The eyes of HUF owners at the MNB, should electric cars not be written off?

On Tuesday, the European stock markets show a significant but very different increase, the Stoxx 600 index improves by 0.7 percent and the EuroStoxx 50 by 0.8 percent. In Germany, Switzerland, and Italy, the increase is higher, over one percent, and in France or Great Britain, it is lower, a few thousandths, in the late morning. The German DAX was above 18,000 points at the beginning of the day. It may have helped that the performance of the euro area service industry in April was much more favorable than expected, especially in Germany.

The US futures indices are only marginally up, but on Monday the S&P 500 index bounced back from Friday’s level below 5,000 points to above this limit and at the same time broke a six-day negative streak. (Thus, after a 0.9 percent increase, it closed at 5,010 points.) The markets are waiting for important flash reports, such as Tesla and three other technology giants, but there will also be prominent macro data coming this week.

The BUX index also improved by 0.9 percent, and the OTP improved by the same amount. Mol falls by 1.2 percent, but Richter jumps by 2.4 percent. Telekom costs 0.2 percent more. The euro/forint is 393.90, which is a decrease of 30-40 fils compared to Monday evening, but it was also close to 395 in the morning. The MNB interest rate decision in the early afternoon and its commentary may still move the exchange rate.

Gold down, oil up?

Gold and silver continue to fall, by about one and a half percent, the yellow metal is only $2,312 (recently it was over $2,400). European natural gas is 1.7 and crude oil 0.4 percent more expensive.

Crude oil fell to more than three-week lows on Monday as market confidence grew that Iran and Israel will not go to full-scale war with each other. But it seems there are limits to the fall, as oil supply is expected to tighten in the coming months. The Organization of the Petroleum Exporting Countries and its allies, OPEC+, for example, maintained the pace of production cuts until at least the end of June. And the upcoming American driving season is expected to increase demand.

Everyone is waiting for Tesla

Tesla will start the results season of “Big Tech” companies on Tuesday, but General Motors’ report is also due before the opening of the American stock market, reports Investing.com. The market is quite pessimistic about the results of the leading electric car manufacturer. Because at the beginning of the month, it reported an 8.5 percent drop in deliveries and growing stocks, as well as new price cuts and significant layoffs.

The automaker also faces questions about its future strategy, especially after it scrapped plans for the so-called Model 2, a new low-cost vehicle, according to Reuters. Instead, it would focus on building a self-driving robot taxi (“robotaxi”). Investors will also be looking forward to news about its latest model, the Cybertruck, Investing.com wrote.

Another automotive giant reports

GM’s first quarter results will also come before the stock market opens on Tuesday. The auto giant is expected to report solid results, but will be hampered by higher costs related to the electric transition.

Will there still be a nice increase in electric cars?

Tesla may be in a difficult situation, but the market for electric vehicles (EVs) will continue to grow strongly this year, according to a recent report by the International Energy Agency (IEA). Sales of electric cars could reach 17 million this year, compared to 14 million in 2023. Worldwide, more than every fifth car sold will be electric, reports the publication Global Electric Vehicle Outlook.

EbbHe10 million vehicles are expectedughare sold in China.

Tight margins, volatile battery metal prices, high inflation and the phasing out of purchase incentives in some countries have raised concerns about the industry’s growth rate. But global sales figures remain strong, the Paris-based organization said. However, the share of electric cars in total purchases will vary greatly by region:

• in the United States, about one in nine vehiclesuh
• in Europe, every fourth
• In China, however, almost every second.

JPMorgan is pessimistic

The fall in the US stock market over the past three weeks was the beginning of a selling wave that is likely to deepen further, and the correction may continue, JPMorgan strategist Marko Kolanovic said, according to Erste Befektetési Zrt. Among other things, he cites the rising yield environment, the strong dollar and higher oil prices. According to a JPMorgan letter to investors

this week’s flash reports may temporarily stabilize the market, but that won’t mean they’re out of trouble.

In addition, too high inflation, fading expectations of central bank interest rate cuts and overly optimistic sentiment tend to strengthen downside risks.

Will the demand for bitcoin multiply?

The cryptocurrency market is quite quiet, bitcoin is around 66,000 and ether is below 3,200. The “halving” on Saturday morning was rather good for the exchange rates, but the transaction fees of bitcoin increased a lot.

The supply of new bitcoins entering the market could drop to $30 million a day after the halving, according to Bitfinex analysts. That’s less than a fifth of the average daily capital inflow into spot bitcoin ETFs, which is a whopping $150 million. In addition, investors are increasingly keeping their coins in direct custody (non-commissioned custody), the company added.