sells over $1.1 billion worth of Tesla stock, and more

International News and Market Update: Elon Musk sells over $1.1 billion worth of Tesla stock, and more.

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  • European stocks closed slightly higher on Wednesday as market participants digested a string of corporate earnings and better-than-expected inflation data from the United States. The pan-European Stoxx 600provisionally closed up 0.2%, with media stocks leading the gains with a 1.3% gain, while technology stocks fell 1.3%. German consumer price index inflation (CPI) was 4.5% in October from a year earlier and 0.5% from the previous month, the Federal Statistics Office said Wednesday. Shares in Marks & Spencer rose 16.5% after the U.K. retailer reported strong third-quarter results.
  • Stocks fell Wednesday after consumer prices posted their biggest annual increase in more than 30 years in October, leading to a rise in bond yields. The yield on the benchmark 10-year Treasury, which had been trending lower in recent weeks, rose about 11 basis points Wednesday after the CPI release. As Treasury yields soared, investors dumped high-flying technology stocks and bought up bank shares.
  • Asian stocks trended mixed on Thursday after the hottest U.S. inflation rate in three decades weighed on Wall Street stocks and sparked a rise in Wall Street stocks suffered and Treasury yields jumped on fears of faster monetary tightening. Worries about a slowdown in China and problems in the real estate sector also continue to worry investors. Tencent Holdings Ltd.’s quarterly revenue rose at the slowest pace since 2004 as the country has cracked down on the technology sector for a year. Meanwhile, China Evergrande Group after paying overdue interest on three U.S. dollar bonds, while Kaisa Group Holdings Ltd. must make two interest payments on dollar bonds this week.

Elon Musk sells over $1.1 billion worth of Tesla stock

According to financial reports released Wednesday, CEO Elon Musk is selling a block of Tesla shares under a plan he set in motion on Sept. 14 of this year. The sales amount to more than 930,000 shares worth more than $1.1 billion. He still holds more than 170 million shares. Musk sold those shares in part to satisfy tax obligations related to an exercise of stock options. Before announcing the sale plan, Elon Musk asked his 62.5 million Twitter followers to vote in an informal poll, telling them that their vote would determine the future of his Tesla holdings. Records show that he actually knew that some of his shares would be up for sale this week. After the Twitter poll, Tesla shares plunged more than 15% on Monday and Tuesday before rebounding more than 4% on Wednesday.

Sales jump at M&S: groceries fuel recovery after closure

Marks and Spencer reported a jump in profits as its grocery division helped the company recover after the Covid restrictions. Chief executive Steve Rowe said growth had been boosted by pent-up demand after the closure, but the retailer was also benefiting from its lengthy restructuring. Pre-tax profits were £187m in the six months to October, up 17.9% on the period two years ago when Covid was not in place. However, M&S said it expects supply chain costs to rise “significantly” due to labour shortages. The retailer also predicted that costs would rise over the rest of the financial year and become “steeper once again” in 2022-23. In the six months, grocery sales rose 10.4%, while overall apparel and home sales fell 1%, but full-price sales rose 17.3%.

Mandy Nunes

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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