Turkey’s lira and stock market tumble; travel stocks hit by holiday worries – business live
Rolling coverage of the latest economic and financial news
- Latest: Turkish tock market plunged over 8% this morning
- Bonds suffer biggest slump on record
- Turkey’s president Erdoğan fired central bank chief over weekend
- Governor dismissed after raising interest rates sharply
- Investors fear decision could backfire
- ‘As bad as Brexit’: Turkey faces currency crisis
- In London, travel stocks fall amid summer holiday worries
Also in the US, house sales fell sharply in February – another sign that the cold wintery weather chilled the economy.
Sales of existing homes fell 6.6% last month, more than the 3% fall expected.
US Home Sales Report – Read Here.https://t.co/0NGl50S1Ho pic.twitter.com/NWke3Niur8
Tesla is among the top risers on Wall Street, up 3.5% at $677, after asset manager ARK Invest set a punchy new price target for the company — $3,000 per share by 2025.
In our last valuation model, ARK assumed that Tesla had a 30% chance of delivering fully autonomous driving in the five years ended 2024. Now, ARK estimates that the probability is 50% by 2025.
Since our last forecast, neural networks have solved many complex problems previously considered unsolvable, increasing the probability that robotaxis are viable
Analysts have speculated about the prospect that Tesla will launch a robotaxi service since at least 2015, but there’s little indication its technology is close to making this possible anytime soon. Tesla recently told California authorities that human drivers will still need to constantly supervise a new city streets function within its “full self-driving” suite of features sold as part of its Autopilot package.
As for the company’s insurance product, that began in August 2019 and is currently available only in California.
Cathie Wood’s Ark has a new price target for Tesla: $3,000 https://t.co/DCARuUbVBM pic.twitter.com/yZ1SQyKrrZ
To start, ARK forecasts that Tesla’s almost non-existent insurance business could generate revenues of $6bn by 2025, with 40 per cent operating margins, more than three times the margins of auto insurance heavy weight Progressive.
Somehow, we are led to believe, it might manage to do this without having to meet the regulatory capital requirements that are de facto part of the business.
ARK’s Tesla model gish gallops to $3,000 per share https://t.co/tDSjuW9VYA | opinion
