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European Stock Exchanges Still Close for A Day, Wall Street Will Open Soon

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The European stock exchanges will remain closed for another day on Monday, but trading in New York will start again after a long Easter weekend.

 

There, investors can finally respond to Friday’s strong US jobs data. The electric car maker Tesla is also in the spotlight due to new data on deliveries in the first quarter.

Employment in US companies and government agencies picked up the last month since last summer. That seems a sign that the labour market in the world’s largest economy is recovering from the corona pandemic. Investors in Japan and South Korea which were also traded on Monday, already reacted positively.

President Joe Biden called the job growth a sign of hope. His plan to invest many billions of dollars in infrastructure projects in the coming years should further boost the labour market, he says. Biden calculated based on “independent analyzes” that the plan will create 19 million jobs. The president also denied criticism that higher taxes he wants to impose on businesses could slow the economy’s growth. “It will not slow down the economy at all,” said Biden.

Tesla has managed to deliver more cars than in the closing quarter of 2020, despite chip shortages hampering car production worldwide. The fact that Tesla delivered more cars was partly due to the “strong reception” of the Model Y in China.

The chip problem caused delays at Tesla. Several other car manufacturers were forced to shut down production lines due to chip shortages. Automakers such as Ford, Toyota, General Motors (GM), Daimler, and Volkswagen face problems in the production process.

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