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Markets back in action | Calamatta Cuschieri

Recovered markets, surprises from Tesla and uncertainty for US tax overhaul

Calamatta Cuschieri
17 November 2017, 2:12pm
U.S. markets gained the most in two months on Thursday amid a rally in technology shares and rising odds of corporate tax cuts. Treasuries fell and the dollar traded little changes. All three major stock indexes rebounded after sustaining two straight losing sessions. Cisco and Walmart surged after their third-quarter earnings beat analysts' expectations. The tech-heavy Nasdaq closed at all-time records.

European stocks also closed higher, breaking their longest losing run in a year, with major regional indexes rebounding after well-received corporate updates. Investors also cheered a rise in shares of car makers after the release of encouraging EU sales figures. Germany’s DAX 30 index added 0.6% to 13,047.22, while France’s CAC 40 index gained 0.7% to 5,336.39. The U.K.’s FTSE 100 index ended 0.2% higher at 7,386.94.

Tesla’s electric Semi and Roadster

Tesla has unveiled its first electric articulated lorry, designed to challenge diesel trucks as king of the road. Tesla says the vehicle - known in the US as a semi-trailer truck - will go into production in 2019. Speaking on stage at Tesla's facility in Los Angeles, chief executive Elon Musk said: "It's not like any truck that you've ever driven." The long-anticipated Tesla Semi has a range of 500 miles on a single charge.

Chief executive Elon Musk also unexpectedly revealed a new Roadster, which he said would be "the fastest production car ever" made. The red sports car was driven out of the trailer of the electric lorry during Tesla's presentation on Thursday. The Roadster will have a range of close to 1,000km (620 miles) on a single charge and will do 0-100mph in 4.2 seconds whilst the Semi will have a range of 500 miles and can reach 60mph in just 5 seconds.

US tax overhaul

In the US, Congressional Republicans took important steps toward the biggest U.S. tax-code overhaul since the 1980s, with the House of Representatives approving a broad package of tax cuts, and a Senate panel advancing its own version of the legislation sought by senior lawmakers and President Donald Trump. The House bill, estimated to increase the federal deficit by nearly $1.5 trillion over 10 years, would consolidate individual and family tax brackets to four from seven and reduce the corporate tax rate to 20 percent from 35 percent.

The House vote shifted the tax debate to the Senate, where a tax-writing panel finished debating and approved a bill late Thursday evening. That measure has already encountered resistance from some within the Republicans ranks. Four Republican senators - enough to derail the legislation - have been talking privately about opposing the bill because it would balloon the federal deficit, according to a Time magazine report. Full Senate action is expected after next week’s Thanksgiving holiday.


This article was issued by Peter Petrov, Junior 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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