Weekly Market Update - 25 April 2022

Probe Delay

The U.K. government has proposed to delay a decision on whether Boris Johnson should face a parliamentary probe over the partygate row, the Conservative Party’s latest attempt to take the heat out of an issue which has threatened the British premier’s position. An amendment to a vote due today says the decision about an inquiry should only be made once the police investigation into alleged gatherings in Downing Street during the lockdown is concluded. It suggests Johnson may well survive to fight the next election despite breaking the law.

Source: Bloomberg

Money-Making Tesla

Tesla reported better-than-expected first-quarter results, buoyed by strong demand for its electric vehicles, with Elon Musk predicting output will grow at a fast clip for the rest of the year despite supply-chain challenges. Musk said Tesla should be able to make up for any production shortfalls in the first half of the year from coronavirus-related shutdowns at its factory in Shanghai, and is on track to expand production to more than 1.5 million vehicles this year. Shares jumped in post-market trading.

Source: Bloomberg

Macron Win

Emmanuel Macron has won five more years as France's president after a convincing victory over rival Marine Le Pen, who nevertheless secured the far right's highest share of the vote yet. He won by 58.55% to 41.45%, a greater margin than expected.

The centrist leader told jubilant supporters at the foot of the Eiffel Tower that now the election was over he would be a "president for all". He is the first sitting president in 20 years to be re-elected. Despite her loss, Ms Le Pen, 53, said her significant vote share still marked a victory.

Source: BBC