US markets ended the week higher on Friday as a better than expected employment report calmed fears of a recession but gave investors evidence of a slowing economy, which hints towards another interest rate cut by the Federal Reserve. The Dow Jones Industrial Average gained 372.68 points, or 1.42 percent, to 26,573.72 whilst the S&P 500 index rose 41.38 points, or 1.42 percent to 2,952.01. The Nasdaq Composite added 110.21 points, or 1.4 percent, to close the session at 7,982.47.
European markets also gained on the back of the US job growth, pushing the regional benchmark to its best day in over three weeks. The pan-European STOXX 600 index The Stoxx Europe 600 gained 0.29 percent to 378.57. The French CAC 40 rose 0.26 percent to 5452.85 and the UK’s FTSE 100 rose 0.42 percent to 7107.07.
Maltese markets continued the trend and moved higher, with the MSE Equity Total Return Index closing up 0.34 percent at 9,915.85. BMIT Technologies plc led the gains with shares up 1.9 percent to €0.53, followed by Bank of Valletta Plc which gained 0.9 percent to €1.16.
Bosch to produce new silicon carbide chips
German automotive supplier Robert Bosch is launching production of silicon carbide automotive chips, in an attempt to address the main deterrent keeping many drivers from switching to electric vehicles – the current range of electric cars. “Silicon carbide semiconductors bring more power to electric vehicles. For motorists, this means a 6% increase in range,” Bosch board member Harald Kroeger said on Monday.
Bosch will make the silicon carbide chips at its existing plant in Reutlingen, near its Stuttgart headquarters, executives said at an event to update on progress in building a new, 1 billion euro chip fabrication plant in Dresden.
Privately held Bosch, the leading automotive ‘Tier 1’ supplier, is positioning itself as a supplier of the full range of semiconductor products for the electric, connected and self-driving cars of the future. The average car contains chips worth $370, according to industry estimates, but that figure rises by $450 for emission-free electric vehicles. Another $1,000 will be packed into the future self-driving cars, making semiconductors a growth opportunity in a car industry struggling with stagnant sales.
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.