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Tesla shares fell nearly 6% amid a broader market sell-off, with CEO Elon Musk attributing the decline to his involvement with Dogecoin and political challenges. He acknowledged that the situation is significantly impacting Tesla's stock value and sales, as protests against him occur at dealerships nationwide. Additionally, analysts are concerned about reduced delivery forecasts linked to the new Model Y and potential tariff impacts, which Musk recently indicated could negatively affect the company.
Japan is emerging from a prolonged deflationary period, with February's industrial production rising 2.5% y/y, driven by demand for manufactured goods ahead of new US tariffs. However, uncertainties surrounding US trade policies are impacting global sentiment and expectations for the Bank of Japan's rate hikes, with a forecast suggesting USD/JPY may end the year lower at 145.
Wisconsin is witnessing the most expensive judicial race in U.S. history, with over $90 million in funding for a Supreme Court seat that could shift the court's liberal majority. Notably, Elon Musk and his affiliated groups have contributed around $20 million, making the election a proxy battle over the president's agenda.
Elon Musk addressed the potential for stimulus checks funded by the Department of Government Efficiency (DOGE) during a rally, stating that the decision lies with Congress and the president. While DOGE claims to have saved $130 billion, some lawmakers oppose the idea of distributing these funds as checks, emphasizing fiscal responsibility amid a $36 trillion federal debt. The future of these proposed checks remains uncertain as discussions continue in Congress.
Trump has announced that a deal for the sale of TikTok will be finalized before the upcoming Saturday deadline. Meanwhile, Microsoft and its third-party vendors are utilizing cookies to enhance service delivery and ad personalization, allowing users to manage their preferences regarding data usage.
President Trump is poised to impose reciprocal tariffs on nations that tax US goods, a move he claims will revitalize American manufacturing and create jobs. However, this strategy risks raising consumer prices and could exacerbate economic instability, as market confidence wanes amid fears of recession. The potential for opt-outs and the uncertain long-term effects of these tariffs add to the unpredictability of his leadership.
Goldman Sachs has revised its economic outlook, raising the U.S. recession probability to 35% and lowering GDP growth forecasts due to escalating tariff tensions. The bank anticipates deeper interest rate cuts from the Federal Reserve and ECB, with the eurozone facing a potential technical recession in 2025. New tariffs proposed by former President Trump could significantly impact both regions' economies, prompting further adjustments in growth projections.
U.S. President Donald Trump's proposed 25% tariffs on imported vehicles and parts may not be permanent, according to Wells Fargo analysts, who anticipate he might retract them for trade concessions. The tariffs could raise domestic car prices and potentially decrease sales volumes by 11%, impacting the automotive sector's pre-tax earnings by $67 billion. As Trump prepares to announce further tariffs, concerns grow over inflationary pressures and economic growth amid ongoing trade tensions.
In a pivotal election, Elon Musk has invested around $20 million to support conservative candidate Brad Schimel in Wisconsin's Supreme Court race, which could shift the court's balance from a progressive to a conservative majority. This election is crucial, as it may influence key issues like abortion and voting rights in a highly contested state. Meanwhile, Bernie Sanders has endorsed Democratic candidate Weil in Florida's 6th District, highlighting a growing interest in progressive messages even in Republican-leaning areas.
Hedge funds rapidly sold off tech stocks last week, marking the fastest pace in six months and the highest levels in five years, as concerns over impending tariffs and potential recession grew. The tech sector, particularly AI-related hardware, saw significant net selling, with hedge fund exposure now at a five-year low. Major short positions included Nvidia, Advanced Micro Devices, and Tesla, reflecting a shift in market sentiment ahead of the April 2 tariff deadline.
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