Daily Morning Call

From the Floor: Tesla shares slump, auto industry the new battleground

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  • Tesla shares fell 7% on sell-side reports, down 16% from last week's peak
  • Auto industry 'the new battleground' as Volvo signals death of combustion engine
  • Markets brace for G20 summit where Trump seen increasingly isolated: Hardy
  • Near-term focus for EURUSD is 1.1300 area: Hardy
  • Shares in electric car-maker Tesla plunged 7% on sell-side reports on Wednesday, and the stock is now down 16% from its peak last week as the automobile industry has become the 'new battleground' as Volvo announced the death of the combustion engine with its plans to go all-electric. Markets are bracing for a July 7-8 Group of 20 summit where US President Donald Trump looks likely to be increasingly isolated.


  • Bullish API report stabilised oil after biggest drop in four weeks
  • Oil markets looking ahead to weekly EIA report at 1500 on Thursday
  • Gold holding above support on multiple geopolitical risks
  • Key support for gold at $1,215/oz, with resistance seen at $1,234 and $1,239 /oz