Global stocks move higher, Tesla posts strong gains
Tesla’s strong report boosts equities
Japan's Nikkei reaches 33-year high, supported by easing inflation concerns
Tesla's impressive Q2 report drives pre-market surge in equities
Oil prices climb as Saudi Arabia extends production cut, while gold remains steady amidst uncertain central bank moves and inflation trends
What’s going on markets!
- Asian and European stocks rise
Japan's Nikkei reached its highest level in 33 years, receiving a boost from indications that decreasing inflation could lessen central banks inclination to raise interest rates. European shares experienced a strong surge too, while futures for U.S. equities indicated a positive start for Wall Street, which is set to close early in anticipation of the July 4 holiday on Tuesday.
In addition to strong Q2 report from Tesla, exceed consensus estimates, taking the stock up by 6% in pre-market. Keeping futures on track for the second week of gains.
- Oil prices trend higher
Saudi Arabia extends production cut by one million barrels per day for another month to include August giving a jump start to oil prices at the beginning of the week.
Brent crude rose to $76 while WTI rose higher to $71.
- Gold is treading water
Gold prices were in the red territory this morning but held steady near $1912 after rough week pushing below $1900 mark. Market await important data this week including the NFP report which will heavily affect the bullion prices.
Although the yellow metal was steady through out the first half of the year for 2023, the outlook remains uncertain clouded by central bank moves as global inflation notches down.