FTSE 100 LIVE: Markets mixed as Musk has $1tn Tesla pay deal approved

The FTSE 100 (^FTSE) and European stocks were mixed on Friday following a busy week of earnings reports and market updates.

Elon Musk's Tesla (TSLA) captured headlines as markets opened, after a new pay deal that could be worth up to $1tn was signed off by the company's shareholders.

The deal was approved by 75% of voters at the electric vehicle maker's AGM late on Thursday.

It is conditional on a dramatic increase in Tesla's (TSLA) market value over the next decade. If certain targets are met, Musk will be rewarded with hundreds of millions of dollars in new shares.

Read more: Tesla shareholders approve Musk's $1tn pay package

Musk had previously said that he was uncomfortable leading Tesla (TSLA) without at least a 20% share of voting power, which the new package provides.

"I'd like to give a heartfelt thanks to everyone who supported the shareholder votes," Musk said at the meeting. "I super appreciate it."

Tesla's (TSLA) stock price was 1.5% higher in premarket.

Prior to approval of the latest plan, Musk held a 13% stake in Tesla (TSLA) after various share sales over the past couple of years, but he hasn't been "paid" in years, he said.

His 2018 pay package is embroiled in a lawsuit in Delaware, where shareholders alleged they didn't have enough information to properly vet the compensation awarded by the board, and a trial judge agreed. The Delaware Supreme Court is currently weighing the merits of Tesla's (TSLA) appeal.

London's premier index dipped 0.2%. The biggest drags on the FTSE were housing platform Rightmove (RMV.L) and British Airways owner International Consolidated Airlines (IAG.L) group, which both reported results today. The DAX (^GDAXI) in Germany gained 0.4%. Over in Paris, the CAC 40 (^FCHI) rose 0.4%. The pan-European STOXX 600 (^STOXX) added 0.2%. The pound lost ground against the dollar (GBPUSD=X) again, falling 0.2% to just above the $1.31 mark.

FTSE Index - Delayed Quote•USD

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10 mins ago

Lucy Harley-McKeown

Here's the Rightmove chart

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As of 8:41:52 AM GMT. Market Open. Advanced Chart 10 mins ago

Lucy Harley-McKeown

Rightmove erases quarter of value

Anthony Codling, managing director in equity research on housebuilding at RBC Capital Markets, said: 34 mins ago

Lucy Harley-McKeown

UK shopper footfall picks up after lacklustre September

Helen Dickinson, CEO of the British Retail Consortium, said:

The data showed that footfall across UK retail destinations fell -0.7% year-on-year in October, softening from September’s -1.8% drop but still marking a decline on last October’s -1.1%. High Streets saw a modest uplift of +0.6%, while Retail Parks dipped -0.5% and Shopping Centres fell -0.9%. 38 mins ago

Lucy Harley-McKeown

Here's the US stock futures chart

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6,761.50

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As of 3:46:52 AM EST. Market Open. ES=FYM=F NQ=F

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Lucy Harley-McKeown

US stock futures recover after selloff

Our US team writes:

US stock futures inched up Friday morning, hinting at a modest rebound after a steep tech-led sell-off rattled Wall Street.

Dow Jones Industrial Average futures (YM=F) rose 0.2%, with S&P 500 (ES=F) and Nasdaq 100 futures (NQ=F) gaining 0.2% and 0.3% respectively.

A broad decline for the major gauges was led by weakness in mega-cap technology and artificial intelligence names. Nvidia (NVDA), Advanced Micro Devices (AMD), and Microsoft (MSFT) all posted sharp losses for the day.

The Nasdaq Composite (^IXIC) tumbled 1.9%, while the Dow (^DJI) shed nearly 400 points. The S&P 500 (^GSPC)has fallen 1.8% for the week, with the Dow and Nasdaq down 1.4% and 2.8%, respectively, as investors prepare themselves to close the week in the red. 43 mins ago

Lucy Harley-McKeown

Housing market holds breath for budget

Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, said: 48 mins ago

Lucy Harley-McKeown

UK house prices rise by £1,647: Halifax

Vicky McKeever writes:

The average house price in the UK rose by 0.6% in October, or £1,647, bringing the cost of a typical home up to £299,862.

That marked the biggest monthly rise in UK house prices since January, according to the latest Halifax House Price Index. Annually, prices grew by 1.9%, up from 1.3% year-on-year growth in September.

Halifax also said that mortgage approvals had reached their highest level this year, suggesting resilient demand in the market.

Northern Ireland continued to see the strongest rate of annual house price growth in the UK, with average values climbing 8% over the past year and a typical home now costing £219,646.

Meanwhile, Scotland recorded annual house price growth of 4.4% in October, up to an average of £216,051. In Wales, average prices grew by 2% year-on-year, to a typical value of £229,558.

The North East recorded the highest annual growth rate in England in October, with prices increasing 4.1% to £180,924.

Prices in London edged 0.1% lower in October, though the capital remains the most expensive part of the UK, with average home costing £542,273.

Read more on Yahoo Finance UK 52 mins ago

Lucy Harley-McKeown

Good morning!

Hi! It's been a busy week, but we have more. Another day; another FTSE 100 live blog.

On the calendar today:

The Halifax house price index The British Retail Consortium's UK high street footfall monitor US non-farm payrolls (shutdown permitting).

Earnings from:

International Consolidated Airlines (IAG.L) Mitsubishi Heavy Industries (7011.T), Honda Motors (HMC), Olympus (7733.T) and Mazda Motor Corporation (7261.T)

Let's get to it.

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