In today’s recap, we see Tesla beating its delivery estimates and, are we witnessing the beginning of a new financial crisis like the one we had in 2008-2009?
Tesla reported Q1 deliveries of 184K, a new record for the company. Analyst expectations were for deliveries of only 168K for the period. Tesla deliveries were almost entirely Model 3 & Model Y vehicles, selling just 2,020 Model S sedans & Model X SUVs. Model Y sales began in China starting in January. Model Y sales reportedly were strong in the U.S.
The financial fallout from the Archegos Capital hedge fund implosion that hit markets Friday is causing uneasiness for the 2nd trading day. The family office run by Bill Hwang was pushed to liquidate, forcing the sale of over $20B of stocks on Friday, after margin calls. The firm was selling shares in Chinese tech giants & U.S. media firms.
Bitcoin prices breached $59K Tuesday morning up another 2%, after it was reported that PayPal Holdings is set to announce that it will start allowing U.S. consumers to use their cryptocurrency holdings to pay for their purchases, to millions of its online merchants on a global scale.
China’s oil refining capacity has nearly tripled since the year 2000 & the IEA forecasts it will overtake the U.S. later this year. Crude processing in China will climb to 1 billion tons a year, or 20M barrels per day, by 2025 from 17.5M barrels at the end of 2020, according to Chinese officials.
Egypt’s Suez Canal is once again open on Monday, after tugs refloated a giant container ship, which had been blocking the channel for 6 days, causing a huge build-up of 422 vessels around the waterway. The backlog could be cleared in 3 -1/2 days. However, shipping group giant Maersk said the knock-on disruptions to global shipping could take weeks or months to totally unravel.
Virgin Galactic, the space tourism firm that hopes to send its 1st customers to space in 2022, unveiled a new spacecraft design. The sleek new space plane “Spaceship III” has a reflective coating that the firm calls mirror-like & is designed to be more easily manufactured & durable enough to help the company achieve its goal of flying 400 trips to suborbital space each year; The price of oil rises due to a possible increase in demand.
China is setting up to be the world’s largest oil processor; Asteroid 2001 FO32 passed close to Earth without posing a collision threat; Micron Technology shares rise after beating analyst estimates