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US stocks ended the week mostly unchanged on Friday however were on track to log their best annual performance since 2013. The Dow Jones Industrial Average rose 23.87 points, or 0.08 percent, to 28,645 with the S&P 500 index edging up 0.11 points, or 0.003 percent, just enough to technically register a new record close at 3,240.02. The Nasdaq Composite index meanwhile slipped 15.77 points, or 0.17 percent, to 9,006.62.
European markets meanwhile climbed after returning from an extended holiday break with the region’s bourses poised to set fresh highs on the heels of a strong open for Wall Street. The pan-European STOXX 600 index gained about 0.4% early into the session. The German DAX 30 index gained 0.5% to 13,374.76 whilst the UK’s FTSE 100 index added 0.3% to 7,657.58.
Maltese markets also gained, with the MSE Equity Total Return Index closing up 0.545 percent at 9,407.998. Trident Estates Plc led the gains with shares up 3.33 percent at €1.55, followed by PG Plc which gained 2.22 percent to €1.84.
Tesla delivers first China-made
Tesla has started delivering Model 3 electric cars built at its Shanghai factory in just under a year since it began work on the $2 billion plant, a record for global automakers in China, and said it would ramp up deliveries from next month. The China-made Model 3 sedans are priced at 355,800 yuan ($50,000) before subsidies. Imported Model 3 vehicles start at 439,000 yuan for the longer-range version, while the standard range plus model costs under $40,000 in the United States.
The Shanghai plant, up and running in just 357 days, is part of Tesla’s plans to bolster its presence in the world’s biggest car market and minimize the impact of the U.S.-China trade war. The Chinese government has been supportive of the factory, the first wholly foreign-owned car plant and a reflection of Beijing’s broader shift to open up its auto market.
Tesla has taken a different approach to the Chinese market, the world’s biggest for electric vehicles with 1.3 million new-energy vehicles sold last year, as is evident from its marketing blitz in the country that is quite unlike anywhere else.
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.
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