Yahoo Finance

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Axel Rudolph, senior technical analyst at online trading platform IG, said:

George Smith, portfolio strategist for LPL Financial, said:

Tesla (TSLA) stock futures are currently down about 4.4%, compounding yesterday's losses.

It comes after a rating by Bank of America Global Research in which it cut its price target on the equity to $380 from $490

The stock has slumped over the past week, as data has shown a recent fall in sales in Europe, amid backlash against CEO Elon Musk.

Musk, a key adviser to US president Donald Trump, has made several high-profile interventions in European politics, including backing the far-right AfD party in the recent federal elections in Germany. In the US, demonstrators have been gathering outside Tesla (TSLA) showrooms to protest against Musk's advocacy for making spending cuts to government agencies, in his role leading the so-called Department of Government Efficiency (DOGE).

Meanwhile, the American Federation of Teachers (AFT) labor union is urging asset management firms to reconsider Tesla's (TSLA) valuation, highlighting particular concerns tied to potential risks for teacher pension funds, which have millions invested in the EV maker.

Traders are adjusting their bets of US Federal Reserve interest rate cuts upwards in light of the tariff drama, according to a Bloomberg report, which said money markets are predicting three quarter point rate cuts before 2025 is out for the first time since the end of last year.

The shift reflects political volatility, as president Donald Trump demonstrated readiness to follow through on threats in trade policy.

Prada (1913.HK) said its operating profit grew 21% last year on Tuesday, defying a slow down that has plagued luxury markets over the last few years.

The fashion retailer said revenues across all regions had grown by double digits, apart from the Americas, which was up by 9%. Sales across the Americas improved in the second half of the year.

The results come amid a storm of speculation that Prada is exploring buying out Versace, although the results didn't make mention of that.

Prada's primary listing is in Hong Kong.

Crypto prices were coming back down to earth on Tuesday, following a rally over the weekend prompted by a pledge by Donald Trump.

The US president posted on his social media network that his administration would look to move forward with a strategic crypto reserve, including coins such as cardano, solana and ripple. He later clarified this would also include bitcoin and ethereum.

Bitcoin (BTC-USD) was trading at around $83,500 on Tuesday, while ethereum fell 11.3% to just above the $2,000 mark.

Yahoo Finance UK's Vicky McKeever writes:

Shares in Nvidia (NVDA) slid 8.7% on Monday to their lowest closing price since last September amid reports of the tech giant's artificial intelligence (AI) chips reaching China despite export controls.

The Wall Street Journal reported on Sunday that Nvidia's (NVDA) Blackwell chips were reaching China through third-party resellers using entities registered in nearby regions in violation of export controls.

That report was followed by news that Singapore is probing Nvidia’s customers Dell (DELL) and Super Micro Computer (SMCI) — companies that make servers using Blackwell GPUs (graphics processing units) — for potentially violating US export restrictions in shipping servers that may contain Nvidia (NVDA) chips from Singapore to Malaysia. Authorities are investigating whether the servers then made their way to other countries.

"Anonymous traders cannot acquire, deliver, install, use, and maintain Blackwell products in unauthorized countries," an Nvidia (NVDA) spokesperson told Yahoo Finance in a statement. "We will continue to investigate every report of possible diversion and take appropriate action."

Shares in Nvidia (NVDA) were also down amid concerns around the impact of trade tariffs, as US president Donald Trump confirmed duties on Mexico and Canada would come into effect on Tuesday.

Derren Nathan, head of equity research at Hargreaves Lansdown (HL.L), said the fall in Nvidia (NVDA) shares was "driven by fears of further export restrictions to territories including China. But Chinese sales aren’t as big a part of the picture as they once were at around 13% of the group total. Nearly half of sales now originate in the US. Nvidia (NVDA) and volatility tend to walk hand in hand these days, but the long-term outlook still looks very strong."

Stock for the baked goods purveyor is down around 2.6% this morning.

Russ Mould, investment director at AJ Bell, said:

Chancellor Rachel Reeves is set to call for a major shakeup of procurement rules for the defence sector at a fireside chat later today at MakeUK's conference, calling out governments of all stripes for “ducking and dodging” the decisions needed to fire up Britain’s industrial base and unleash its potential to keep the country safe.

The proposed changes she will mention at the manufacturing-focused event are set to include reviewing single source contract rules that govern the majority of defence contracts to incentivise faster delivery, and learning lessons from the successful and rapid procurement of arms for Ukraine, the Treasury said.

She will say:

Yahoo Finance UK's Pedro Goncalves writes:

Oil prices have sunk to their lowest level of the year, hit by anxiety over the tariffs imposed by the US, and the retaliatory measures from Canada and China.

Brent crude futures dropped 1.4% to $70.65 per barrel, the lowest since early December, while US West Texas Intermediate (WTI) crude lost 1% to $67.66 per barrel, also a 2025 low.

