Markets advance on trade talks

US stocks ended the week higher on Friday after reports emerged that the US and China had reached an agreement that includes the elimination of at least some of the planned tariffs in an attempt to ease trade tensions. The Dow Jones Industrial Average gained 319.92 points, or 1.2 percent, to 26,816.59 whilst the S&P 500 index rose 32.14 points, or 1.1 percent, to 2,970.27. The Nasdaq Composite Index climbed 106.26 points, or 1.3 percent, to close the session at 8,057.04.

European markets also advanced as renewed trade hopes and developments on the European Union’s Brexit negotiations lifted investor sentiment. The pan-European Stoxx 600 index gained 1.12 percent to 387.08 whilst Germany’s DAX jumped 1.69 percent to 12,369.19. The UK’s FTSE 100 meanwhile slipped 0.05 percent to 7,182.60 as a surge in the Pound encouraged a round of profit taking on London stocks.

Maltese markets meanwhile ended close to the flatline as the MSE Equity Total Return Index edged 0.03 percent lower to 9,906.71. BMIT Technologies Plc led the gains with shares up 2.9 percent at €0.53, followed by Tigne Mall Plc which gained 1.6 percent to €0.935. Grand Harbour Marina Plc however led the losses with shares down 3.3 percent to €0.59 on the back of a single trade of 10,000 shares.

Uber takes up Cornershop stake

Uber Technologies Inc said on Friday it would buy a majority stake in Chilean online grocery provider Cornershop as the ride hailing company seeks to widen its fast-growing food delivery app to include groceries and other goods. The app provides delivery of “groceries to your front door in one hour” from retailers including Costco Wholesale Corp, Walmart Inc and Mexico’s Chedraui.

The deal for an undisclosed sum, which follows Uber’s disappointing IPO in May, would see it expand Santiago-based Cornershop, which now operates in Mexico, Chile, Canada and Peru into “many more countries around the world,” Cornershop Chief Executive Oskar Hjertonsson said.

“Whether it’s getting a ride, ordering food from your favorite restaurant, or soon, getting groceries delivered, we want Uber to be the operating system for your everyday life,” Uber CEO Dara Khosrowshahi said in a statement. Uber said it expected to close on its Cornershop purchase in early 2020, “subject to regulatory approval.”

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.