Noel Randewich
Noel Randewich
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China bonds set to draw billions of dollars after FTSE WGBI approval

China bonds set to draw billions of dollars after FTSE WGBI approval

By , SHANGHAI (Reuters) -Index provider FTSE Russell has given its final approval for Chinese sovereign bonds to be included in its flagship bond index from later this year, setting the stage for billions of dollars of inflows into the world’s second-largest economy.But a longer-than-expected inclusion period - of 36 months, rather than one year, as FTSE had previously announced - reflects persistent concerns among some global investors about investing in the world’s second-largest bond market.Chinese government bonds (CGBs) will be added to the FTSE World Government Bond Index (WGBI) over...

Mar 29
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Tesla loses a third of its value for the third time in a year

Tesla loses a third of its value for the third time in a year

By (Reuters) - Tesla Inc’s stock extended losses on Monday and is now down by a third from its January record high, making it the third time in about a year that the electric car maker’s shares have corrected that dramatically.With investors worried about rising interest rates and dumping high-valuation stocks in recent weeks, Tesla’s market capitalization has fallen by almost $300 billion since its Jan. 26 record high to $550 billion, moving behind Facebook Inc, which it overtook in December after joining the S&P 500.Tesla shares fell over 4% on Monday and were down almost 35% from their...

Mar 8
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Musk's bitcoin bet fuels gains in companies already invested

Musk's bitcoin bet fuels gains in companies already invested

By (Reuters) - Shares of companies that have invested in bitcoin have vastly outperformed on Wall Street in 2021 and are extending their gains thanks to Tesla’s $1.5 billion bet on the soaring digital currency.The price of bitcoin hit a record high over $48,000 on Tuesday in a two-day surge after Tesla said on Monday that it had bought the digital currency and would soon accept it as a form of payment for cars.A handful of bitcoin-related companies listed on U.S. stock exchanges were also buoyed by the disclosure that Tesla CEO Elon Musk, a fan of cryptocurrencies, added bitcoin to the...

Feb 10
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Tesla tumbles 6.5% from record high in S&P 500 debut

Tesla tumbles 6.5% from record high in S&P 500 debut

By (Reuters) - Shares of Tesla ended sharply lower in their S&P 500 debut Monday, with losses accelerating after news of potential future competition from Apple.Tesla ended down 6.5% from a record high in the previous session, its steepest one-day drop in over a week. Losses steepened towards the end of the session after Reuters reported that Apple is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology.The company’s shares had opened down nearly 5%.The decline in Tesla’s shares accounted for about 0.1 percentage points of the S&P 500’s...

December 21, 2020
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S&P 500 ends down, Walt Disney weighs

S&P 500 ends down, Walt Disney weighs

By , (Reuters) -The S&P 500 ended lower on Monday, weighed down by Walt Disney, while Alexion Pharmaceuticals jumped on a $39 billion buyout offer from AstraZeneca in one of the year’s biggest deals.The Dow Jones Industrial Average hit a record high before ending lower, pulled down by Walt Disney.U.S. officials began to administer the vaccine developed by Pfizer and its German partner BioNTech on Monday following emergency-use approval from federal regulators last week.Shares of Disney, down 3.65%, and Pfizer, down almost 5%, weighed more than any other stocks on the S&P 500.The index’s...

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December 14, 2020
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First U.S. presidential debate fails to move investors

First U.S. presidential debate fails to move investors

By , TOKYO/SAN FRANCISCO (Reuters) - U.S. stock futures fluctuated slightly but markets and investors were largely stoic as an acrimonious first debate between U.S. presidential candidates ended on Tuesday.Slideshow Republican President Donald Trump repeatedly interrupted Democratic rival Joe Biden in the Cleveland debate, the first ahead of the Nov. 3 U.S. presidential election, that touched on Trump’s taxes, the economy, the coronavirus pandemic and election integrity.“Right now it looks like an even split between Trump and Biden, so it is difficult for the markets to move,” said Ayako...

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September 30, 2020
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Tesla's value drops $50 billion as Musk's promised cheaper battery three years away

Tesla's value drops $50 billion as Musk's promised cheaper battery three years away

By , , Tesla’s market cap dropped $20 billion in just two hours after trading closed Tuesday, as Musk and other Tesla executives presented their new battery and manufacturing strategies. Shares closed down 5.6% and dropped another 6.9% after hours.“Nothing Musk discussed about batteries is a done deal,” said Roth Capital Partners analyst Craig Irwin. “There was nothing tangible.”Investors had expected two significant announcements at Musk’s oft-touted “Battery Day”: The development of a “million mile” battery good for 10 years or more, and a specific cost reduction target -- expressed in...

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September 22, 2020
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Tesla's Elon Musk promises dramatic cuts in electric car costs, shares plunge

Tesla's Elon Musk promises dramatic cuts in electric car costs, shares plunge

By , All told, Tesla’s market capitalization plunged $50 billion from its Monday close, as investors wiped out $20 billion of that in just two hours after trading closed Tuesday.Musk acknowledged that Tesla does not have its ambitious new vehicle and battery designs and manufacturing processes fully complete. Tesla has frequently missed production targets.Tesla expects to eventually be able to build as many as 20 million electric vehicles a year. This year, the entire auto industry expects to deliver 80 million cars globally.Tesla shares, which closed Tuesday down 5.6%, fell another 7% in...

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September 22, 2020
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Nasdaq hits record high close due to tech rally

Nasdaq hits record high close due to tech rally

United States (Reuters) - The Nasdaq surged to a record high close on Monday, while the S&P 500 approached its own record level, with both indexes lifted by Nvidia and other technology stocks. The benchmark S&P 500 reached just shy of its Feb. 19 intraday record high after testing that level for much of last week, while the Dow Jones was weighed down by losses in financial and industrial stocks. Nvidia Corp was among the top boosts to the S&P 500 and Nasdaq for the day, surging 6.7% to a record high after two analysts raised their price targets ahead of the chipmaker’s quarterly results on...

August 17, 2020
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Wall Street ends lower on COVID-19 worries, tech weighs

Wall Street ends lower on COVID-19 worries, tech weighs

United States (Reuters) - The S&P 500 dropped on Thursday, pulled lower by Microsoft Corp () and Apple Inc (), as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases. U.S. retail sales increased more than expected in June, but a resurgence in new COVID-19 cases is undercutting the budding recovery, keeping 32 million Americans on unemployment benefits. A jump in cases of the virus has forced California and other states to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P...

July 16, 2020
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