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Markets on a rollercoaster

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US markets started the week lower on Monday before pulling a sharp U-turn, recovering from the session’s lows and closing slightly higher as investors reassessed the tensions in the Middle East. The Dow Jones Industrial Average gained 68.50 points, or 0.2 percent at 28,703.38 with the S&P 500 index rising 11.43 points, or 0.4 percent, to 3,246.28. The Nasdaq Composite Index advanced 50.70 points, or 0.6 percent, to close the session at 9,071.46.

European markets meanwhile slumped as the renewed optimism that lifted their US counterparts later into its session did not arrive in time for the European close. The pan-European Stoxx 600 index lost 1.21 percent to 413.27 with the UK’s FTSE 100 sinking 0.97 percent to 7,548.55. The German DAX felt the most pressure as it dropped 1.82 percent to 12,979.00.

Maltese markets meanwhile edged higher with the MSE Equity Total Return Index closing up 0.145 percent at 9,542.017. Mapfre Middlesea Plc surged 8.26 percent to close at €2.36 followed by Bank of Valletta Plc which gained 0.95 percent to €1.065. PG Plc meanwhile posted the sharpest decline with shares down 2.17 percent at €1.80.

Automotive news

US electric car maker Tesla Inc officially commenced works on its Model Y programme at its latest Shanghai factory in a ceremony attended by its CEO and senior Shanghai government officials. The company is also set to being delivering Model 3 vehicles built at the Chinese factory to the public on Tuesday after delivering the first 15 cars to its employees.

Mercedes Benz parent company, Daimler has been sued by investors for 896 million Euros in a regional court in Stuttgart, accusing the car maker of concealing its use of emissions cheating software. The suit was filed on behalf of institutional investors who accuse Daimler of failing to inform investors about the risks and costs of using such devices, which amounts to a violation of capital markets law, Germany law firm TILP said.

Luxury car market Rolls-Royce announced a 25% jump in sales for 2019 as solid demand for its firsy-ever SUV, the Cullinan, help drive revenues just a year after its launch. “Worldwide demand last year for our Cullinan SUV has driven this success and is expected to stabilise in 2020,” Chief Executive Officer Torsten Mueller-Oetvoes said in a statement as the 116 year-old British company sold a record 5,152 cars in 2019 compared with 4,107 in the prior year.

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.