Just 10 days ago, Elon Musk said delivering new vehicles to customers before month’s end was the “primary priority” of every Tesla Inc. employee.

So what was he doing touting a rap song and tweeting about emojis over the critical last weekend of the quarter?

On Saturday, Musk dropped his song on Soundcloud, a two-minute, heavily Autotuned ditty titled “RIP Harambe,” referencing a three-year old internet meme about a gorilla killed at the Cincinnati Zoo in 2016.

“RIP Harambe/Sipping on some Bombay/We on our way to heaven/Amen, Amen,” Musk sings. “RIP Harambe/Smoking on some strong (hey)/In the gorilla zoo/And we thinking about you.”

As of Sunday evening, the song had been played more than 527,000 times.

“I’m disappointed that my record label failed,” he said in a subsequent tweet. His “record label” was Emo G Records (sound it out), and he also tweeted extensively over the weekend about the quality of emojis.

But the oddly off-topic tweets may actually be a good sign about Tesla’s end-of-quarter delivery crunch, if one assumes Musk had time to goof off because he was no longer worried about last-minute deliveries.

“Amazing work by Tesla Delivery teams, especially in Europe & China!” Musk tweeted Saturday, perhaps hinting at that theory. “Most insane logistics challenge I’ve ever seen. Thanks also to many country & city officials for your help this weekend! Super appreciated.”

Of course, if Tesla’s deliveries come up shy of expectations, analysts may well wonder about Musk’s focus.

The first quarter ends Sunday, and Tesla is expected to announce its quarterly deliveries early this week. Analysts polled by FactSet expect the company to report 76,000 vehicle deliveries in the quarter.

The delivery crush has been well-documented. On March 21, Musk reportedly sent an all-hands email to Tesla employees calling on them to help clear “a massive wave of deliveries,” thanks to new Model 3 deliveries to Europe and China. “For the last ten days of the quarter, please consider your primary priority to be helping with vehicle deliveries,” Musk’s email reportedly said. “This applies to everyone.”

A week prior, another Tesla executive sent a similar email to Tesla workers, saying 30,000 vehicles needed to be delivered by the end of March.

But even as one production and delivery cycle was winding down, Musk had his eyes on a production cycle to come.

On Saturday, he tweeted a photo of a Tesla Semi delivering Model 3 sedans, adding: “We’ve been so mired in production & logistics for past 18 months. Really looking fwd to getting Semi into production.”

Musk’s more immediate focus will likely be in a Manhattan court hearing Thursday, in which he will square off with the Securities and Exchange Commission over whether he should be held in contempt of court over a February tweet.

Tesla stock

TSLA, +0.45%

  ended down 13% in March, its worst monthly performance since March 2018. For the quarter, Tesla shares were down 16%, their worst quarterly performance since the third quarter of 2018. All three major stock indexes were up about 10% over the past quarter.

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Asian markets rose in early trading Monday after encouraging economic news from China.

China’s official purchasing managers index, released Sunday, showed that the country’s manufacturing sector rebounded strongly in March, to a six-month high of 50.5, from 49.2 in February. Later, the private Caixin China manufacturing purchasing managers index rose to 50.8 in March from 49.9 in February, expanding for the first time in four months. The readings helped ease worries that the world’s second-largest economy was significantly slowing down.

The Shanghai Composite

SHCOMP, +2.49%

  surged 2.3%, and the smaller-cap Shenzhen Composite

399106, +3.46%

  soared 3% on the news. Hong Kong’s Hang Seng index

HSI, +1.63%

  rose 1.5%, and Japan’s Nikkei

NIK, +1.43%

  was up 1.9%. South Korea’s Kospi

SEU, +1.29%

  advanced 1.2% Benchmark indexes in Taiwan

Y9999, +0.01%

  and Singapore

STI, +0.93%

  rose as well, though stocks in Indonesia

JAKIDX, -0.19%

  declined. Australia’s S&P/ASX 200

XJO, +0.59%

  gained 0.7%.

Among individual stocks, Apple Inc.

