Sales of Tesla (TSLA) vehicles in Europe continued to fall in March, according to data from European Automobile Manufacturers’ Association (ACEA).
Tesla sales across Europe fell to 28,502 units last month, which represented a decline of 28% compared to 39,684 in the same month in 2024. ACEA's data, published on Thursday, showed that Tesla sales fell 37% to 54,020 in the first quarter compared to the same period last year.
Tesla's share of the market in the first quarter fell to 1.6%, compared to 2.5% in the same three months of 2024.
Read more: FTSE 100 LIVE: Stocks slump as BoE warns trade war will hit growth and UK confidence plunges to record low
This data comes following protests around the world against Tesla CEO Elon Musk for his political activities, heading up US president Donald Trump's Department of Government Efficiency and overseeing cuts to government agencies.
Musk said in a post-earnings conference call on Tuesday that he was going to spend spend less time in Washington and more time at Tesla. "Starting early next month, in May, my time allocation to DOGE will drop significantly," he said.
Shares rose on Wednesday on the back of Musk's comments, closing the session up more than 5%, despite Tesla's first quarter earnings missing estimates. Revenue of $19.34bn (£14.53bn) was below expectations of $21.43bn, according to Bloomberg consensus, while adjusted earnings per share of $0.27 also fell short of estimates of $0.44.
NasdaqGS - Delayed Quote • USD At close: April 23 at 4:00:00 PM EDT
Shares in software company International Business Machines (IBM) fell nearly 7% in pre-market trading on Thursday, following reports that some of its contracts had been impacted by DOGE cost cuts.
Reuters reported that around 15 of IBM's contracts with the federal government had been shelved under DOGE cost-cutting efforts. IBM chief financial officer James Kavanaugh told Reuters this amounted to about $100m in future payments, though this was said to represent less than 1% of the company's order backlog for its consulting unit.
Read more: Gold bounces back as Trump turmoil pushes safe haven demand
IBM's first quarter results, released on Wednesday, beat expectations, with revenue of $14.54bn compared to analyst forecasts of $14.4bn.
The company's second quarter outlook was also better than expected, with it guiding to revenue in the range of $16.4bn to $16.75bn.
IBM CEO Arvind Krishna said: "We remain bullish on the long-term growth opportunities for technology and the global economy. While the macroeconomic environment is fluid, based on what we know today, we are maintaining our full-year expectations for revenue growth and free cash flow."
At close: April 23 at 4:00:02 PM EDT
US planemaker Boeing (BA) confirmed that China had stopped accepting deliveries of its new jets, amid trade tariff tensions between Washington and Beijing.
"Due to the tariffs, many of our customers in China have indicated that they will not take delivery," said Boeing CEO Kelly Ortberg on an earnings call on Wednesday, according to Reuters.
Shares in Boeing jumped 6% in Wednesday's session, following the release of Boeing's first quarter results, in which it posted an 18% increase in revenue to $19.5bn.
Stocks: Create your watchlist and portfolio
Concerns about the impact of a trade war between the US and China continue to loom over markets, with futures attached to the key US indices slipping on Thursday morning, as investors reacted to mixed signals over tariffs.
Trump said on Tuesday that that he expects tariffs on China to come down "substantially" from the promised levy of up to 145%. Stocks then rallied on Wednesday after the Wall Street Journal reported that the Trump administration is considering reducing tariffs on China. However, this rally then lost some steam after Treasury Secretary Scott Bessent denied the report, saying there has been "no unilateral offer from the president to deescalate" the trade war with China.
At close: April 23 at 4:00:03 PM EDT
On the UK market, Unilever (ULVR.L) shares were muted, following the release of the consumer goods giant's first quarter results.
Unilever posted sales growth of 3% for the first quarter, while turnover of €14.8bn (£12.7bn) was little changed compared to the same period in 2024.
The company reconfirmed its full-year outlook for 2025, expecting underlying sales growth of 3% to 5% and said that the "direct impact of tariffs on our profitability is expected to be limited and manageable."
Unilever said it had cut around 6,000 jobs by the end of the first quarter, as part of its "productivity programme" to simplify the business, and expected to see around €550m in savings from this strategy by the end of 2025.
Read more: Stocks that are trending today
In addition, Unilever said that the spin out of its ice cream division was on track to be completed in the fourth quarter of 2025. It said that the new business will be called The Magnum Ice Cream Company and is expected to operate on a standalone basis from 1 July.
Richard Hunter, head of markets at Interactive Investor, said: "For many, Unilever will continue to be seen as a solid defensive play and a core constituent of most portfolios. Its characteristics have come into their own amid an uncertain global economic environment, leading to a share price rise of 25% over the last year, as compared to a hike of 4.5% for the wider FTSE 100 (^FTSE).
"While there are inevitably many similarities with its peer Reckitt Benckiser (RKT.L), there are also subtle differences which elevate Unilever to be the preferred play in this sector, with the market consensus of the shares as a cautious buy reflecting rather more visible growth and strategic prospects."
Online clothing retailer Asos (ASC.L) was the biggest riser on the FTSE 250 (^FTMC), with shares up 3.6%, following its interim results.
Asos reported a 13% fall in adjusted group revenue to £1.3bn ($1.7bn) in the first half of its fiscal year. However, the retailer posted positive adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) at £42.5m, up 59% on the same period last year. Meanwhile, losses shrunk to £69.5m, down from £120m in the first half of 2024.
José Antonio Ramos Calamonte, CEO of Asos, said that the company was "driving a significant transformation in profitability."
"Customers are responding positively to our focus on full-price sales, speed to market, and quality, resulting in a +9% YoY increase in ASOS Design sales in the UK, and positive momentum with our partner brands," he said.
Read more: What to expect from Mag 7 company earnings in light of Trump tariff turmoil
The company reiterated its full-year profitability guidance, expected adjusted EBITDA to increase by at least 60% to between £130m and £150m.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said that Asos was "on its way to delivering exactly what investors want — better profitability."
However, he added that there was "still a long way to go and a lot of challenges to navigate as Asos looks to turn its fortunes around. Active customer numbers and order numbers are still heading in the wrong direction. That’s partly due to the reduction in discounting activity and the shift in focus away from less profitable customers."
"Tariffs are another worry," he added. "Asos decided to close a large fulfilment centre in the US last year, meaning many US orders are now fulfilled from warehouses in Barnsley and Berlin. The group says it’s got the flexibility to tweak its sourcing and distribution model in response to tariffs, but the potential financial impact isn’t clear yet."
Nestlé (NESN.SW)
Chipotle (CMG)
JD.com (9618.HK)
Kering (KER.PA)
Domino's (DPZ)
Read more:
Download the Yahoo Finance app, available for Apple and Android.
