US markets reversed earlier gains and closed lower with the health care sector sinking on concerns over future policy changes. The Dow Jones Industrial Average slipped 3.12 points to 26,449.54 with the S&P 500 index losing 6.61 points, or 0.2%, to 2,900.45. The Nasdaq Composite Index shed 4.15 points to end the session at 7,976.08.
European markets also moved away from their earlier gains with all indexes in the region posting losses except for Italy’s FTSE MIB. The pan-European Stoxx 600 retreated 0.1 percent, weighed on by losses in the basic resources sector and the UK’s FTSE 100 ended mostly unchanged.
Maltese markets meanwhile reversed their earlier losses and ended higher, with the MSE Equity Total Return Index closing up 0.796% to 9,422.375. HSBC Bank Malta Plc gave the best performance with shares jumping 4.19% to €1.74. Simonds Farsons Cisk Plc also posted strong gains, with shares closing up 2.27% to €9.00.
Pinterest’s debut trading day
Online idea-sharing platform, Pinterest Inc’s initial public offering set the company’s valuation above its expectations at $12.7 billion – a sign of strength for the tech IPO market after Lyft Inc’s earlier struggles. The company is due to start trading on the New York Stock Exchange where its performance will be a key test of the tech IPO market.
At $19 per share, Pinterest, which offers advertisers a venue to sell to consumers, raised around $1.4 billion at a roughly $12.7 billion valuation. It is the most high-profile listing of a U.S. social media company since Snap Inc in 2017, which priced its stock well in its IPO but is now down more than 30 percent below its initial offer price.
Oil under pressure despite lower production
Oil futures ended lower on Wednesday, pressured by uncertainty surrounding global crude production, despite data from a U.S. government report that revealed the first weekly decline in U.S. crude stocks in a month. Renewed fighting in Libya has raised concerns about the durability of a pickup in oil exports by the country.
A report from China also revealed better-than-expected quarterly economic growth, easing concerns over a slowdown in energy demand. Oil had pulled back earlier this week after Russia’s finance minister reportedly questioned his country’s participation in a production-cut deal led by the Organization of the Petroleum Exporting Countries.
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.