 Okay, very good morning to you. Hope you're doing well. It's Tuesday 27th of April and gonna get you up to speed on a couple of things as you Can see here Tesla shares were down about 2.5 percent after market yesterday following their earnings So I'll get up to speed with some of the details there Otherwise we had a record close on Wall Street for the S&P 500 And in fact seven of the 11 S&P 500 sectors were higher And that was mainly led by energy shares and just quickly moving over to the charts Momentarily here energy prices WTI crude futures continuing to just grind up yesterday and this morning find themselves up 64 cents 62.55 so WTI remain supported for the time being with equities up and around these record levels both the S&P and the NASDAQ As a reminder this week is particularly busy of course with corporate earnings not just Tesla We've got the likes of Microsoft and Google and I want to get you up to speed and what to expect from them as well Companies reporting this week constitute about 40% of the S&P 500's market capitalization Running through from who are reporting from Tuesday through to Thursday of this week and of course not just MSFT and Google. We've also got Apple and Facebook this week as well as Amazon as well So lots to go out so far We've had a quarter of the constituents of the S&P 500 report and by the numbers 84% of them have exceeded expectations and obviously a lot of these numbers were expected to Accelerate just given the kind of removal out of the post-pandemic kind of period But they've even exceeded those margins by 84% if we're looking at who've reported so far Otherwise just looking at the general sentiment this morning And we there's been a couple of other things to be OJ overnight, but no fireworks there Otherwise copper prices still very interesting Sam and I commented on that yesterday the latest little bump there just to help prices being a Strike that's happened a port strike in Chile and Chile particularly Obviously important for copper given that they account for about one third of all of the global supply of that particular industrial metal And also as well with China, we did have industrial profit data overnight in China, which was absolutely Crazy number But that's just due to base effects So I don't think you know It's really attributable for why copper is continuing if anything the trend is just continuing as far as copper is concerned And the futures and copper prices printing session high actually as I'm speaking right now otherwise FX markets and US yields pretty quiet actually and in fact I'd say top right here gold as well is also pretty range bound So you can see here whether you're looking at euro top left Cable on the top all gold on top right and tea notes down the bottom Yesterday session was fairly quiet all things being equal and then also as well the markets are waiting a lot of big things to happen And of course we've got the FMC on Wednesday You've got that Q1 advanced GDP on Thursday got major eurozone data on Friday You've got all those earnings. I just mentioned and so I think at the moment the markets just in a bit of a pause Mode just waiting for these latest developments and they're not forgetting as well We've got that American families plan speech coming out of Biden There's a lot of focus on the capital gains tax as well at the moment to get into so That's the overall context of things. So I'd say this morning Market direction is relatively neutral for the time being And as we look at the calendar during this briefing, you'll see that there's not too much going on Which does draw quite a bit of attention back to those earnings again So let's kick kick it off and let's talk about a few different things first of all Tesla as you can see here after market they did Fall actually more than 3% at one point down about 2.5% though in the end and and what actually happened here Well, they reported Q1 2021 adjusted the EPS at 93 cents unless we're expecting 79 revenues We're a slight beat 10.39 billion against 10.29 billion their free cash flow are also positive nearly 300 million dollars against street estimates of a negative 83 million a couple of comments that I think were quite interesting The company expects this year's volume growth to exceed 50% are saying that it's on track to start production Deliveries it's planned factories in Texas and Berlin this year. They delivered a record 184,800 vehicles globally in Q1 that beat market expectations particularly strong demand from China But the company did not offer a specific estimate for vehicle deliveries For this year and that was something that a lot of people were looking for in terms of details How's the year plan out? How confident are they about that? Some other interesting points although that the actual nominal value is fairly insignificant overall They did actually generate 101 million US dollars in income after selling about 10% of their Bitcoin holdings We can have a look at the Tesla chart in a second actually profit from Bitcoin regulatory credits and tax benefits Contributed overall to about 25 cents to Tesla's adjusted earnings of 93 cents to give you a bit of context there about how they generate They're general earnings. So look, let's have a quick look at Tesla shares because overall, I'd say a loss of 2.5 percent for Tesla post earnings actually pretty modest and actually relatively well contained all things being equal compared to the usual price swings that we see after earnings This is actually looking at Tesla shares. I mean if we go back to where we were in August or November, I think it was around that November time when A few months back when when Tesla originally was getting involved in Bitcoin. So you can see Going back to where we were trading in Bitcoin at the time the rationale for why they made a bit of money on the back of that But more importantly, I think is their Q1 earnings were just absolutely Sensational and so these numbers were a beat on the top and bottom line But it's just not enough really to to keep what is otherwise an incredibly elevated share price So if anything, I think these numbers were okay. It's just a fact that you know, they're kind of Subjects to just how great the share price has been that you know If it doesn't follow up with that Q1 stellar performance and really smashes it knocks it out the park then Markets just come off a tiny bit But as I said for Tesla, this isn't like a normal company in terms of its daily price fluctuations That's relatively contained and I've put a couple of markups here That was when Kathy Woods arc investment funds sold Some of the shares that that came out quite a technically strategic point at around 780 Which was as you can see here. There's previous areas to support we had through excuse me late Gen and Mid-February and but the rectangle here is what the