Tesla shares boosted as Ticketmaster faces competition probe into Oasis pricing tactics

“There’s been a bit more optimism around from investors today, but confidence feels tenuous after the volatility of the last couple of days.” comments Danni Hewson, AJ Bell Head of Financial Analysis.

“Data pointing to a robust US service sector and a fall in weekly jobless claims has gone some way to allay fears of a slowdown but it’s a bit of a glass half full moment, with private sector hiring down at a three and a half year low.

“Every scrap of data is being interrogated as investors try and position themselves ahead of the Fed’s rate cut decision later in the month.

“There’s been better news from some of those ‘Magnificents’ today, with Nvidia making up some of its recent decline, potentially due to bargain hunters sensing an opportunity.

“Tesla’s shares also enjoyed a significant boost as the company announced it would look to roll out its self-driving software in China and Europe early next year, pending regulatory sign-offs.

“With the fight for EV market share becoming more of a bun fight every day, this technological edge could be kryptonite to the likes of Nio and BYD.

“Tesla has been trying to fight on their turf, cutting prices to compete.

“But Elon Musk has always been adamant that Tesla isn’t just a car maker and that USP could be the thing that helps it find its mojo once again.

Ticketmaster

“From one of the most anticipated musical comebacks of all time to a social media brouhaha that left stalwart fans fuming.

“Whilst dynamic pricing is a tolerated part of our consumer lives it often feels unfair. The question for the competition watchdog is whether the lack of transparency on the Ticketmaster website while Oasis tickets were being sold breached current protections.

“Were fans waiting patiently in lengthy online queues clearly informed that the price of those prized tickets could be significantly higher than the price paid by fans just a few hours earlier? And was the pressure to take the tickets at that higher price intensified because they felt the clock was ticking on the purchase?

“Judging by the vitriol sloshing around social media platforms the CMA won’t be short of responses to its call for evidence.

“The whole gig ticketing sector has been under scrutiny for years, with a particular focus on resale sites.

“But Ticketmaster’s US owner, Live Nation, is already under the microscope for what the US government have called monopolistic practices, with concern that its size and dominance of the sector has resulted in higher prices and fewer options for consumers.

“Its shares have come under a bit of pressure the last couple of days but over a year they’re up almost 15%, with must-see gigs like that promised by Oasis, and the stunning global success of Taylor Swift, showing that fans are willing to stump up hundreds of pounds to see their idols.”

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