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Looking beyond | Calamatta Cuschieri

Following a nervy start to the week, global stocks staged a rebound during Tuesday’s session

Calamatta Cuschieri
29 March 2017, 10:28am
Traders were hesitant to make any large trades ahead of the key Brexit step due on Wednesday
Traders were hesitant to make any large trades ahead of the key Brexit step due on Wednesday
Following a nervy start to the week, global stocks staged a rebound during Tuesday’s session.

Monday’s fall came amid a global stock sell off which was partly blamed on worries that US President Donald Trump might struggle to implement business-friendly measures, following a Republican overhaul of the health care system flopped.

Energy and media stocks helped lift European markets on Tuesday, though traders were hesitant to make any large trades ahead of the key Brexit step due on Wednesday, where British Prime Minister Theresa May is expected to formally start the Brexit process.  

US stocks also edged tentatively higher in an up-and-down trade session, with financials and pharmaceutical stocks leading the way with gains, and as investors welcome better-than-expected economic releases. Consumer confidence in March soared to the highest level in more than 16 years, hitting 125.6, up from 116.1 in February, as Americans grew increasingly upbeat about both present and future conditions. Separately, US house prices roared to their highest in nearly three years as demand remains hot.

Amazon, Tesco and oil all up

Shares in were in the green on Tuesday. The e-commerce giant said it will be acquiring Dubai based, placing one of its biggest global bets in recent years on the growing Middle Eastern online shopping market. This deal was reportedly worth around $700 million, and sent shares of Amazon 1.2% higher.

In the UK, shares of the biggest food retailer Tesco announced on Tuesday that it will pay a fine of £129 million in order to settle a probe over a 2014 profit overstatement. Its shares traded mixed during the day, but closed the session 0.61% higher.

Meanwhile, oil prices climbed on Tuesday, buoyed by disruptions to Libyan crude production and talk of a six-month extension to an OPEC-led pack to limit global output. Crude rose 1.74% to trade at $48.57 a barrel.

Tuesday trading action follows a week of declines as investors questioned the ability of President Donald Trump’s administration and that of congressional Republicans to implement tax cuts and other fiscal-policy measures after the failure last week to bring controversial health-care legislation to a vote on the House floor. And while Tuesday’s calendar is slim, all eyes and ears will be on Theresa May on Wednesday as the start of two years of Brexit negotiations will be formally triggered.

This article was issued by Rebecca Naudi, Trader at Calamatta Cuschieri. For more information visit, 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 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.

Calamatta Cuschieri is one of Malta’s largest financial services firms. The company offe...
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