indicative price is then for the market to reopen Just given those aftermarket earnings as you can see for me, that's within The the the kind of more positive side of what is quite a key technical level at around 708 they're trading about 719 in post market trade and reason why I like 708 as support is because of that area of Resistance turned support as well that it's had for the price action over the last seven eight weeks So overall it's worth bearing in mind that Tesla seen a price swing from the initial Q1 earnings report of up at 900 bucks to a low that we saw it beginning of March We've had a 40% Swing in price and we're about midpoint of where we're at at this point in time here for Tesla So a bit of context I think quite important, but Overall, they've survived this earnings release unscathed as far as their share price is concerned. I would say But a couple of other things to have a look at I'm sticking with the earnings team We've also had HSBC come out overnight and of course they are listed in Hong Kong And that's a good indicative way of looking at how their How what investors perceive their earnings and they were up about 2.7% so a positive reaction to their earnings release The main figure was their adjusted pre-tax profits Came out at six point three nine billion that was a firm beat on expectations of four point three billion on the street their Revenues were thirteen point two seven billion against expected twelve point six eight billion Profit advances in all the banks major business areas for HSBC So keep an eye out for them when they open up on the footsie today There's a few other earnings. I mean I'm filming this fairly early. So still haven't seen the numbers yet You've got lots of BP coming out today You've also got Novartis UBS as well all coming out ahead of the open. So just to be aware of Otherwise other news as I said very briefly Bank of Japan stands pat They left their policy unchanged. That's very much as expected They took an optimistic view of growth outlook while cutting its price forecast for the year No real defileable reaction load no great shocks here The other comment I wanted to touch upon was in the FT And this was talking about vaccines and the only reason I really wanted to point this out I don't think it's really I'd say important for intraday day trading strategies today, but I think from a bigger picture macro environment where we're kind of looking at COVID still as a significant driver and This disconnect we've got at the moment from a timings point of view between developed and emerging economies and how they're currently confronting this health crisis And in India, of course Excuse me. It's still one of the worst hit areas New Delhi reported that weekend Infection rates still well in excess of 300,000. I mean they're up around 349,000 at the moment and What was coming out in the news yesterday was that the US is under a lot of pressure because Europe has kind of committed so many vaccines to Go to these types of places the US have ordered well and above The number of vaccines that are Necessary in order to inoculate their own nation and Biden's basically come out and said the US plans to share 60 million doses of AstraZeneca's COVID vaccine and India obviously going to be one of the main Recipients of that so I just wanted to point it out because I do think it's important That you know as countries like the US in the months to come get to that kind of key Turning point where it's kind of the vaccines have done the predominant amount of their job But given that they've just gobbled up so much of the world's supply You know distribution elsewhere is going to be long-term beneficial for them and others from a global perspective Given the fact that we'd want to see the the COVID virus be because of Suppressed globally in order for the whole demand picture to pick up in a more equal fashion going forward Otherwise a quick look at the calendar for what's in store for the day ahead It's pretty quiet actually for the UK European Open nothing really major to comment on and actually today from a data point of view It's quite quiet. You've got US consumer confidence coming out at 3 p.m. You got the API all different trees after market is usually at 9 30 p.m. So really it's I mean unless you're a fixed income trader. You've got supply at Italy Germany You've also got the $62 billion 7-year note auction Remember the 7-year now I'd say the dust has settled This is the third one since that kind of February shock that we had that was a particularly bad auction So I don't really anticipate any issues with that one today So really it comes down to earnings then and the two big ones we're looking for of course are We'll pre-market just to give you a run through you've got UPS general electric theater 3m Eli Lilly and then after market You've got Microsoft and Alphabet undoubtedly the biggest ones But you've also got people like visa AMD if anyone interested in those kind of more social names you've got Pinterest as well, which also garners some headlight attention and What can we expect from Microsoft? Well a couple of analysts comments the company's Azure cloud business may modestly Decelerate in the March quarter results according to Cowan's Derek Wood one of their main equity analysts He expects to see an acceleration overall growth driven by improving demand for products like the office suite Amid the accurate recovery as well as a strong personal computer shipments that could help their windows business and Taking out over to Google It seems to be showing sustained growth and strength in the cloud according to Jeffrey's analyst Brett thrill Who expects part of the business to benefit from pent-up demand as the year goes on? Also an important metric to watch for for Alphabet for Google. He anticipates an acceleration in add momentum So something to keep an eye on as well. I get those numbers Aftermarket the final thing to comment on is there still is set to be an OPEC meeting happening tomorrow So front-running that as usual we get the joint ministerial monitoring committee the JMMC meeting today And that is going to be happening from one o'clock London time for any oil traders to keep an eye out for again, not expecting any changes from OPEC as they just roll over the Existing supply packed as it is given the balance at the moment of the the COVID situation globally Against the backdrop of a more constructive kind of outlook that we're anticipating to see with US growth going to be in Excess in excess possibly of six and a half percent QO growth that we'll see on Thursday And that's it. So Any comments at all just let me know drop a comment on this video if you're watching this on YouTube delayed Otherwise for the guys that fire live. I hope that was useful and I'll see you in the chat room. All right guys. Have a good day