The market was further weighed down by news that OPEC+ will proceed with a planned production increase in April. The group intends to unwind previous output cuts, raising supply by 138,000 barrels per day.

Joseph Dahrieh, managing principal at brokerage Tickmill, said crude oil futures continue to decline as OPEC+ boosts production and uncertainty mounts over US trade policy.

“The decision to increase output raises concerns about potential oversupply, particularly if demand growth fails to keep pace,” he said.

Geopolitical factors also add to the bearish outlook. Progress in European-led peace talks could lead to an easing of sanctions on Russia, reducing supply disruptions and potentially increasing the availability of Russian oil in global markets.

Meanwhile, the Trump administration’s tariffs on Canadian and Mexican imports, including energy products, could dampen economic activity and curb fuel demand. With global economic uncertainty persisting, analysts warn that oil prices could remain under pressure.

The International Energy Agency has warned of a supply surplus this year, while OPEC+ confirmed on Monday that it will begin increasing output in April. Saudi Aramco (2223.SR), the world’s sixth-largest company by market value, reported a 12% drop in annual profits to $106.3bn (£83.7bn) amid lower energy prices.

Warren Patterson, head of commodities strategy at ING, said oil is “under pressure on two fronts” due to US tariffs and OPEC+ supply plans. He warned that retaliatory tariffs could escalate trade tensions further, clouding the global growth and demand outlook.

After a rebranding experiment which caused many to scratch their heads, Scottish investment company Abrdn (ABDN.L) has decided to revert back to its original branding — Aberdeen.

In a quarterly report, the company said it is part of a wider strategic review.

The company's stock price is more than 12% higher this morning following the announcement, although perhaps less related to the vowels and more related to its first profit growth in three years

The dollar index, which tracks the greenback against a basked of currencies, is down 0.4% this morning, as tension mounts in US trade disputes.

The share price for oil major Aramco (2222.SR) fell 2% on Tuesday morning, after it reported almost $106.3bn in profit in 2024, a 12% drop from the previous full-year. It also cut its dividend.

Revenues hit $436bn in 2024 compared to $440.9bn in 2023.

“The decrease [in profit] was primarily driven by lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income,” Aramco said in a stock exchange filing.

The company will pay dividends of $21.36bn for the fourth quarter, which includes a performance dividend of $220m. In the coming year, it expects to pay dividends of $85.4bn, which is far lower.

Stock indices dropped back from highs on Tuesday morning as news hit that the US will suspend its military aid to Ukraine.

"We are pausing and reviewing our aid to ensure that it is contributing to a solution," a White House official told CBS News.

The US is the biggest funder of Ukraine's war effort, but Volodymyr Harvylov, a former Ukrainian deputy defence minister, has said that Europe can fill the gap.

“Europe will be capable to support Ukraine instead of US,” he told Radio 4’s Today programme.

Tenants are paying an average £1,284 per month on rent, an increase over the last year, according to Zoopla. Data from the property site shows that 12 renters are chasing every home for rent.

The average monthly rent for a new tenancy now stands at £1,284, equating to an annual cost of £15,400 – £3,000 higher than three years ago. However, Zoopla’s data suggests rental affordability, rather than increased supply, is the primary factor tempering rent rises.

“Rents are rising more slowly than average earnings, which will be welcome news for renters after three years where rents have risen rapidly,” said Richard Donnell, executive director at Zoopla. “Affordability remains the primary constraint on rental inflation rather than increased supply and greater choice of homes for rent.”

Rental growth has slowed, most notably in London, Scotland and the East Midlands, where supply has increased. In contrast, smaller and more affordable cities continue to see rapid increases, with rents in Blackburn rising by 10.1% over the past year, followed by Stoke (9.8%) and Rochdale (9.5%).

Read more on Yahoo Finance UK

From our US team:

US stock futures climbed as Wall Street prepares for President Donald Trump’s broad tariffs on America’s top trading partners to take effect today.

Futures attached to the S&P 500 (ES=F) gained 0.3%, Nasdaq futures (NQ=F) were up 0.5%, and Dow Jones futures (NQ=F) pushed up 0.2% from the flatline.

Canada and Mexico have 25% duties on US imports. The countries had been negotiating with the Trump administration to avoid the tariffs, but on Monday, Trump said there is "no room left for Canada or Mexico” to strike a deal.

Hello from London. Lucy Harley-McKeown here, gearing up for another day of markets and economic news.

On the slate today:

• Bank of England chief economist Huw Pill speaks at the 2025 BEAR Conference (2pm)

• Ashtead (AHT.L), Fresnillo (FRES.L) and Travis Perkins (TPK.L) quarterly results in London

• Quarterly results from oil giant Saudi Aramco (2223.SR)

• Prada (1913.HK) results

Let's get to it.