Tesla share price drops after Twitter users support sale of Elon Musk’s stake

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gHello

We’re starting the week with a massive bet on China from accounting giant PwC, which plans to hire 20,000 people in the country over the next five years.

The £ 930million investment will double its presence in China and mean its operations there are twice the size of its home country.

The announcement coincides with the first day of the China International Import Expo, an annual conference in Shanghai promoting trade with the country.

The move comes despite continuing tensions between the West and China, with listeners increasingly drawn into disputes between the two sides.

5 things to start your day

1) Electric cars will become more expensive as battery costs skyrocket Chinese producers are reportedly looking to renegotiate customer contracts, especially by moving away from fixed price structures.

2) Inflation is about to give the Bank of England a boost, says Roger Bootle

3) German who tried, and failed, to hold back eurozone money printing ECB’s fiercest hawk Jens Weidmann resigned last month – but not before issuing a final warning on inflation

4) Tesla founder Elon Musk is set to sell $ 21 billion worth of Tesla shares after deciding Twitter followers. Some 3,519,252 votes were cast, with 57.9% of people saying they supported the sale.

5) London curbs on older cars can cause pollution on the road. Capital’s old car owners sell to avoid new restrictions

What happened during the night

Asian stock markets were mostly down on Monday after Wall Street hit a new high and China reported a double-digit increase in exports.

Tokyo, Hong Kong and Sydney retreated while Shanghai advanced.

The Nikkei 225 in Tokyo fell 0.1% to 29,570.32 while the Shanghai Composite Index fell 0.2% to 3,497.17. The Hang Seng in Hong Kong lost 0.3 pc to 24,792.27.

Seoul’s Kospi was down 0.9% to 2,942.42 and Sydney’s S & P-ASX 200 was down 0.2% to 7,440.90.

New Zealand and Bangkok fell while Singapore and Jakarta won.

Coming today:

Business : Sirius Real Estate (temporary workers); Ultra electronic, BAE Systems (commercial update)

Economy: Eurogroup meeting (EU)


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