US markets surged on Monday, finishing sharply higher for the fourth-straight session as investors went back into tech stocks and shifting their focus to earnings season. The Dow Jones Industrial Average gained 250.62 points, or 0.9 percent, to 28,837.52, with the S&P 500 rising 57.09 points, or 1.6 percent, to 3,534.22. The Nasdaq Composite jumped 296.32 points, or 2.6 percent, to close the session at 11,876.26.
European stocks also rode the wave of optimism as stable economic recovery in China and hopes of more U.S. fiscal stimulus helped offset concerns about surging COVID-19 cases across the continent. The pan-European Stoxx 600 index rose for a third consecutive day, gaining 0.7 percent on the back of gains in the utilities, technology and autos sectors.
The Maltese equity market however continued its decline with the MSE Equity Total Return Index closing down 0.41 percent to 7,111.426 points. RS2 Software Plc led the losses with shares down 2.73 percent at €2.14, followed by BMIT Technologies Plc which fell 2.17 percent to €0.45. Medserv Plc meanwhile jumped 12.5 percent to €0.54.
British unemployment rose
Britain’s unemployment rate rose by more than expected in the three months to August, before the end of the government’s broad coronavirus job-protection plan and the imposition of new restrictions to slow the pandemic. “Since the start of the pandemic there has been a sharp increase in those out of work and job hunting but more people telling us they are not actively looking for work,” Jonathan Athow, deputy national statistician at the Office for National Statistics, said.
The number of people counted as unemployed rose by the most since 2009, during the global financial crisis, and the Office for National Statistics revised up its estimate of job losses earlier this year, raising its estimate of unemployment in the three months to July to 4.3%. The jobless rate hit 4.5%, its highest in more than three years and above the forecast of 4.3% in a Reuters poll of economists.
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.