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BMW setting up in Russia and oil on the rise | Calamatta Cuschieri

European markets overview, BMW to set up in Russia and oil on the rise 

calamatta_cuschieri
Calamatta Cuschieri
12 January 2018, 11:18am
BMW has set up a branch in the Russian city of Kaliningrad, marking the first step in company's plans to develop production in the world's largest country
BMW has set up a branch in the Russian city of Kaliningrad, marking the first step in company's plans to develop production in the world's largest country
European markets overview

European markets closed mixed as the earnings season kicked off and investors also digested the Eurozone industrial production figures. Industrial production increased by 1% in the euro area in November, and was up by 0.9% in the whole European Union (EU28) compared to the previous month, Eurostat reported on Thursday. In October, industrial output was up by 0.4% in the Eurozone and 0.5% the EU28.

The FTSE 100 increased 0.19%. The best performer was EasyJet with its stock jumping 3.89%. The mining sector also recorded significant gains as Anglo American climbed 3.56% and Rio Tinto and BHP Billiton both rose over 1.5%. On the other hand, Marks and Spencer and Tesco slid, after the firms posted worse than expected fourth-quarter results.

The DAX fell 0.59%. SAP led the losses as the software company's shares dropped 3.33%.

The CAC 40 declined 0.29% with Sodexo dragging the index down as it plunged 5.12%.

BMW

German car-making giant BMW has set up a branch in the Russian city of Kaliningrad, marking the first step in company's plans to develop production in the world's largest country, the company stated. This was part of a planned step as part of the work to develop production in Russia.

However, the company denied that a final agreement has been reached regarding BMW’s plan to establish a presence in Russia, but claimed that talks are still ongoing.

The company unveiled plans to take a decision on plant construction in Kaliningrad in late March 2017. The plan was to define the parameters of a special investment contract - a new mechanism to support foreign and local industrial producers providing an advantage of guaranteed fixed tax conditions in exchange for investments from the side of business - by June.

Oily corner

Oil prices continued to rise on Thursday as international benchmark Brent hit the highest level since December 2014 and traded for $69.88 per barrel. The jump in crude prices was fueled by another weekly decline in United States oil inventories and a fall in the country's oil output.

The US Energy Information Administration (EIA) said on Wednesday that US crude inventories were down by 4.9 million barrels to 419.5 in the week ending January 5th, while oil production decreased by 290,000 barrels per day to 9.5 barrels per day during the same period.

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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