Despite the global auto industry shrinking some 16% in 2020, sales of electric cars continued to grow last year. There are now more than 11m electric cars on the road globally, but this number is expected to grow almost 13-fold in the coming decade.
After drifting around 1.5% lower last week, the US Nasdaq technology index sold off 2.6% on Monday (10 May) in its worst day since March. Investors fretting over inflation fears sold down many of the biggest names in the tech sphere, which also helped to push both the S&P 500 and the blue-chip Dow Jones Industrial indices off their recent record highs.
Despite a strong showing during the latest earnings season, there was little or no price movement from the major tech firms suggesting that the ‘good news’ was already priced in. On Monday, these stocks came under fire, with the likes of Microsoft and Apple falling more than 2% and Tesla skidding more than 6%.
Elsewhere, Facebook dropped more than 4% with both Amazon and Netflix falling more than 3% and Alphabet (Google) easing 2%.
Tech stocks had rallied last Friday (7 May) when a much weaker-than-expected US jobs report assuaged concerns as to a policy change from the US Federal Reserve.
Adidas, the German sportswear giant, saw its shares jump almost 9% on Friday (7 May) when it reported strong sales growth and raised its outlook for earnings this year. This was in the expectation that the return of major sporting events would help tide over demand while it navigates continued lockdowns in Europe and boycotts in China.
In a statement, Adidas said it hopes sales growth in 2021 will reach the high teens, boosted by the 50% surge it expects to see in the second quarter. Sales growth will be driven by new products such as its Ultraboost recyclable running shoe and major sporting events such as the European (UEFA Euro) and South American (Copa America) football championships, it said.
China accounts for almost a quarter of Adidas’ sales but demand nosedived in March when the likes of Adidas, Nike and Puma made statements on the human rights abuses suffered by the Uighur Muslim population in Xinjiang – one of China’s key cotton-producing areas – which resulted in immediate Chinese boycotts of their products.
