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10th-august-2022-markets-review

10th August 2022: Yesterday closed orders given -3.182%; The American stock market showed growth; Elon Musk sells Tesla shares to fund Twitter; Payment on Ukraine’s debts postponed until 2024

Yesterday closed orders given -3.182%

Symbol: TSLA; Type: SELL; Open Price: 828.46; Close Price: 842.58; Profit: -1.676%.
Symbol: BTCUSD; Type: SELL; Open Price: 22715.02; Close Price: 23062.35; Profit: -1.506%.

The American showed growth

The release of lower-than-anticipated inflation statistics fanned predictions that the Federal Reserve may pivot to a lesser pace of rate rises, which caused US equities to leap higher while bond rates plummeted. Yields on shorter-term Treasury securities led the decline, with the rate on the two-year note falling at one point to 3.07% after a drop of over 20 basis points. The consumer price index for July was released, and it offered a breath of comfort to a market beset by anxiety over the Fed's attempts to contain sky-high inflation. Seema Shah, the chief global strategist at Principal Global Investors, says, “The Fed still has substantially more to tighten, and the US economy eventually cannot avoid its fate.”

According to Mike Loewengart, managing director of investment strategy at E*Trade, one data point from one month does not constitute a pattern. Thus, it is probable that cautious optimism will be the word of the game in this situation. At 12:18 p.m. local time in New York, the S&P 500 had gained 1.8%, and the Nasdaq 100 had gained 2.4%. Following Elon Musk's sale of 6.9 billion dollars worth of Tesla stock, the electric car manufacturer's stock price increased. The yield on ten-year Treasuries fell one basis point to reach 2.77 percent. The yield on Germany's 10-year government bond fell to 0.89%, three basis points lower.

Elon Musk sells Tesla shares to fund Twitter

After his most recent round of share sales, Tesla CEO Elon Musk has around $18 billion in cash on hand, which falls short of the amount required to fund the balance of his contract with Twitter. According to regulatory documents, on August 5, Musk sold another $6.9 billion worth of shares that he owned in the company. He has raised almost $15 billion in cash by selling his stock in the electric automaker since April, combined with the proceeds from those transactions. The social media business has filed a lawsuit to compel Musk to carry through with the transaction, and the trial is set to take place in October. According to the Bloomberg wealth index, after his most recent sales, he has a cash position of $18.1 billion. It's possible that a judge may order him to pay a $1 billion termination fee.

Payment on Ukraine's debts postponed until 2024

The holders of Ukraine's international bonds have given their blessing for a moratorium on the country's debt payments, providing much-needed respite for a budget decimated due to Russia's invasion. The coupon and principal payments on bonds issued by Ukraine to international investors totaling around $19.6 billion have been postponed until 2024 by a group of investors representing approximately 75% of those bonds. The United States and the International Monetary Fund are among Ukraine's important partners that support the reform process.

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