Tesla lowers spending forecast
Tesla posted $1.53 billion in free cash flow for the third quarter, compared with an expected cash burn of $4.92 billion, Cyprus Mail reported. The company spent $4.7 billion on capital projects during the quarter ended September 30, below the $7.5 billion average analyst estimate cited from LSEG data, although spending was double the level a year earlier.
The electric-vehicle maker now expects capital expenditure of roughly $20 billion in 2026, down from a previous forecast of more than $25 billion. It did not identify where spending would be reduced. Revenue was flat from a year earlier but exceeded Wall Street estimates, while net income fell 43%. Tesla shares initially rose 2% in after-hours trading before reversing to trade 2% lower, according to the report.
European equities close lower
European stock markets ended Thursday with notable declines, Interfax Russia reported. Italy’s FTSE index lost 2.5%. Interfax linked the wider retreat to rising oil prices, reduced risk appetite and signals of potentially greater global geopolitical tension.
Brent and yen rise separately
Brent crude futures climbed above $114 a barrel on ICE for the first time since May, according to TASS. The report also put WTI crude futures at $100.97 a barrel.
The Japanese yen reached its highest level in a month, Al-Quds reported. The publication attributed the move to stronger demand for perceived safe-haven assets amid global economic uncertainty and declining US bond yields.