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Markets enjoy 4th of July break

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European markets ended mostly flat as the US 4th of July holiday on Wallstreet led to subdued trading volumes. The German DAX and pan-European Stoxx 600 indexes both remained flat whilst the UK’s FTSE 100 advanced 0.1% due to continued optimism over Christine Lagarde’s nomination to replace Mario Draghi as president of the European Central Bank.

Maltese markets also advanced with the MSE Equity Total Return Index closing up 0.149 percent to 9,787.941 points. Malta Properties Company Plc led the gains with shares up 3.79 percent to €0.685, followed by Santumas Shareholdings Plc and Mapfre Middlesea Plc which both jumped 3.7 percent to €1.40 and €2.08 respectively.

Jaguar Land Rover’s electric car investment

Britain’s biggest carmaker Jaguar Land Rover is making a multi-million pound investment to build electric vehicles in its home market, in a major boost to a sector hit by a slump in diesel sales and Brexit uncertainty. “The future of mobility is electric and, as a visionary British company, we are committed to making our next generation of zero-emission vehicles in the UK,” said Chief Executive Ralf Speth on Friday.

Jaguar Land Rover (JLR), which built 30 percent of Britain’s 1.5 million cars last year, will make a range of electrified vehicles at its Castle Bromwich plant in central England, beginning with its luxury saloon, the XJ. The firm is undergoing a turnaround designed to offer an electrified option to all of its new models from 2020 as it seeks to move away from its reliance on diesel vehicles which are being increasingly shunned by buyers.

T-Mobile-Sprint merger moves closer

T-Mobile U.S. Inc. edges closer to securing U.S. Justice Department approval for its $26.5 billion merger with Sprint Corp., after establishing the general outlines of asset sales to Dish Network Corp., according to people familiar with the matter. T-Mobile is trying to offer just enough concessions to gain approval but not so many that it creates a formidable rival while the Justice Department is aiming to maximize competition, the people said.

The companies have already won the support of the Federal Communications Commission, in part by promising to deploy a 5G network that would cover 99% of the U.S. population within six years.

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.