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Good morning, Bull Sheeters. European stocks and US futures are unchanged on Tuesday, jeopardizing the S&P 500’s six-day rally as we near a big day Impeachment proceedings on Capitol Hill.
Right now, most of the market action is taking place in the crypto corner, where Bitcoin hits a new all-time high overnight. Could it reach 50,000 by the end of the day? Some cops say this is just the beginning.
In today’s essay, I am concerned with the great Tesla Bitcoin News and tease out what this could mean for ESG investors, a real force on Wall Street.
In the meantime, let’s see what moves the markets.
- The mayor Asia indices are usually higher in afternoon trading, with the Shanghai composite above 1.9%.
- Chinese regulators are come down hard on Tesla Customer complaints are increasing about explosions and failed automatic braking technology. As a reminder, China is a critical market for Elon Musk’s EV manufacturers.
- Move on, Johnson & Johnson. Chinese vaccine manufacturer Cansino Biologic developed a single jab Covid-19 vaccination These are promising test results.
- The European stock exchanges were as flat as a crepe out of the gates with that Stoxx Europe 600 above 0.1% outdoors.
- Shares in total were at 1% after the French energy giant took a big hit and announced a pretty optimistic outlook for 2021.
- According to the Financial Times, EU legislators are Prepare legislation People like force Facebook and Google pay for messages. It mimics a similar media-friendly initiative from Australia that tech giants have protested loudly.
- US futures are flat this morning after all three major exchanges closed on Monday in record territory. The winning streak from Dow and S&P 500 stands by six straight. Can we do it seven today? The last time I checked was that the S&P futures were down three points.
- The argument is over $ 1,400 Stimulus checks take one It’s a crazy, crazy, crazy, crazy world Feeling. In the past few days we’ve seen run-down acolytes on the right to insist is to testand soak the rich left Raise objections to any handout restrictions. Here is an idea: Bury the money under the “Big W” and leave the Americans with some cryptic clues on how to find the loot. Or…
- … Just give every American family a supply Bitcoin. That would Elon Musk’s solution.
- gold sneaks up and trades around $ 1,850 / ounce.
- The dollar is down.
- Raw keep climbing. Brent trades nearby $ 61 / barrel.
- Bitcoin hit a fresh high and topped overnight $ 48,000.
A bull market within a bull market
Bitcoin is today . It’s up 20% in the past 24 hours. Let’s call it a bull market within a bull market.
I don’t own a Tesla and I don’t have any Bitcoin (and certainly no Dogecoin) in my portfolio. When it comes to cryptocurrencies, I’m a bit of one .
Maybe I should move with the times … When Bitcoin blew up the record books yesterday, we received a new call for Bitcoin $ 100,000. “You see the herd here and it comes,” crypto bull Michael Novogratz declared on Bloomberg Television yesterday.
At this price level, a single Bitcoin could buy a top-notch Tesla with the fanciest features. And if we correctly interpreted Tesla’s strange regulatory filings yesterday, the EV maker will actually begin Accepting Bitcoin for payment . . . probably payment for an actual Tesla automobile.
Yes, such a volatile currency for payment is to be accepted a GAAP nightmare. This also poses a potential nightmare dilemma for ESG investors. Tesla is already a darling of the fund managers who put this together Best performing US ESG ETFs and means. Will real climate hawks get them to launch a Bitcoin-backing Tesla?
UBS chief economist Paul Donovan sums up the mystery this morning well in an investor note:
Yesterday’s news “highlighted a conflict with sustainable investment growth,” he writes. “Crypto causes significant environmental damage without improving the standard of living. Can sustainability investors consider owning companies connected to crypto? “
A thorough review of the E in the ESG is probably long overdue on Wall Street. Last but not least, let’s hope that Tesla’s embrace of crypto will fuel this discussion.
I wish everyone a pleasant day. I’ll see you here tomorrow … Until then, there’s more news below.
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Correction: Thanks to an eagle eye reader who noted that I briefly resized the US stimulus package in yesterday’s bull sheet. It’s $ 1.9 trillion.