Recap September 13: Tesla stock collapses & recovers – Cryptos illegal in Europe (Recap Ep088)

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This week Tesla stock collapsed along with the market and then recovered back up again. Cryptocurrencies are observed closely by the European Commision. The EC wants to disallow their operation in the European Union until legal, regulatory & oversight challenges have been addressed.

Electric automaker Nikola Corp jumped 40% on Tuesday to $50.00 a share, after General Motors Co said it was acquiring an 11% stake in the company. As part of a deal that will give GM a $2B investment it will supply Nikola with the new Hydrotec fuel-cell technology & Ultium batteries it has developed. Nikola shares are up +385% in 2020, with a market capitalization of $13.5B.
In a matter of weeks, California has been hit with 2 record-breaking heat waves, 100’s of blazes torching 1.67M acres & lightning storms. Unusually strong winds threaten to knock down power lines & ignite more wildfires, prompting PG&E Corp the state’s largest utility, to plan power cuts for over 500K people, possibly leaving them without electricity for days.
U.S. Customs & Border Protection officials have already prepared orders to block imports of cotton, tomato products & 5 other imports from China’s western region of Xinjiang, over accusations of forced labor, though a formal announcement has now been delayed.
AstraZeneca suspends global trials of its experimental coronavirus vaccine after an unexplained illness in a participant, hitting the U.K. drug-maker’s shares on Wednesday, as prospects for an early release dimmed. It had been described by the World Health Organization, as probably the world’s leading candidate & the furthest developed.
The U.K. put Brexit trade talks into crisis on Wednesday by publishing a bill that acknowledges the government may break international law, by ignoring some parts of the treaty it signed with the European Union. Britain quit the E.U. in January, but has remained part of its single market, largely free of trade barriers, under a status quo agreement that will expire in December.
The ongoing expansion of U.S. efforts to hobble Chinese companies in recent weeks & months, has sparked a rush by global lenders to reduce exposure to these firms & to identify others that may soon be targeted by U.S. officials, a number of global banking employees have now revealed.

Protests against police brutality leave 7 dead in Colombia; The U.K. has reached a free trade agreement with Japan; Oracle up over +4% exceeding expectations; Manuscript to be auctioned in the US would have been stolen from the Mexican national archives; Mortgage applications to buy houses in the US rose

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