US markets were closed on Monday as the nation celebrated President’s Day.
European markets started the week higher and advanced on Monday as investors reacted to the latest efforts from Chinese authorities to minimise the fallout from the coronavirus outbreak which has been hurting economic activity in the country. The pan-European Stoxx 600 index gained 0.33 percent to 431.96 with Germany’s DAX rising 0.29 percent to 13,783.89. The UK’s FTSE 100 added 0.3 percent to close at 7,430.20.
Maltese markets also climbed higher, with the MSE Equity Total Return Index closing up 0.219 percent at 9,534.296 on a busy day for the local stock market. Loqus Holdings Plc posted the largest gains, closing up 2.56 percent at €0.08, followed by RS2 Software Plc which added 2.46 percent to close at €2.50. Grand Harbour Marina Plc meanwhile led the losses with shares down 16.7 percent at €0.454, followed by MaltaPost Plc which lost 2.99 percent at €1.30.
China to add more US goods to tariff exemptions
China has announced exemptions on retaliatory duties imposed against 696 U.S. goods in a third round of tariff exemptions, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfil commitments made in its interim trade deal with the United States.
The world’s second-largest economy has committed to boosting its purchases of goods and services from the United States by $200 billion over two years as part of the agreement, and has already rolled back some additional tariffs on U.S. imports after the deal was signed.
Apple warns coronavirus may hurt profits
Apple Inc warned on Monday it was unlikely to meet its March quarter sales guidance set just three weeks ago as the world’s most valuable technology firm became one of the biggest corporations to feel the effects of China’s coronavirus epidemic.
Manufacturing facilities in China that produce Apple’s iPhone and other electronics have begun to reopen, but they are ramping up more slowly than expected, Apple said. That will mean fewer iPhones available for sale around the world, making Apple one of the largest Western firms to be hurt by the outbreak.
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.