AAPL, +0.65%

  supplier Japan Display

6740, +10.14%

  skyrocketed after announcing it would seek nearly $1 billion in new financing. SoftBank

9984, +1.44%

  and Toyota

7203, +2.45%

  also advanced. Sunny Optical

2382, +4.53%

  and Galaxy Entertainment

0027, +5.89%

  rose in Hong Kong, and Samsung

005930, +0.90%

  and SK Hynix

000660, +3.23%

  gained in Korea. Beach Energy

BPT, +1.46%

  and Rio Tinto

RIO, +1.65%

  advanced in Australia.

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U.S. stock futures climbed on Monday, the first day of the new quarter, after better-than-expected China manufacturing data calmed some lingering concerns about momentum for the world’s second-biggest economy.

How did the benchmarks fare?

Dow Jones Industrial Average futures

YMM9, +0.61%

 jumped 164 points, or 0.6%, 26,095, while S&P 500 futures

ESM9, +0.62%

 climbed 18.45 points, or 0.6%, to 2,856.25. Nasdaq-100

NQM9, +0.97%

 gained 74.75 points, or 1%, to 7,475.25.

On Friday, the Dow

DJIA, +0.82%

rose 211.22 points, or 0.8%, to 25,928.68, while the S&P 500 index

SPX, +0.67%

gained 0.7% to 2,834.40. The Nasdaq Composite Index

COMP, +0.78%

advanced 0.8% to 7,729.32.

DJIA, +0.82%

The S&P 500 closed out the week with a 1.2% gain, a 1.8% monthly rise and a first-quarter advance of 13.1%, the best quarterly performance since the third quarter of 2009.

What’s driving the market?

The Caixin China manufacturing purchasing managers index rose to 50.8 in March from 49.9 in February, rebounding to expansionary territory for the first time in four months. Gains for the private gauge came on the heels of China’s official manufacturing PMI released on Sunday, which rose to a six-month high of 50.5 in March from 49.2 in February.

Concerns over the global economy have dogged investors in recent months, and the upbeat economic news from China rallied perceived riskier assets such as stocks, with the Shanghai Composite

SHCOMP, +2.52%

gaining more than 2%.

Investors will all get important updates on the U.S. economy this week, after a lousy start to the year, with March employment due at the end of the week. Just 20,000 new jobs were created in February and Wall Street is hoping for a rebound.

Monday’s data calendar is packed, with retail sales data for February due at 8:30 a.m. Eastern Time, the final Markit purchasing managers index for March at 9:45 a.m. Eastern, and the March Institute for Supply Management index at 10 a.m. Eastern, along with February construction spending and January business inventories.

Read: Why the markets aren’t buying the Fed’s claims about the strength of the U.S. economy

Friday’s bullish session for stocks and end to the first quarter was partly driven by fresh hopes for a trade deal between the U.S. and China, after Treasury Secretary Steven Mnuchin tweeted that “constructive” discussions between China’s trade envoy and U.S. officials.

On Sunday, China’s State Council said it would suspend additional tariffs on U.S. autos and auto parts, in a bid to help “create a good atmosphere for the ongoing trade negotiations between both sides,” according to Reuters. Talks will resume in Washington this week, with a Chinese delegation led by Vice Premier Liu He.

What are strategists saying?

“We believe we will continue see a rebound in Q2 [China] data, that tends to correlate with commodity prices, and we have seen higher prices for both metals and oil this year,” said analysts at Danske Bank, in a note to clients. “Hence, the PMIs are encouraging. We also expect further monetary easing to add to the stimulus and thus support activity in Q2.”

How are other markets trading?

Apart from hefty gains for China stocks, the rest of Asian markets rose, with the Nikkei 225 index

NIK, +1.43%

 rose 1.4%, while Korea’s KOSPI index

SEU, +1.29%

 rose 1.4%. European stock futures also pointed higher.

U.S. crude prices

CLK9, +0.62%

 added 0.8%, while gold

GCM9, -0.34%

 eased up, and the ICE Dollar Index

DXY, -0.10%

 also fell.

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Kellogg is nearing a deal to sell its Keebler, Famous Amos and fruit snacks businesses to Nutella-owner Ferrero for between $1 billion and $1.5 billion, people familiar with the situation tell CNBC.

An announcement could come as soon as Monday, the people said, requesting anonymity because the information is confidential.

