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Morning BrewOctober 25 2024
Erik Schafhauser
Senior Relationship Manager
Good morning.
Tesla was the key news Yesterday, as the stock rose 22% and gained 140 billion in Market cap. The stock is now trading at 260. It is noteworthy that the current analyst target is 213, so almost 20% below the current price. This calls for a drop in the share price or analyst revisions.
Tesla will be a very interesting stock over the next 3 weeks – If Trump manages to be elected, I expect the stock to benefit – Elen Musk is reported to have given app 44 million.
Tesla pulled the Nasdaq higher by 0.8/% while the other indexes traded calmly positive, yields moved little, and the USD Index also moved only a little. US 10 years are at 4.17 and the USD Index 104.04, EURUSD is at 1.0822, GBPUSD 1.2960 and USDJPY 151.55.
Gold and Silver are trading lower at 2728 and 33.50
Mercedes has and Porsche is expected to present somewhat disappointing results, underscoring the German quagmire.
Traders are somewhat struggling ahead of the US Election and I expect this to continue until after the election, trade carefully and expect sharp moves.
Today, the German IFO, US Durable goods orders from the US, the Canadian Retail Sales and the University of Michigan final consumer confidence reading can have an impact, next week we will see the Month end trading, and data highlights are the EU and US inflation data, the Swiss KOF is locally significant. Focus will be the respective chances of Kamela Harris and Donald Trump to be elected the next US President and the conditions of the win - then we will weigh the implications of those outcomes.
Our Strats team wrote a great intro to ETF, please find it here This introductory article in the ETF Investing: From Zero to Hero series explains what ETFs are, how they work, and why they are a popular investment choice, offering flexibility, diversification, and lower fees. It also provides actionable portfolio examples and a curated list of key ETFs to help investors build a diversified portfolio.
Have fun and a great weekend!
Friday
- Data Japan CPI, DE IFO, US Durable Goods Orders
- Earnings, Colgate Palmolive