Tesla published its results last night. The company had already communicated previously about the number of deliveries in the first quarter of 2021: 184,800 vs. 180,600 in Q4 2020 and 88,500 in Q1 2020. Like every quarter, the results are inflated by the sale of carbon credits. Without these and without the capital gain on […]
THE BOND-EQUITY DIVERGENCE WAS A CONUNDRUM Before the emergence of the sanitary crisis, the divergence of views between the equity market and the bond market was intriguing. It was 2019 and the deflationary risk was significantly priced in by the bond market while the equity market behaved as if nominal growth would be optimal for […]
The utilities sector is generally regarded as a safe haven during crises. This is due to the facts that its activity is recognised as essential to a country’s ability to function and that energy demand cannot fall to nothing. That being said, the utilities sector is worth another look in light of current risks of weaker demand, unpaid bills and falling prices.
The recent spike in palladium prices is creating new challenges, particularly for the auto sector. In 2019, palladium prices ranged between 1267 and 1977 dollars per ounce. A 54% increase made palladium literally worth more than its weight in gold for most of the year. On 20 January, palladium moved above 2500 dollars per ounce. […]