Daily Updates: Tesla, Boao Forum, GoTo

2021-04-20 17:48:53

S&P 500 Index Posted Biggest Drop

Asia stocks are set to open lower on Tuesday after weakness in the technology sector pulled U.S. indexes from all-time highs, with investors following the drumbeat of corporate earnings. The dollar fell. Futures pointed lower in Japan, Australia and Hong Kong. The tech-heavy Nasdaq 100 Index underperformed in the U.S. session, while the S&P 500 Index posted its biggest drop in almost four weeks. Tesla contributed the most to the decline as one of its electric cars that no one appeared to be driving crashed and killed two passengers. It rose after the end of regular trading when Elon Musk said Autopilot wasn't a factor in the accident. Treasury yields edged back up to around 1.6%. Meanwhile, Wall Street bears battered by the Reddit crowd earlier this year have yet to regain their gumption, even with stocks at records and valuations near two-decade highs.

Boao Forum is Back

China's high-profile Boao Forum for Asia — an opportunity for the government to try to lure foreign investors, sometimes described as the Chinese equivalent of Davos — is back. It's the first major meeting to be held offline this year in the world, with U.S. executives such as Tim Cook and Elon Musk among the 2,000 in-person attendees. Investors will be keen to learn about any new plans to open China's economy and markets to attract foreign investment, while another focus will be any new climate goals. Inbound investment is already booming this year, rising almost 40% to $45 billion in the first three months of 2021 — the highest for that period in comparable data back to 2002.

Tesla's Autopilot Incident

Two men were killed in Texas after a Tesla they were in crashed on Saturday and caught fire with neither of the men behind the wheel, the authorities said.

Tesla CEO says data recovered so far shows the car’s Autopilot system wasn’t enabled.

U.S. safety officials are investigating a fatal weekend crash involving a Tesla Inc. TSLA -3.40% vehicle, adding to a series of probes into incidents involving the electric-vehicle maker.

The accident has raised questions both about how the car was operated and the challenges of dealing with a fiery crash.

Elon Musk, Tesla’s chief executive, earlier on Saturday had promoted a recent safety report from the company, writing on Twitter that “Tesla with Autopilot engaged now approaching 10 times lower chance of accident than average vehicle.”

Tesla, which on its website calls Autopilot the “future of driving,” says the feature allows its vehicles to “steer, accelerate and brake automatically within its lane.” However, it warns that “current Autopilot features require active driver supervision and do not make the vehicle autonomous.”

Giant GoTo

Indonesia’s two most valuable startups — transport and delivery provider Gojek, and e-commerce company PT Tokopedia — are set to merge into a giant holding company called GoTo, according to people familiar with the matter. GoTo will have three business units: ride-hailing, e-commerce and payments and financial services. The merged company is targeting a valuation of up to $40 billion and Gojek co-CEO Andre Soelistyo is set to become its head, the people said.

The tie-up between the ride-hailing provider and e-commerce company will create the largest internet company in the world’s fourth most-populous nation.

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