FTSE 100 rallies and Tesla soars on China deal

Chris Beauchamp IG

The FTSE 100’s ascent goes on, while on Wall Street Tesla’s deal in China has dominated the trading day, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

FTSE 100 hits yet another peak

“As US markets have so often demonstrated, record highs tend to beget more record highs. It’s not often that the FTSE 100 can demonstrate this, but UK investors can certainly be forgiven for revelling in the current strong run. Of course, it is still lagging behind a number of its peers in terms of its return for the year so far, but the procession of new highs should continue to attract fresh flows to the UK market.”

Tesla heads into high gear on China news

“A week ago, Tesla stock was some 25% lower than it is now. But the combination of a compelling story in its latest results, and today’s China news, has once again put Elon Musk on top. The deal with Baidu promises to deliver a new revenue stream, something particularly important as the EV titan looks to build more affordable models with slimmer margins than previous products.”

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Chris Beauchamp

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