The Market Close - Tesla's new vehicles cause a buzz - Collins Sarri Statham Investments

Today's Closing Update

U.S. shares drifted lower, weighed down by losses in financial and technology stocks. With third-quarter earnings season coming to a close and no major economic data expected, investors are focused on Republicans’ efforts to pass tax cuts

European shares were mostly lower as investors digested new trading updates and followed the moves seen in markets Stateside.

Tesla has unveiled its first electric articulated lorry, designed to challenge diesel trucks as king of the road. The long-anticipated Tesla Semi has a range of 500 miles on a single charge. Tesla says the vehicle – known in the US as a semi-trailer truck – will go into production in 2019. Chief executive Elon Musk also unexpectedly revealed a new Roadster, which he said would be “the fastest production car ever” made. The red sports car was driven out of the trailer of the electric lorry during Tesla’s presentation on Thursday. The Roadster will have a range of close to 1,000km (620 miles) on a single charge and will do 0-100mph in 4.2 seconds.

New residential construction in the US jumped by much more than expected in the month of October, according to a report released by the Commerce Department on Friday. The report said housing starts spiked by 13.7% to an annual rate of 1.290 million in October from a revised 1.135 million in September. Economists had expected housing starts to climb to an annual rate of 1.185 million from the 1.127 million originally reported for the previous month. Despite the significant monthly increase, the Commerce Department said housing starts in October were down by 2.9% compared to the same month a year ago.

Britain could remain under European Court of Justice jurisdiction after the Brexit date of March 2019, but move to a new arbitration mechanism during the planned two-year transition, David Davis has suggested. The Brexit Secretary risked angering Conservative supporters of a “hard Brexit” in a speech in Berlin on Thursday. He said the implementation period proposed by Theresa May would involve “keeping both the rights of a European Union member and the obligations of one, such as the role of the European Court of Justice”.

Oil prices rose, but were still on track for a week of losses due to concerns about oversupply, as signs of rising U.S. output were compounded by doubts that Russia would support an OPEC deal to extend curbs on production.

Gold prices rose as the dollar softened on uncertainty about the progress of what would be the biggest overhaul of U.S. taxes since the 1980s.

Market Close

European shares were mostly lower as investors digested new trading updates and followed the moves seen in markets Stateside.

Gold prices rose as the dollar softened on uncertainty about the progress of what would be the biggest overhaul of U.S. taxes since the 1980s.

UK Risers & Fallers

Company	Price	Change	% Change
Petrofac	431.15	+24.1	+5.9%
Sky	940	+37	+4.1%
Convatec	205.4	+6.9	+3.5%
Carillion	21.375	-20	-48.2%
United Utilities	798	-36.5	-4.4%
Severn Trent	2092	-52	-2.4%

Reported Economic Data

Time/Date	Previous	Forecast	Outcome
9:30am: ECB President Draghi Speaks	–	–	–
2:30pm: U.S. Building Permits	1.23m	1.25m	1.30m
2:30pm: U.S. Housing Starts	1.13m	1.19m	1.29m