The Maltese market closed in the red on Friday with the MSE total index ending the session 1.410% lower at 7,757.644 points. There weren’t any positive performance on the stock market, while the biggest fall was seen from MIDI plc with a 6.88% drop to 0.352, followed by a 4.55% and 4.12% slide of HSBC Bank Malta plc and Bank of Valletta plc with a closing price of 0.84 and 0.93 respectively. Malta Properties Company plc and GO plc were down 1.82% to close at 0.52 and 3.24. Simonds Farsons Cisk plc declined 1.30% to 7.60, while PG plc fell 0.51% to close at 1.94.
Stocks in Europe finished mostly higher on Friday, following the release of a better-than-expected monthly US non-farm payrolls report. By the end of the day, the benchmark Stoxx 600 had gained 0.29% to 363.55, alongside a 0.21% rise on the FTSE Mibtel to 19,516.43 while the German Dax was up 0.66% at 12,674.88.
Major U.S. stock indexes closed mostly higher Friday, capping off another week of sharp gains, despite Washington’s failure to produce a last-minute coronavirus aid package before Congress takes a summer recess, leaving America’s economic recovery hanging in the balance. The Dow Jones Industrial Average closed 0.2%, higher at 27,433.48, the S&P 500 index eked out a gain of 0.1%, to close at 3,351.28. The Nasdaq Composite Index retreated 0.9%, ending at 11,010.98, after trading down more than 1.5%.
President Donald Trump signed four executive orders at his golf club in New Jersey after failed stimulus negotiations with Congress.
His executive orders cover the following:
- An extension of the federal unemployment supplement at a reduced rate of $400 per week
- A payroll tax holiday through the end of the year for Americans earning less than $100,000
- Extended student loan relief through the end of the year
- A call for federal agency leaders to try to find funds to help curb evictions
Legal challenges are expected as legal experts question Trump’s executive powers. Congress returned to session on July 20 and failed to reach a deal with White House negotiators over the previous three weeks. The House of Representatives had passed the HEROES Act in May, but GOP leaders wanted a smaller bill that included lawsuit protections for businesses, schools, and health workers.
The majority of Americans want another $1,200 stimulus check, but stimulus checks were not included in Trump’s executive orders. As a result, it is expected that Congress will continue to work to find common ground and try to pass a bill that includes direct payments. Millions of Americans are still unemployed or are facing reduced hours as a result of the continued spread of COVID-19.
This article was issued by Nadiia Grech, 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.