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Thumbs up from Trump | Calamatta Cuschieri

United States President Donald Trump praised Toyota for its plans to invest $1.3 billion in its plant in Georgetown, Kentucky

calamatta_cuschieri
Calamatta Cuschieri
12 April 2017, 9:28am
US President Donald Trump praised Toyota for its plans to invest in its plant in Georgetown, Kentucky
US President Donald Trump praised Toyota for its plans to invest in its plant in Georgetown, Kentucky
Markets searching for direction

On Tuesday, European markets closed mixed after G7 foreign ministers rejected the United Kingdom's proposal to introduce new sanctions against Russia and Syria over the alleged use of chemical weapons in the Middle Eastern country.

The FTSE 100 rose 0.23%. Mining companies led the gains with Randgold Resources and Fresnillo surging over 4%. The DAX fell 0.50%. Financials lagged as Commerzbank shed 2.03% and Deutsche Bank lost 1.58%. The CAC 40 ended 0.11% in the red. The worst performer was ArcelorMittal as it slid 2.00%.

On Wall Street, U.S markets were lower, after Russia’s President Vladimir Putin warned the US is planning further strikes on Syria with the aim to blame the country’s President Bashar al-Assad for using chemical weapons. Meanwhile, United States Secretary of State Rex Tillerson arrived in Moscow ahead of tomorrow's meeting with his Russian counterpart Sergey Lavrov at which the two top diplomats are scheduled to discuss the situation in Syria following last week's US missile strikes.

Gold and Currencies

Today’s weakness in the US Dollar saw Gold extending its gains to rally around 1.4%. Geopolitical tensions also contributed to the surge in the yellow metal and other safe-haven assets, which include the Japanese Yen and government bonds. Markets continue to watch developments regarding the US stance towards Russia and North Korea while focusing on the upcoming French elections.

The Euro gained against the US Dollar around 0.26%, at one point changing hands at 1.0624, but dropping compared to the Japanese Yen and the British Pound.

Toyota gets thumbs up from Trump

United States President Donald Trump praised Toyota for its plans to invest $1.3 billion in its plant in Georgetown, Kentucky. During the meeting with Toyota CEOs, Mr Trump made it clear that such investments would not have been possible if he had lost the election last year.

The Toyota plant in Kentucky is its largest in the world and the boost for the plant comes as a part of a larger $10 billion investment in the US in the next five years. The company stated that the move was not initiated when Trump criticised it for wanting to move parts of its production (the Corolla Model) to Mexico. The company branded this investment as “the highest of any automaker in Kentucky, and the second largest in state history.” Meanwhile, Toyota may get a boost from US investors after the president’s comments. In fact, Toyota Motor stocks reached April highs on the Kentucky plant announcement.

Disclaimer:

This article was issued by Rodrick Duca, 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.

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