Back
Register for SMS Alerts
or enter your details manually below...
First Name:
Last Name:
Email:
Password:
Hometown:
Birthday:
Sorry, we couldn't find that email.
Existing users
Email
Password
Sorry, we couldn't find those details.
Enter Email
Sorry, we couldn't find that email.

Looking beyond | Calamatta Cuschieri

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

calamatta_cuschieri
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 Amazon.com were in the green on Tuesday. The e-commerce giant said it will be acquiring Dubai based Souq.com, 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, 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 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
Calamatta Cuschieri is one of Malta’s largest financial services firms. The company offe...
DealToday
Latest Business News
Business Comment 12:26
Market recap, IBM’s systems business structure and soaring shares for GNC holdings 
Business News 10:34
Nominations for the 2018 Malta EY Entrepreneur of the Year™ Award will be accepted until 9 February 2018
Business Comment 09:54
Boldly embarking on this ambitious roadmap will shine a light to guide us along a shadowy tunnel at the end of which we can underpin GDP gro...
Law Report 08:22
Whosoever, without a just cause, enriches himself to the detriment of others shall, to the limits of such enrichment, reimburse and compensa...
Business News 18-01
The issue of labour shortages is the topmost concern for business for 2018, the GRTU said