Tesla profits from Musk’s Twitter back-and-forth

Tesla shares have increased in price about 5 % in premarket today. Many attribute this to the Twitter deal, which seems to be more complicated than Elon Musk hoped. Thus, the investors into EV manufacturer believe that Musk will have more time to spend on Tesla, in case the Twitter deal does not go through.

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Tesla stock drops 7%

Tesla trades at $246, down 7% in a single day. Looking back, the stock dropped 10.51% over the last four weeks and is down 40% from its all-time high.

FTSE continues to drop

FTSE 100 stock index fell nearly 2% below 6,900, putting significant selling pressure on London’s stocks. Concerns about the interest rate hikes to control inflation continue to hurt markets. Moreover, the effect of the UK’s questionable fiscal strategy on global economic growth continued to dominate sentiment.

DAX hit 12,000 mark

European equities markets declined sharply, with the German stock index DAX hitting a two-year low of 12,000. The stock index is pressured by the hawkish monetary policy of central banks, which could draw DAX even lower.

MOEX continues to tumble

The ruble-based MOEX Russia dropped by 7% to about 1,925 on Tuesday, the lowest level in more than five years. MOEX is down 55% from its all-time high at 4,271.  Concerns about the worsening Russian-Ukrainian conflict and nuclear threats persist.

Nikkei falls by 2.66%

The Nikkei 225 Index dropped 2.66% to 26,430, finishing at its lowest point in more than two months and following the lead of a downbeat Wall Street market. Increased inflationary pressures, increasing interest rates, and concerns of a global recession continue to put pressure on risk assets.

European stock indices tumble

The sell-off on major European markets continues on Friday as investors fear the tightening wave of monetary policy would harm global growth. After dropping below 400 points on Thursday for the first time since January 2021, the STOXX 600 is down approximately 0.7%. DAX 40 is down 0.8%, setting a new two-month low.

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Brazilian real gains 4% in one day 🔥

The Brazilian real increased by 4% versus the dollar, trading at about $5.2. BRL strenghtens as investors cheered an unexpectedly close outcome in the first round of the presidential elections. After no candidate receives a majority of more than 50% of the vote, the contest will proceed to a runoff scheduled for October 30.

Silver skyrockets 🚀

Silver futures are up 8% and hit $20.3 per ounce on the first trading day of Q4 of 2022. Silver is up by almost 15% in just one week.

Tesla stock drops 7%

Tesla trades at $246, down 7% in a single day. Looking back, the stock dropped 10.51% over the last four weeks and is down 40% from its all-time high.

EU gas prices tumble 9%

Gas prices in Europe are down 9% for the day at €171, far lower than the record highs of €340 in August. Europe managed to replace certain Russian supplies with LNG imports and was able to refill its storage facilities ahead of winter. The amount of gas reserves across Europe is currently at about 87%.

GBP rises after last week’s turmoil

On the first trading day of Q4, the British pound climbed up near $1.12, returning to levels not seen in nearly two weeks. GBP rose right after the finance minister Kwarteng said he would not cut the top 45% income tax rate for the largest earners.

UK natural gas jumps sky-high

UK natural gas reached their highest level in two weeks on Friday, rising by almost 50% to 380. The surge was fueled by increased demand from gas-fired power facilities as a result of slower wind speeds.  As of September 28th, gas storage facilities in the UK were 94.65% full.

News

USD/JPY tests cycle highs near 145
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USD/JPY tests cycle highs near 145

A cautious uptrend is still seen in the USD/JPY pair, despite fears of another BoJ intervention.

Credit Suisse drops 10% amid market speculations

Investors are worried that the spike in credit default swaps may worsen the situation and cause a lot of problems.

A closer look at commodity extraction by fracking

Fracking is a method of gas extraction that has made the US in particular profitable over the last decade. In contrast, many countries in Europe have banned it.
Forex outlook: EUR/USD, CAD/JPY and GBP/JPY ★ Premium This content is only available for registered users - sign up for free now
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Forex outlook: EUR/USD, CAD/JPY and GBP/JPY

The forex market was very volatile last week, creating many trading opportunities. Let's look at three currency pairs and see what they offer.