Tesla falls further, Trump-Xi call news awaited

Chris Beauchamp IG

Elon Musk's departure from the White House seems to promise more tough times for Tesla shareholders, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

Stocks skittish ahead of news on Trump-Xi call

Given the rebound in stocks over the past two months, today’s opening weakness on Wall Street isn’t much to write home about, but investors are clearly nervous about the results of the reported Trump-Xi call. Trump’s early morning X post suggested that the two did not immediately come to a deal, but the president may look to dress up the call in the most positive way possible.

Tesla slumps on growing spat with White House

We always knew that the Musk-Trump bromance would come to an acrimonious end, and now we’re watching it play out in real time. Tesla shareholders are bound to feel nervous that this could escalate further. Having alienated one half of the country (and the world?) with his support for Trump, is Elon facing more opprobrium and lost sales, now from the MAGA crowd?

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Chris Beauchamp

EUR/USD remains on the back foot around 1.1700

EUR/USD is coming under heavy selling pressure, hovering around the 1.1700 region in the latter part of the NA session on Monday. The pair’s severe retracement comes as the US Dollar stages a marked bounce on the back of the prevailing flight to safety atmosphere, as investors react to the escalating conflict in the Middle East.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.