Cautious investors hold back markets | Calamatta Cuschieri

Global markets retreated from recent highs on Wednesday as a recent string of record closes, low volatility and stretched valuations have been cited as the reason behind cautious trading. U.S. stocks came under pressure after a string of disappointing earnings, including results from Chipotle Mexican Grill Inc. and Applied Micro Devices Inc. The S&P 500 was off by 20 points, or 0.8%, to 2,549, with all of its 11 main sectors trading lower. The Nasdaq Composite declined 70 points, or 1%, to 6,527 and the Dow Jones Industrial Average dropped 120 points, or 0.5%, to 23,320, a day after closing at a record.

European markets retreated as investors sold holdings ahead of a much-anticipated European Central Bank decision on monetary policy. U.K. stocks traded lower after a stronger-than-expected reading on British economic growth drove the pound up against the U.S. dollar and the euro. Pound strength tends to hurt shares of multinational companies, which are heavily weighted on the FTSE 100, dragging it down 1.1% to end at 7,447.21.

Daimler’s new electric truck

Daimler AG jumped the gun on Tesla Inc. by showing off a battery-powered heavy-duty truck weeks before the California electric-car maker’s own planned unveiling, in a sign of the growing rivalry between the companies. The truck is part of plans by Daimler’s Fuso brand to add electric and hybrid options across its range of trucks and buses. The announcement steals thunder from Tesla, which plans to show off a concept truck on Nov. 16.

The E-Fuso Vision One prototype can carry 11 tons of cargo as far as 350 kilometers (220 miles) before recharging, the world’s largest maker of commercial vehicles said Wednesday in a statement. The truck, which would be geared to shorter intra-city trips, could go on sale within four years in Europe, Japan and the U.S. The E-Fuso underlines the brand’s position as “the frontrunner in electric trucking,” Stuttgart, Germany-based Daimler said in the statement during the Tokyo Motor Show.

BOV Rights Issue

The Board Of Directors of Bank Of Valletta PLC have announced that the submission of an Application for authorisation requesting the approval of a prospectus in relation to a Rights Issue has been approved and the issue will be offered to existing shareholders appearing on the Issuer’s register of members as of close of business on the 26th of October, 2017.

Shareholders will have the right to 1 new ordinary share for every 4 ordinary shares already held at the offer price of €1.43 per new share. There will be 105,000,000 new ordinary shares on offer. The Rights Issue, if fully taken up, will result in the issued share capital of the Issuer increasing by 25%. Existing shareholders which do not take up the new Issue will retain their current shareholding however, if the Rights Issue is fully taken up, will suffer an immediate dilution of 20% in their interests in the Bank.

Further information can be found by visiting https://www.cc.com.mt, in the official press release issued by Bank Of Valletta and in the Prospectus which will be available in due course.

Disclaimer:

This article was issued by Peter Petrov, Junior 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.