China Manufacturing PMI Contracts Again as Recovery Remains Fragile 
Dollar Holds Near Two-Week High as Fed Rate Hike Bets Rise 
Gold Prices Slide as Iran Conflict Fuels Fed Rate Hike Bets 
Brazil, US Resume Tariff Talks as Trade Tensions Persist 
Australia GDP Beats Forecast, Boosting RBA Rate Hike Bets 
RBNZ Raises Interest Rate to 2.75%, Kiwi Dollar Slides 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
Gold Prices Steady as U.S.-Iran Tensions Lift Inflation Risks 
Ukraine Sanctions Chief Heads to Washington to Push Russia Bill 
India Manufacturing Growth Slows to Five-Year Low in August 
Asian Stocks Slip as Fed Rate Hike Bets and Oil Surge Weigh 
Bessent Urges Japan on Fiscal Discipline, BOJ Rate Hikes 
German Retail Sales Drop 3.4% in July 
Oil Prices Rise as U.S.-Iran Fighting Fuels Supply Fears 
FTSE 100 Falls as US-Iran Conflict Drives Oil Prices Higher 
Asian Stocks Tumble as Oil Surge Fuels Rate Hike Fears 
Global Markets Brace for Fed Rate Hike as Oil Tops $91 
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Tesla Beats Q3 Estimates, Forecasts 2024 Delivery Growth
Tesla delivered third-quarter results that exceeded Wall Street expectations, reflecting improved margins and stronger automotive sales. Despite challenges in the electric vehicle (EV) market, Tesla predicts "slight" growth in vehicle deliveries for 2024.
Q3 Earnings Surpass Expectations
For Q3, Tesla reported adjusted earnings per share (EPS) of $0.72 on revenue of $25.18 billion, beating analysts' forecast of $0.60 EPS, though revenue slightly missed the $25.4 billion estimate. Tesla shares rose by over 8% in after-hours trading.
The company’s automotive sales reached $20.02 billion, up from $19.63 billion in the same period last year. Additionally, gross margins, excluding regulatory credits, improved to 17.05%, up from 14.7% in the previous quarter.
Energy Business Hits New Record
Tesla's energy division posted a record gross margin of 30.5% in Q3, driven by increased Powerwall deployments, despite lower Megapack volumes. The company expects energy storage deployments to double year-over-year in 2024.
Services and Future Outlook
Tesla’s services and other business sectors saw a gross profit surge of over 90% year-on-year in Q3. Moving forward, the EV maker is preparing to introduce new, more affordable vehicles by the first half of 2025.
Although Tesla's stock has declined 14% this year amid concerns over demand and competition in China, the company remains optimistic about future growth.
