American and Asian stocks are in the Green Zone and Elon Musk sells another portion of his Tesla stocks

2021-12-23T17:50:57
Oil Positive Dynamics Tesla Wall Street
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American and Asian stocks are in the Green Zone and Elon Musk sells another portion of his Tesla stocks

American and Asian stocks are in the Green Zone and Elon Musk sells another portion of his Tesla stocks: Markets are experiencing a positive trend on Thursday,
with positive morale prevailing in the oil market and stock markets worldwide. 

Evest follows market developments in the following report.

Topics:

Oil maintains gains in conjunction with news that some production has been suspended in Libya

Wall Street’s recovery due to the increase in GDP growth estimates to 2.3% from 2.1%

Positive Dynamics of Asian indices

Elon Musk sells another portion of his Tesla stocks

Oil maintains gains in conjunction with news that some production has been suspended in Libya

Oil prices show moderate gains on Thursday after jumping to their highest levels in a few weeks the previous day,
thanks to data on a significant reduction in US fuel inventories.

The cost of Brent crude futures for February on the London Stock Exchange ICE Futures on Thursday is $75.50 per barrel,
$ر (0.28%) higher than the closing price of the previous session. 

As a result of Wednesday’s trading, these futures rose by $1.31 (1.8%) to $75.29 per barrel.

The price of West Texas Intermediate crude futures for February in electronic trading on the New York Mercantile Exchange (NYMEX) at this time is $72.96 per barrel,
$0.20 (0.27%) higher than the final value of the previous session.

By the closing of the previous day’s trading, the price rose by $1.64 (2.3%) to $72.76 per barrel.

Brent crude closed the previous trading at a record high since December 8, West Texas Intermediate – since November 24.

US commercial oil reserves fell by 4.72 million barrels last week, as data from the country’s Department of Energy showed on the eve,
although experts interviewed by Bloomberg predicted a more moderate decline-2.5 million barrels. 

Inventories of raw materials in the US fell for the fourth week in a row. In the meantime,
the gasoline reserves increased by 5.53 million barrels of distillates – by 396 thousand barrels.

Oil reserves have seen a decline while gasoline reserves have seen a fairly large increase, with demand falling dramatically after last week’s jump.

Distillates showed only a slight increase, although demand for them decreased as well.

Prices also support reports of production suspension in several fields in Libya,
resulting in the country losing over 300 thousand barrels per day of production, according to the National Oil Company.

 

Wall Street’s recovery due to the increase in GDP growth estimates to 2.3% from 2.1% 

US indices rose by 0.7-1.2% overnight against the backdrop of good statistics and recorded growth for the second consecutive session.

The US Department of Commerce raised the country’s final GDP growth estimate in the third quarter to 2.3% from 2.1% on an annual basis,
while analysts expected no changes. 

In the second quarter of this year, US GDP rose by 6.7%.

According to the index compiler, the US consumer confidence index rose unexpectedly to 115.8 points in December.

The November index value was 111.9 points.

Analysts predicted the index fell to 110.8 points on average from the November level, according to data from Trading Economics.

The National Association of Realtors (NAR) reported that sales of existing homes in the United States increased by 1.9% in November to 6.46 million on an annual basis.

The index’s rise was observed for the third month in a row. Experts predicted an average increase of 2.8%, according to data from Trading Economics.

Investors continue to monitor the spread of the new omicron virus strain in the United States.

At the beginning of the week, it became known that the Omicron strain is responsible for 70% of Covid-19 diseases across the country.

On Tuesday, US President Joe Biden announced a plan to combat Omicron ,
and promised that he would not allow the situation to reach the closure phase, as in March 2020. 

The plan includes the government buying 500 million Covid-19 tests and distributing them free of charge to the population.

In addition, the government plans to store 400 million units of corona drugs, Bloomberg reported on Wednesday.

 

Positive Dynamics of Asian indices

The positive dynamics of indicators prevail in Asia on Thursday. Japan’s Nikkei Index rose by 0.4%, China’s Shanghai Composite – 0.1%,
Hong Kong’s Hang Seng Index rose by 0.2%, and US stock futures (S&P 500 Index future rose by 0.1%).

Beijing plans to support economic growth in 2022, including increased government spending, increased aid to producers and stable supply chains,
a spokesman for the Government Development and Reform Committee of the People’s Republic of China told the Xinhua News Agency. 

The State is one of the largest importers of oil, and its economic downturn can have a significant impact on global demand.

Market optimism also supports the fact that the Governments of some countries are refusing ,
to impose new restrictions to combat the spread of the Omicron coronavirus strain, which supports demand. 

Consequently, the United Kingdom authorities decided not to tighten the restrictions over the Christmas holiday,
and in Australia, Prime Minister Scott Morrison ruled out a new embargo but instead urged residents to receive booster doses of the Covid-19 vaccine.

Elon Musk sells another portion of his Tesla stocks

The president of Tesla, Elon Musk, sold another portion of the stocks of the electric car manufacturer, and as a result,
the company’s total stock volume sold by him is $15 billion.

Musk sold options to buy more than 2.1 million Tesla stocks, while he sold more than 934 thousand stocks, worth about $928.6 million, according to regulatory documents.

Musk conducted a Twitter poll on November 8 and promised to sell 10% of his stocks in Tesla if the users of this social network voted for such a move.

Prior to the Twitter poll, Musk owned 17% of Tesla, about $170.5 million, with his stake valued at more than $200 billion, and 10% of it at about $21 billion.

So far, Musk has sold about 14.8 million stocks, so he needs to sell securities worth just over $2 billion to meet the obligation, according to the Wall Street Journal.

Tesla shares fell by 0.5% in additional trading on Wednesday and have risen by 43% since the beginning of this year.

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