They may be trailing far behind him on the wealth stakes, but Australian investors may have an Elon Musk-like spring in their step as share prices are expected to rise when trading resumes on Tuesday.
Futures trading on the Australian Securities Exchange (ASX) suggests the price benchmark will start about 1.0% higher, buoyed by a strong rebound on Wall Street, where Tesla stock finished higher on news of a handsome pay deal for its CEO Musk, the world's richest person.
At the time of writing, the benchmark S&P/ASX 200 September share price index (SPI) contract was trading 86 points above the previous settlement at 8,701 points.
The three major United States stock indexes recorded their biggest rises since 27 May on Monday (Tuesday AEST) amid bargain hunting after a sell-off and expectations of an interest rate cut in the wake of weaker-than-expected jobs data.
The Dow Jones Industrial Average jumped 1.3%, the S&P 500 surged 1.5% and the Nasdaq Composite soared 2% with technology giants leading the charge.
Electric vehicle maker Tesla's shares added 2.2% after granting Musk stock worth about US$29 billion to keep him focused and loyal.
"Today is just a little bit of dip-buying. It does show a pretty healthy sign of folks out there looking for an opportunity to get in," Horizon Investments Head of Research and Quantitative Strategies Mike Dickson was quoted in a Reuters story as saying.
The Australian share market ended up marginally on Monday with the S&P/ASX 200 Index putting on just 1.7 points to 8,663.7, erasing earlier losses.
On fixed interest markets, the Australian Government bond yield curve flattened as 10-year rates dropped 0.38% to 4.197% and two-year rates were just 0.03% lower at 3.261%.
