Stock futures rose as investors braced for the July inflation report

Elon Musk is selling Tesla shares

Musk’s plan to buy Twitter has worried policymakers around the world.

Joe Captain | Reuters

Elon Musk Sold approximately $6.88 billion worth of Tesla shares — even though he said earlier this year that he “no longer plans to sell TSLA.”

Following Tuesday night’s financial filings, the Tesla CEO sold 7.92 million shares of the electric vehicle company. SEC filings show the transactions took place between August 5 and 9. Tesla held its annual shareholder meeting on August 4.

Earlier this year, Musk said on social media that he did not plan to sell Tesla shares after April 28. The billionaire investor is currently embroiled in a legal battle with Twitter, which he agreed to buy for around $44 billion.

Shares of Tesla rose 2% in premarket trading Wednesday; Twitter rose 4%.

– Sarah Min

European shares mixed ahead of key US inflation axis

European markets were mixed on Wednesday morning as global investors awaited a key US inflation print.

Pan-European Stoxx 600 Early in the morning it was roughly flat. Travel and leisure stocks rose 1.3%, while health care stocks fell 0.8%.

On the data front in Europe, German final July consumer price inflation was 7.5% year-on-year and 0.9% month-on-month, official figures showed on Wednesday, roughly in line with expectations.

Earnings are the main driver of individual share price movements in Europe. Major companies Ahold Delhaize, ABN AMRO, E.On, TUI Group, Metro, Deliveroo, Prudential and Aviva reported before the bell on Wednesday.

– Elliott Smith

China’s consumer prices hit a two-year high as pork prices rebound

China’s consumer price index hit a two-year high in July as pork prices rose again, according to official data released Wednesday.

Pork prices rose 20.2% in July from a year ago, marking the first increase since September 2020, according to Wind Information data.

In addition, pork prices recorded their biggest month-on-month increase – up 25.6%. Bian Shuang, an agricultural commodities analyst at Nanhua Futures, said in a statement that farmers’ reluctance to sell — hoping for higher prices in the future — contributed to the rise in pork prices.

Live hog producers are now operating at a profit, Bian said, indicating that there is a supply to come. Two upcoming Chinese holidays in September and October will help support consumer demand for pork, he said.

However, Inflation data on Wednesday This continues to reflect sluggish demand in China’s economy.

The consumer price index rose 2.7% in July, missing expectations for a 2.9% increase, according to analysts polled by Reuters. Additionally, despite summer vacations, the tourism price component rose only 0.5% in July from a year ago.

– Lee Ying Shan and Evelyn Cheng

Goldman, BofA and Barclays name their top consumer stocks

Market watchers are looking to the July inflation report – scheduled for release later today – for clues on what the Federal Reserve will do next at its September meeting.

Before the release of the report, The survey was conducted by CNBC Pro Wall Street Research Investment banks watch for signs of consumer weakness and identify their advice on how investors should position themselves in this environment.

Learn more about what consumer-related stocks analysts at Goldman Sachs, Bank of America and Barclays love.

– Javier Ong

Regional central bank chiefs to speak tomorrow

In addition to Wednesday’s consumer price index report, markets will digest Fedspeak from two regional bank leaders. They may provide additional insight into the Fed’s outlook and the size of future rate hikes, particularly at the September meeting.

Charles Evans, president of the Federal Reserve Bank of Chicago, will speak at 11:00 a.m. Wednesday at Drake University in Des Moines, Iowa.

Later, Minneapolis Fed President Neel Kashkari will address a panel on the recession at the Aspen Economic Strategy Group.

– Carmen Reinicke

The headline CPI report may show that inflation has cooled

July Inflation Report May show that prices have cooled – At least, that’s what economists and investors expect.

Economists’ estimates for the July report showed the consumer price index rose just 0.2%, down from 1.3% in June, according to Dow Jones. This would bring the year-on-year pace of consumer inflation to 8.7% in July, lower than the 9.1% seen in June.

If the reading is lower than last month, it may indicate that we are past peak inflation and are starting to move in the right direction. This will inform how aggressively the Federal Reserve is moving rates forward.

– Carmen Reinicke

Coinbase, Roblox trading down after hours

Coinbase and Roblox shares made some big moves after trading on Tuesday after reporting earnings that failed to meet Wall Street’s expectations.

Coinbase later fell more than 5% Income statement The quarter posted a bigger-than-expected loss, and the company missed revenue estimates.

Roblox fell more than 16% after the disappearance On revenue and earnings. Additionally, the company reported only 52.2 million average daily active users, compared to 54.1 million in the previous quarter.

– Carmen Reinicke

Leave a Reply

Your email address will not be published.