📈 Tesla's comeback?

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Good Morning!

Happy (premature) 4th of July to all of our American readers! 🇺🇸 

The markets will be closed tomorrow, but until then, here’s the latest. 👇️ 

Markets

🇺🇸 Probability of Biden withdrawing from presidential race now above 60%
The first presidential debate triggered intense reactions, with Evercore analysts noting significant responses from pundits, the press, and senior Democrats. After evaluating these factors, Evercore now believes there's over a 60% chance that President Biden may soon withdraw from the race.

🐂 How Bull Markets Work
Halfway through the year, the S&P 500 rose 15.3%, including dividends, but the bull market has been relatively uneventful. With just 14 days of 1% gains and only one 2% up day in 2024, the market has seen small moves in both directions, characteristic of typical bull markets.

💾 How 14 chip stocks have performed in 2024 (so far)
With the AI boom, demand for the chips powering the technology has surged, propelling Nvidia to a $3 trillion market cap alongside Microsoft and Apple. Nvidia's stock has soared 156.5% this year. Check out how other U.S. chipmakers have performed so far.

🇯🇵 Yen in More Pain as Dollar Nears ¥162 in Pursuit of Highs Not Seen Since 1986
The Japanese yen remains vulnerable as officials stay silent on possible intervention ahead of the Bank of Japan meeting later this month. USD/JPY continued its climb in early July, reaching a 38-year high of ¥161.80, edging closer to the ¥162.00 mark, levels not seen since 1986.

🇪🇺 European stocks rise, buoyed by record for S&P 500
European stocks jumped, inspired by the S&P 500's record close, amid optimism about US interest-rate cuts following Federal Reserve Chair Jerome Powell's comments on inflation. Meanwhile, attention remains fixed on UK politics, on the eve of the general election.

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From our partners

EVs

Tesla Stock Surges 10%

Tesla stock surged around 10% Tuesday after the company reported quarterly deliveries exceeding expectations. Tesla shipped 443,956 electric cars in the quarter ending June, surpassing the forecast of 438,000 vehicles. The consensus view had underestimated Tesla's performance, though deliveries did see a year-over-year decline.

The company produced about 411,000 vehicles and delivered 422,405 Model 3/Y cars and 21,551 other models. Despite a drop from the previous year's 466,140 deliveries, analysts noted that the EV industry might be faring better than expected.

Facing stiff competition from Chinese counterparts, Tesla has cut over 10% of its global staff and is offering zero-interest loans in China to boost sales. China accounted for approximately 22.5% of Tesla's total revenue in 2023.

BUYBACKS

Alibaba’s Record $5.8B Stock Buyback

Shares of Alibaba Group Holding Ltd. surged on Tuesday after the China-based e-commerce giant revealed increased stock repurchases amid stagnant prices.

• Repurchase Details: The company announced it spent $5.8 billion to buy back 77 million American depositary shares (ADS) in the quarter ending June 30.

• Significant Catalyst: Alibaba's substantial buyback program, with $26.1 billion remaining and extending through Q1 2027, is seen as a significant catalyst.

• Potential Boost: The inclusion of Hong Kong shares in the Southbound Stock Connect could further boost the stock, as Mainland investors.

Financial Impact:

• Over the past four quarters, Alibaba has invested $15.2 billion in repurchases, about 8.8% of its $177.85 billion market cap.

• As of June 30, 2024, 2.38 billion ADS were outstanding.

• The remaining buyback amount represents roughly 15% of the company's market capitalization.

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🦑 Kraken - Where we buy crypto with cash / withdraw profit to our bank.

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