Is anyone paying attention to Tesla recently?
Elon Musk’s electric vehicle company has more than quintupled on the year!
Wow!
In other news…
Uber is set to decide whether to roll out a trial to Australian drivers to bid for rides and set their own prices.
This move would cement their status as independent contractors.
Across markets…
Last night, the rotation out of tech shares and into cyclicals, sparked by promising vaccine news, reversed Wednesday as investors cast a wary eye on a batch of data that suggest a possible slowdown in economic growth. Treasuries edged higher.
The S&P 500 Index pared losses to trade little changed after closing a record. The Dow Jones Industrial Average fell back below 30,000.
The tech-heavy Nasdaq indexes edged higher. Volume is starting to dwindle in the final hour of trading. U.S. markets are closed Thursday for a holiday, leading to a deluge of data that brought the first back-to-back rise in weekly U.S. jobless claims since July, an uptick in durable goods orders and a widening trade deficit.
Minutes from the Federal Reserve’s latest meeting did little to alter views. The central bank discussed providing more guidance on its bond-buying strategy during the Nov. 4-5 policy meeting.
Traders are also assessing the pandemic’s effect on the economy as cases continue to rise and more jurisdictions tighten restrictions.
Source: Bloomberg
Stocks
The S&P 500 Index slid 0.1% as of 3:15 p.m. New York time.
The Stoxx Europe 600 Index declined 0.1%.
The MSCI Asia Pacific Index was little changed.
The MSCI Emerging Market Index fell 0.4%.
Currencies
The Bloomberg Dollar Spot Index fell 0.1%.
The euro gained 0.2% to $1.1914.
The British pound rose 0.1% to $1.3378.
The onshore yuan strengthened 0.3% to 6.574 per dollar.
The Japanese yen was little changed at 104.4 per dollar.
Bonds
The yield on 10-year Treasuries declined one basis point to 0.87%.
The yield on two-year Treasuries was little changed at 0.16%.
Germany’s 10-year yield fell one basis point to -0.58%.
Britain’s 10-year yield declined to 0.318%.
Japan’s 10-year yield dipped less than one basis point to 0.021%.
Commodities
West Texas Intermediate crude gained 3.6% to $45.62 a barrel.
Brent crude gained 1.5% to $48.59 a barrel.
Gold futures were flat at $1,810.70 an ounce.
Source: Bloomberg
While electric vehicles (EVs) currently appear to have a sizeable lead over their hydrogen powered counterparts, some Australian states are introducing measures that seem designed to check their adoption.
Victoria recently joined New South Wales and South Australia in taxing electric vehicles to make up for the projected shortfall in fuel excise revenue.
The proposed amount of $375 for pure electric vehicles and $300 for plug in hybrids isn’t huge when taken in the context of how much an electric vehicle will set you back.
But the tax, a distance-based charge, is a move in the opposite direction from other jurisdictions such as Europe and China, where incentives have been offered to encourage adoption.
Electric vehicle proponents were rather predictably up in arms about Victoria’s move and it is hard to see who outside of government bean counters might see this as a good idea.
Stockhead
Sector: Consumer Discretionary
Year: 2019
Deal Type: Placement
Raise Amount: $2.2m
Price Change: $0.048 +4.35%
Sector: Consumer Discretionary
Year: 2018, 2019
Deal Type: Seed, Bridging and IPO
Raise Amount: $10m
Price Change: $0.12 Unchanged
Sector: Technology
Year: 2018
Deal Type: Seed and IPO
Raise Amount: $10m
Price Change: $0.085 +1.19%
Sector: Mining
Year: 2017
Deal Type: Seed & IPO
Raise Amount: $5m
Price Change: $0.17 Unchanged
Sector: Mining
Year: 2017
Deal Type: IPO & Placement
Raise Amount: $6m
Price Change: $0.053 -1.85%
Sector: Healthcare Equipment and Services
Year: 2016
Deal Type: IPO
Raise Amount: $8m
Price Change: $0.085 -10.53%
Sector: Materials
Year: 2016
Deal Type: IPO
Raise Amount: $9m
Price Change: $0.031 +3.33%
Sector: Biotechnology
Year: 2015, 2017, 2018
Deal Type: Placements & IPO
Raise Amount: $5m
Price Change: $2.91 -3.00%
Sector: Media an Entertainment
Year: 2016
Deal Type: Reverse Takeover
Raise Amount: $4m
Price Change: $0.041 Unchanged
Sector: Mining
Year: 2018, 2019, 2020
Deal Type: Placements & Rights Offer
Raise Amount: $1.5m
Price Change: $0.010 Unchanged
Sector: Discretionary
Year: 2020
Deal Type: Placement
Raise Amount: $1.3m
Price Change: $0.0050 Unchanged
Sector: Gaming
Year: 2020
Deal Type: Placement
Raise Amount: $1.25m
Price Change: $0.18 -5.26%
Sector: Mining (Gold)
Year: 2020
Deal Type: Placement
Raise Amount: $982k
Sector: Mining (Gold/Silver)
Year: 2020
Deal Type: Placement
Raise Amount: $2.3m
Price Change: $0.014 -6.67%
Sector: Hemp & CBD
Year: 2020
Deal Type: Pre IPO
Raise Amount: $2.5m
Sector: Psychedelic assisted therapy
Year: 2020
Deal Type: Placement
Raise Amount: $2.5m
Price Change: CAD $0.07 +40.00%
Sector: Mining
Year: 2020
Deal Type: Placement
Raise Amount: $330k
Price Change: 0.032 +6.67%
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