US markets ended the week higher on Friday as investors followed fresh encouraging signs from the latest rounds of corporate earnings and reports that the US and China were getting closer to completing some parts of a recently agreed trade deal. The Dow Jones Industrial Average gained 152.53 points, or 0.6 percent, to 26,958.06 whilst the The S&P 500 index rose 12.26 points, or 0.4 percent to close at 3,022.55.The Nasdaq Composite Index added 57.32 points, or 0.7 percent, to end the session at 8,243.12.
European markets also advanced to close at their highest level in 22 months as the US-China trade also lifted most stocks throughout the continent. The pan-European STOXX 600 index edged up 0.2 percent to 398.01 whilst Germany’s dax gained 0.17 percent to 12,894.51. The UK’s FTSE 100 index however slipped 0.05 percent to close at 7,324.47.
Maltese markets also turned higher with the MSE Equity Total Return Index closing up 0.632 percent at 9,877.082 points. HSBC Bank Malta Plc led the gains with shares gaining 2.36 percent to close at €1.30, followed by MIDI Plc which added 1.42 percent to €0.715. Trident Estates Plc meanwhile ended the session down 5 percent at €1.52.
Spotify earnings beat expectations
Music streaming giant, Spotify Technology SA’s quarterly revenue beat Wall Street expectations on Monday, as the company added more-than-expected paid subscribers for its premium service. Subscriptions rose 31% to 113 million from a year earlier. Revenue also rose 28% to 1.73 billion euros for the third quarter.
Spotify, which launched its service over a decade ago, has been able to overcome resistance from large record labels and some major music artists to reshape how people listen to music however the company still faces growing competition from Apple Inc and other players in the market.
In other corporate news, the world’s biggest luxury group, LVMH said on Monday it had approached Tiffany & Co about a possible takeover of the U.S. jeweller. Tiffany – which according to the sources has hired advisers to review LVMH’s offer but has yet to respond, and may not negotiate a deal – has been caught out by the U.S.-China trade war as Chinese tourists spend less in U.S. shopping hubs.
This article was issued by Peter Petrov, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.