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Year-end lull rocked by attacks | Calamatta Cuschieri

Markets seem to be displaying their usual choppy end-of-year behaviour, and the focus inevitably shifts to the attacks in Berlin, Ankara and Zurich

calamatta_cuschieri
Calamatta Cuschieri
20 December 2016, 11:27am
Monday has seen multiple terror-linked events, noticeably in Berlin and possibly Zurich
Monday has seen multiple terror-linked events, noticeably in Berlin and possibly Zurich
Markets tend to wind-down towards the end of the year, as large players take stock of the past months often reducing their exposure ahead of the new year and a possible new portfolio allocation. That is not to say there is no activity – indeed with the generally lower volumes volatility tends to increase somewhat and large moves are not to be excluded, although they tend to manifest themselves more in areas such as currency markets.

So naturally the focus has turned to other events which are, unfortunately, of the worst kind. Monday has seen multiple terror-linked events, noticeably in Berlin and possibly Zurich. In Ankara, the killing of Russia’s ambassador to Turkey – apparently motivated by the war in Syria – risks worsening the already strained ties between Turkey and Russia, although official declarations are of the opposite nature.

Market Titbits

In other news, General Motors is laying off some 1,300 workers as demand for passenger cars slows. Fiat Chrysler and Ford Motor are also cutting or halting production of certain sedans and compact cars in anticipation of slower demand. It’s not all bad for carmakers though, as trucks and SUVs continue to sell at record levels.

Deutsche Bank could settle the notorious penalty US authorities imposed on it back in September. The bank is set to pay substantially less than the USD $14 billion initially imposed on it though.

Cuba Libre

It might sound bizarre at first, but that’s about 130 years’ worth of rum imports
It might sound bizarre at first, but that’s about 130 years’ worth of rum imports
Cuba is also looking to settle some dues – this time with the Czech Republic. The South American country is offering some $270 million worth of rum to ‘free itself’ of a Cold War-era borrowing. It might sound bizarre at first, but that’s about 130 years’ worth of rum imports. Non-cash settlements are not unheard of, although there is no word yet on whether the Czech Republic will accept the terms. Maybe they should consider throwing in a few cigars…

This article was issued by Rebecca Naudi, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is 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 Investments Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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