Key events
European markets are open for trading, and unlike yesterday – when we saw broad gains – it’s a mixed picture this Tuesday morning:
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FTSE 100 is down 0.3%
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FTSE 250 is up 0.06%
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Spain’s IBEX is down 0.09%
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France’s CAC 40 is up 0.1%
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Germany’s Dax is up 0.5%
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Europe’s Stoxx 600 is flat
Introduction: Elon Musk says humanoid robots to be used and sold by Tesla
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
We start the day with comments from none other than Tesla boss Elon Musk, who has revived the prospects of his company rolling out humanoid robots.
In comments made on his social media platform X, Musk claimed the electric carmaker will start using and eventually selling “useful humanoid robots” from next year.
Tesla will have genuinely useful humanoid robots in low production for Tesla internal use next year and, hopefully, high production for other companies in 2026
— Elon Musk (@elonmusk) July 22, 2024
It could be a lucrative business plan, though Musk has previously said that Tesla could mass produce the robots and sell them for less than $20,000 each.
But whether he can meet the self-imposed deadline remains to be seen. Remember that Musk previously said he expected Tesla would have self-driving taxis on the road within a year…that was back in 2019.
Meanwhile, Google’s parent company Alphabet has had its $23bn offer for Israeli cybersecurity firm Wiz have been rebuffed.
It would have been the biggest deal in Alphabet’s history, and the largest takeover of a venture capital-backed company.
While there has bene no public statement explaining why Wiz walked away from talks, the company reportedly sent an employee-wide email on Monday, saying:
While we are flattered by offers we have received, we have chosen to continue our path to building Wiz.
However, reports suggest there were also internal disagreements. Some board members at both companies were said to be concerned over whether the deal would gain approval from regulators, while other directors actively opposed the takeover.
Wiz, which was founded by alumni of Israel’s cyber intelligence unit, and was last valued at $12bn, will now pursue an initial public offering, according to reports.
The agenda
