- U.S. stocks opened firmer, before reversing on a huge turnaround in Tesla
- Tesla stocks fall after a negative analyst report
- Big Dollar slightly firmer on the day, oil and gold weaker
Bias: Risk neutral
U.S. stocks opened strongly out of the chute overnight, with follow through buying seen in early trade. The upside then stalled and turned hard on a complete change in fortunes for Tesla, which went from up 14+% to down 3% after an analyst report said it was more than 100% overvalued. California also ordered every bar in the state to close on Corona Virus concerns.
The volatility on equities saw the Dollar catch a bid overnight, with safe haven buying the dominant theme across the board.
Oil and gold both finished weaker on the day.
Expect local players to take stock today, which should see most markets trade tight ranges in Asia. The data calendar sees Chinese Trade, U.K. GDP, the German ZEW Index and U.S. CPI.