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21 October 21

The Market data was collected on 21 October 2021 at 11:15, and might have changed since then. Kindly refer to the listed sources for the most recent and updated information.


Tesla Drives in Earnings, Revenue Beat in Q3

Tesla reported Wednesday third-quarter results that topped analyst as higher margins and deliveries boosted performance.

Tesla (NASDAQ:TSLA) shares gained 0.84% in after-hours trade following the report.

Tesla announced earnings per share of $1.86 on revenue of $13.76 billion. Analysts polled by anticipated EPS of $1.52 on revenue of $13.57 billion.

Regulatory credit revenue fell 30% to $279M.

Tesla reported deliveries of 241,300 electric vehicles, and produced 237,823 of them for the period.

Vehicle average selling price declined by 6% year-on-year, but automotive margins continued to improve, rising to 30.5% in Q3 from 28.4% in Q2, and up 281 basis points from the same period a year earlier.

The fall in prices were blamed on a decline in Model S and Model X mix year-on-year in Q3 due to “product updates and as lower ASP vehicles became a larger percentage of our mix.”

The company’s exposure to bitcoin was a drag in the third-quarter, leading to a $51 million impairment, compared to the $23 million impairment in the prior quarter.

Looking ahead, the company said its Berlin gigafactory was on track to receive final permit approval before year end.

Oil falls as investors take profits, but fuel switching caps losses

Oil prices fell on Thursday as some investors scooped up profits from the recent rally, though solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices capped losses.

Brent crude futures fell 54 cents, or 0.6%, to $85.28 a barrel by 0649 GMT, turning down from earlier gains that took the benchmark to the highest since October 2018. It rose 0.9% the previous day.

U.S. West Texas Intermediate (WTI) crude futures for December dropped 33 cents, or 0.4%, to $83.09 a barrel. November WTI crude, which expired on Wednesday, settled up 91 cents, or 1.1%, after touching the highest since October 2014 earlier in the session.

“We saw some correction, but overall sentiment remained firm as there have been no large increases in output by the United States or OPEC,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.

“Brent could reach $90 a barrel later this year as tightness in global oil markets will likely continue as U.S. decarbonisation efforts will cap output increases while demand will increase as more power companies switch fuel from coal and gas,” he said.

Crude prices have risen as supply has tightened, with the Organization of the Petroleum Exporting Countries (OPEC) maintaining a slow increase in supply rather than intervening to add more barrels to the market.

Gold Up as Dollar Inches Down, but Moves Small

Gold was up on Thursday morning in Asia, extending small gains into a third session thanks to a weakening dollar.

Gold futures edged up 0.12% to $1,787 by 12:02 AM ET (4:02 AM GMT), sticking within the $1,759 to $1,788 range that the yellow metal has traded in throughout the week. The dollar, which normally moves inversely to gold, inched down on Thursday and helped gold trade at the higher end of the range.

Two U.S. Federal Reserve officials said on Wednesday while asset tapering should begin soon, it was too soon to hike interest rates. Fed Governor Randal Quarles said he favors an initial move to begin asset tapering in November 2021, but added that mounting inflationary pressures that could require a policy response were also a concern.

Across the Atlantic, the Bank of England is likely to be the first major central bank to hike interest rates in the post-COVID-19 cycle. However, some economists are forecasting the first hike to come in early 2022, later than current market predictions, according to Reuters.

Russia’s gold reserves stood at 73.9 million troy ounces as of the start of October, the Central Bank of the Russian Federation said on Wednesday.

In other precious metals, silver was up 0.3% and platinum inched up 0.1%, while palladium was down 0.3%. Russia’s Nornickel, the largest palladium producer globally, said its palladium production in the third quarter increased 9% to 598,000 troy ounces. Meanwhile, platinum output increased 8% to 145,000 troy ounces.

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