Indian indices are likely to witness a positive start on Wednesday. Dalal Street rebounded sharply on Tuesday after tracking gains in the US and Asian indices. The Wall Street indices, however, suffered losses overnight as mixed corporate earnings, China's Covid situation, and the prospect of aggressive rate hikes by the US Fed suggested a deteriorating economic outlook. US equity futures trembled after the S&P 500 slipped to a six-week low and the technology-heavy Nasdaq 100 declined to levels last seen in 2021. Oil prices also rose after China's central bank pledged support to its economy. The Asian investors followed their US counterparts as Wall Street fall dampened risk appetite. Shares retreated in Japan, South Korea Hong Kong, Shanghai, and Australia in early trade on Wednesday.
27 Apr 2022, 08:03:21 AM IST
Gold edges lower on dollar strength
Gold prices eased on Wednesday as the dollar held ground at its highest in more than two years and pressured demand for greenback-priced bullion. Spot gold was down 0.1% at $1,903.16 per ounce, as of 0037 GMT. U.S. gold futures were up 0.1% at $1,905.80.
27 Apr 2022, 08:02:30 AM IST
Tesla loses $126 billion in value amid Musk Twitter deal funding concern
Tesla Inc lost $126 billion in value on Tuesday amid investor concerns that Chief Executive Elon Musk may have to sell shares to fund his $21 billion equity contribution to his $44 billion buyout of Twitter Inc.
Tesla is not involved in the Twitter deal, yet its shares have been targeted by speculators after Musk declined to disclose publicly where his cash for the acquisition is coming from. The 12.2% drop in Tesla's shares on Tuesday equated to a $21 billion drop in the value of his Tesla stake, the same as the $21 billion in cash he committed to the Twitter deal.
Wedbush Securities analyst Daniel Ives said that worries about upcoming stock sales by Musk and the possibility that he is becoming distracted by Twitter weighed on Tesla shares. "This (is) causing a bear festival on the name," he said.