Ferrero beat out lead contender Hostess Brands for the Kellogg cookie assets, the people said. The owner of Twinkies and Ho-Hos had been looking to acquire the Keebler business through a “Reverse Morris Trust.” The Reverse Morris Trust or RMT is an unusual deal structure that allows for a tax-efficient combination of two similarly sized companies.

Kellogg announced the sale of its cookie brands last year, along with Murray and Mother’s cookies and Stretch Island fruit snacks.

The deal is the latest in a string of acquisitions for Ferrero. The company, founded in Italy as a family business in 1946, first entered the U.S. market in 1969 with its Tic Tac mints. Over the past two years, its built up that foothold, buying Ferrara Candy Company for $1 billion and Nestle’s U.S. candy business for $2.8 billion. Its array of brands now include Buttterfinger, SweeTARTS and Crunch.

Its U.S. strategy has been to buy brands that, like Nestle’s candy business and Kellogg’s cookie business, have been neglected within broader food companies’ portfolios. It plans is to pour its resources into reinvesting and modernizing those brands. Already, it has rolled out a “better Butterfinger” with larger peanuts, more cocoa and milk and no hydrogenated oils.

Kellogg, meantime, is paring back its portfolio to focus on brands it can revive,like Pringles, Cheez-Its and Rice Krispies Treats. Shares of Kellogg, which has a market capitalization of $19.72 billion, are down nearly 11 percent over the past year.

“We need to make strategic choices about our business and these brands have had difficulty competing for resources and investments within our portfolio,” Kellogg CEO Steve Cahillane said in a statement when announcing the planned divestitures.

The Corn Flakes-owner acquired Keebler in 2001 for $4.4 billion. At the time, part of its draw was the cookie brand’s “direct-store delivery” platform, through which employees place the company’s own products in stores, rather than ship from warehouses. So-called DSD gives a food company more control over ensuring proper display in grocery and convenience stores. But as in-store sales of products like cookies have fallen, it is less economical. Kellogg has since dropped DSD distribution.

Kellogg and Ferrero did not immediately respond to requests for comment.

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Manufacturing activity in China expanded unexpectedly in March at its fastest pace in eight months, a private survey showed on Monday.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 50.8 for March. Analysts had expected it to come in at 49.9 for a second month, according to a Reuters poll of economists.

A reading below 50 signals contraction, while a reading above that level indicates expansion.

New orders climbed to their highest level in four months, while the index for new export orders returned to expansionary territory, “showing that both domestic and external demand rebounded moderately,” wrote Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin.

Markit and Caixin said in a joint press release that staffing levels at factories rose in March to mark their first expansion since October 2013. Some firms also hired additional workers to support greater production and new business developments, they added.

“Overall, with a more relaxed financing environment, government efforts to bail out the private sector and positive progress in Sino-U.S. trade talks, the situation across the manufacturing sector recovered in March,” said Zhong.

Results of the private survey came after data on Sunday showed the official Purchasing Managers’ Index rose to 50.5 in March from February’s three-year low of 49.2. It marked the first expansion in four months, according to data released by China’s National Bureau of Statistics.

The manufacturing numbers come amid ongoing tariff talks between the U.S. and China aimed at resolving their trade differences. High-level trade negotiations between the two economic powerhouses are set to resume in Washington this week following last week’s talks in Beijing.

The Caixin PMI is a private survey focused on smaller businesses and offers a first glimpse into the operating environment. It is closely watched as an alternative to the official PMI.

Despite the strength of China’s March manufacturing data, there are still reasons to be cautious about the country’s near-term outlook, said Julian Evans-Pritchard, senior China economist at Capital Economics.

The breakdown of both the official and private PMI indexes suggests a slight recovery in external demand, with most of the improvement coming from a pick-up in domestic demand, wrote Evans-Pritchard in a note on Monday.

“We suspect that this was driven by stronger fiscal support since local governments have stepped up bond issuance recently,” he added. “On that note, the official PMI for the construction sector rose last month, consistent with an acceleration in infrastructure spending.”

China’s growth could still weaken in the near-term as indicated by recent credit growth data and a sharp decline in land sales purchases, Evans-Pritchard said.

Results of the Caixin PMI survey for the services sector are due to be released on Wednesday.

— Reuters contributed to this report.

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