Tesla cut prices again

Good Morning,

Tesla has cut its prices again in a number of major markets, Farming, mining and other industrial regulations are being scrapped or amended under the government's first changes to the Resource Management Act, and A homicide investigation has been launched into the death of a man in the South Taranaki town of Hāwera on Monday night.

Let's jump in.

Before The Bell

Markets

The New Zealand sharemarket posted a solid 0.5% gain, joining other regional sharemarkets in bouncing back as tension between Iran and Israel appeared to ease. (GR).

Market watches with bated breath if inflation has stalled in Australia. (NBR).

The benchmark S&P/ASX 200 Index rose 0.4 per cent or 33.8 points, extending Monday’s 1.1 per cent gains following a painful week. (AFR).

Tesla has cut its prices again in a number of major markets - including the US, China and Germany - as the electric car giant run by multi-billionaire Elon Musk faces falling sales. (BBC). 

The 10% drop in Nvidia’s share price and the broader stock market drop triggering global jitters could be the opportunity “investors might have been hoping for a few weeks ago.” (DeVere).

Earnings and Data

Robust earnings from corporate America will put the S&P 500 Index out of its latest morass, despite rising concerns about a significant jump in bond yields, according to Bloomberg’s latest Markets Live Pulse survey. (BBG).

Investors are waiting to see if earnings will meet the lofty expectations for artificial intelligence this week when about 180 companies in the S&P 500 are due to report their results. (BBG).

Italian energy contractor Saipem said on Monday its first-quarter adjusted core earnings rose 40% on the same period of last year. (RT).

Wall Street stocks ended higher on Monday following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the U.S. economy's health. (RT).

Profit growth momentum of the so-called Big Six technology stocks could "collapse" over the next few quarters, UBS Global Research strategists said on Monday, downgrading its rating on the mega-cap companies. (RT).

News Summary

Farming, mining and other industrial regulations are being scrapped or amended under the government's first changes to the Resource Management Act. (RNZ). 

A woman who bragged she would “make history as one of the biggest scammers in New Zealand” has been convicted on five charges. (Stuff).

A homicide investigation has been launched into the death of a man in the South Taranaki town of Hāwera on Monday night. (Stuff). 

Elon Musk has hit back at the Australian internet watchdog’s attempts to force his social media platform X into blocking users from seeing violent footage relating to the Sydney church stabbing. (Guardian).

Trump trial: hush money was ‘election fraud pure and simple’, prosecutors say. (Guardian). 

The U.K. government is set to press ahead with a controversial policy to send asylum seekers to Rwanda as soon as this summer, with parliament poised to pass a law stating that the central African nation is a safe place to house those claiming to flee persecution. (WSJ).

Paedophiles are being urged to use artificial intelligence to create nude images of children to extort more extreme material from them, according to a child abuse charity. (Guardian).

Deal Flow

Investments / M&A

Aussies are reporting a strange phenomenon occurring on Kmart shelves just months after Target began selling the store’s popular Anko range as part of a $10 billion merger. (NCA).

VC & Fundraising

Just 4 per cent of the total $3.5 billion in venture capital funding in 2023 went to 100 per cent female-founded business. (RGR).

Global law firm K&L Gates has acted as fund counsel in connection with the establishment of the W23 Global Fund, LP (W23 Global), a global grocery retail venture capital fund. (KL).

Debt

Countries such as Sri Lanka are accepting their 17th IMF bailout packages is a stark illustration of how ineffective existing strategies are at breaking the cycle. (Guardian).

Daily Picks

A woman who bragged she would “make history as one of the biggest scammers in New Zealand” has been convicted on five charges. (Stuff).

Aussies are reporting a strange phenomenon occurring on Kmart shelves just months after Target began selling the store’s popular Anko range as part of a $10 billion merger. (NCA).

Just 4 per cent of the total $3.5 billion in venture capital funding in 2023 went to 100 per cent female-founded business. (RGR).

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