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Recap July 12: Elon Musk richer than Warren Buffett – Buffett starts to buy again (Recap Ep079)

In this week’s recap, we found that the U.S. markets had a mixed week, with gains made from fewer unemployment claims and a positive test for an anti-viral drug from Gilead Sciences overshadowed by a large increase in COVID-19 infection numbers. On Friday, the markets ended up positive.

Tesla CEO Elon Musk just passed Warren Buffett to become the world’s 7th wealthiest person. Its fortune rose over $6 billion on Friday after Tesla’s stock surged 10.8% to a record of $1,544 per share. Its market value now stands at $286.5 billion. J.P. Morgan boosts the surge in stocks, forecasting the manufacturing of 130K to 140K units a quarter by the end of 2020 up from 90K now.

The IEA reports global oil demand in the 1st half of 2020 plunged by -10.75M barrels a day, down -11% year to year. The forecast for the 2nd half is still down by -5.1M bpd. This means global oil demand in 2020 will average 92.1M barrels per day, down by -7.9M bpd versus 2019, a slightly smaller decline than forecast in the last report.

For the 1st time in 6 years, two U.S. Navy aircraft carriers are in the South China Sea as tensions mount, in the latest show of military might from the U.S. as it pushes back against China’s sweeping claim, to almost all of the 1.3 million square miles of the South China Sea, as its sovereign territory & in response to the buildup of military fortifications in the last few years, on several territorial disputed islands.

Tianwen-1 mission to Mars would be launched between July and August; an alleged case of bubonic plague in Bayan Nur; advertisers criticize Apple’s new user tracking requirements; Tesla is close to achieving level 5 in autonomous driving; Walgreens’ shares fall more than 6%; Bed Bath & Beyond plans to close more of its stores.

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