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December 12th - According to data from Cox Automotiv, despite Tesla (TSLA.O) launching a cheaper version of its best-selling electric car, the companys sales in the US fell to their lowest level in nearly four years in November. US electric vehicle sales have been generally hampered since the Trump administration revoked the $7,500 federal tax credit at the end of September. In response to declining demand, Tesla launched simplified configurations of the Model Y and Model 3 in October, priced approximately $5,000 lower than the previous base models. While demand for the standard versions was expected to support November sales, Cox data shows that Teslas total sales for the month still fell by nearly 23% year-over-year, from 51,513 vehicles in the same period last year to 39,800 vehicles, the lowest level since January 2022.Cox Data: Despite Tesla (TSLA.O) launching the cheaper Model Y and Model 3, its sales in the U.S. fell to a near three-year low in November.Multiple sources familiar with the matter said that private equity firm Carnelian Energy Capital is preparing to sell its six oil and gas production investments in North America.Salesforce (Crm.N) has raised the price of applications that utilize its data.On December 12th, Apple (AAPL.O) persuaded a U.S. appeals court to overturn parts of a court order that required the company to adjust its lucrative App Store to promote greater competition. The Ninth Circuit Court of Appeals in San Francisco ruled in a lawsuit filed by Epic Games that parts of an order issued in April by a judge finding Apple in contempt of court for violating a previous ruling were too broad and needed to be amended. However, the appeals court upheld most of the contempt of court finding and the previous injunction against Apple. A three-judge panel amended a lower court ruling that prohibited Apple from charging any commission or fee for purchases not made on its platform. The appeals court stated that the trial judge must now amend this part of his order.

Dow Jones, EUR/USD, USD/JPY, AUD/USD, GBP/USD, EU CPI, BOJ, and US GDP for the Week Ahead

Drake Hampton

Apr 25, 2022 10:49

For the fourth consecutive week, the Dow Jones Industrial Average (DJIA) fell nearly 2% as risk sentiment deteriorated rapidly into the weekend. The catalyst appeared to be a discernible increase in the Fed's rhetoric about significantly tightening policy in response to soaring inflation that threatens to undermine the economic recovery. Rate traders responded by increasing their bets on 50 basis point rate hikes via overnight index swaps, which currently price in complete 50 basis point raises for the next three FOMC meetings. The preliminary gross domestic product (GDP) growth rate for the United States is scheduled to be released on Tuesday, which will indicate how much the economy increased in March.

 

This resulted in a rebound rout in Treasuries, which spread to the rest of the world's financial markets. Government bond yields increased across the board, from UK Gilts to German Bunds. The French election this weekend may result in some European bond repricing, but the impact is likely to be minor in the event of a Macron victory. A Le Pen triumph, on the other hand, would almost certainly have a rattling effect, although polls indicate that is an improbable prospect. Eurozone inflation data for the first quarter may spark some volatility trading in EUR/USD. According to a Bloomberg survey, economists anticipate Q1 core inflation to be 3.1 percent year on year.

 

The risk-sensitive Australian and New Zealand Dollars fell against the Greenback in the Asia-Pacific region. Australia is expected to release its first-quarter inflation figures, with analysts anticipating an increase to 4.6 percent from 3.6 percent year over year. A stronger-than-expected reading could spark a recovery in the battered AUD/USD pair. A broad decline in metal prices weighed on sentiment around the Australian Dollar, which remains under pressure due to continued Chinese lockdowns.

 

USD/JPY could witness a turnaround following Thursday's Bank of Japan policy meeting outcome. The central bank has been assertive in recent months in attempting to contain bond yields, and no adjustment in the benchmark rate is expected this week. However, a change to the central bank's inflation targets may result in some currency repricing. Last week, options traders began to unwind bearish bets on the Yen, as demonstrated by a decline in one-week risk reversals. Another significant focus is the Bank of England's rate hike bets, following a bad batch of statistics that put doubt on the United Kingdom's economic recovery, with retail sales and PMIs falling short of expectations.

Weekly Performance of the US Dollar Against Currencies and Gold

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