Weekly Market Update - 12 June 2023

Tesla Superchargers

General Motors will follow Ford’s lead in adapting its electric vehicles to Tesla’s Superchargers, all but ensuring it will become the industry standard in the US. The move by GM effectively ends any indecision among automakers and their charging network partners over which standard to use. With the three largest US-based companies joining forces, it will put pressure on other companies to ditch the industry’s previous standard, called CCS, and build out their networks using Tesla’s system.

Source: Bloomberg

Japanese Prime Minister

Japanese Prime Minister Fumio Kishida may call an early election despite a public rift in his 24-year-old coalition, given that delaying the vote may be a more unpalatable prospect. A stock market at three-decade highs, an economy expanding faster than expected and a rise in poll numbers could lead to Kishida to call a general election in July or the autumn. That would mean a vote before he needs to decide how to fund increased spending on defense and boosting the birthrate — which could lead to unpopular tax hikes.

Source: Bloomberg

Sports Stars

Argentine superstar Lionel Messi plans to join US Major League Soccer club Inter Miami, turning down a deal from Saudi Arabia that would have paid him $400 million annually. Messi is reportedly being offered profit-sharing agreements with Adidas and Apple and could also get a stake in the club. The move from Europe to the US would be a significant blow to Saudi Arabia’s global sports ambitions as it tries to add star power to its domestic soccer league. Meanwhile, the proposed tie-up between Saudi-backed LIV Golf and the PGA Tour is raising serious concerns with US and European antitrust enforcers.

Source: Bloomberg