Tesla decreases Model Y manufacturing in China
- Following $TSLA's announcement that it would halt the production of its Model Y SUV during the holidays in its Shanghai factory, worries are growing in the electric vehicle (EV) market. Since the Model Y is Tesla's most-liked vehicle on the Chinese market, the announcement has sparked worries about EV demand in that country. However, despite the time of year, the production reduction, which amounts to a 30% drop in the manufacturer's output, is rare. Tesla already reduced manufacturing by 20% in November.
Source: Photo by Vlad Tchompalov on Unsplash
FED returns to the spotlight
- With the release of the most recent inflation data and the FED returning to the spotlight, investors will have a busy week. The monthly Consumer Price Index (CPI) report will be released tomorrow, and Wall Street will undoubtedly pay attention to it. Most analysts now predict that consumer prices will have increased by about 0.3% in November (7.3% annually). Even though the report indicates that certain things have improved, the numbers are likely to remain too high for the Federal Reserve to ignore.
- Lululemon's share price fell $LULU 12.85% on Friday as the athletic wear company revealed weaker-than-anticipated guidance for its crucial holiday shopping season.
- The UK Chancellor lit a bonfire for banking regulation: Chancellor of the Exchequer Jeremy Hunt, the UK's finance minister, has outlined a comprehensive package of financial regulation reforms to take advantage of new legal freedoms following Brexit.
- Prices for natural gas are still rising: As Europe continued to deplete its natural gas inventory, prices continued to soar on Friday.
- Higher oil prices: This morning, oil prices were higher due to the continued closure of a critical pipeline that supplies the United States and President Putin's threat to lower production as retaliation for a Western export price cap.
- Oracle continues the earnings season: $ORCL's Q2 results today follow market closing.
Source: Yahoo Finance