US markets closed lower on Tuesday, ending a wild first quarter as concerns over the ongoing coronavirus pandemic overshadowed policymakers’ attempts to easy the risks of economic damage. The Dow Jones Industrial Average lost 410 points, or 1.8 percent, at 22,197.16, while the S&P 500 index fell 42.06 points, or 1.6 percent to 2,584.59. The Nasdaq Composite index meanwhile sank 74.05 points, or 1 percent to end the day at 7,700.10.
European markets meanwhile ended the day on top as the region’s bourses squeezed out some gains from a sporadic trading day. The pan-European Stoxx 600 index closed up 1.7 percent with the German DAX and Italian FTSE MIB both adding around 1 percent.
Maltese markets remained closed on Tuesday as the nation celebrated its Freedom Day.
Brembo takes stake in Pirelli
Italian high-end car parts producer, Brembo, which make brakes for Ferrari, Tesla, BMW and Mercedes as well as several Formula One teams, has taken a small stake in Pirelli. The Italian tyre marker, whose tyres are used by Formula One racing teams and automakers such as BMW and Audi, has repositioned itself to serve the premium market segment, which is also Brembo’s focus.
Brembo said on Tuesday it had decided to buy the 2.43% stake, held both directly and indirectly through its Nuova FourB parent company, with “a non-speculative, long-term approach” and it had made the move “autonomously”. Shares in Pirelli are trading close to their lowest level since the tyremaker went public again in 2017, two years after a delisting that followed a takeover by ChemChina.
Brembo’s Executive Deputy Chairman Matteo Tiraboschi last year said the brake maker, which has a market capitalisation of around 2.25 billion euros, was eyeing an acquisition target of “significant size”, even as big as Brembo itself.
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.