Markets summary with a slap for Facebook | Calamatta Cuschieri

European Markets closed significantly higher on Monday as investors breathed a sigh of relief over North Korea tensions and continued to monitor the economic impact of Hurricane Irma in the United States

calamatta_cuschieri
Calamatta Cuschieri
12 September 2017, 9:15am
European Markets closed significantly higher on Monday as investors breathed a sigh of relief over North Korea tensions and continued to monitor the economic impact of Hurricane Irma
European Markets closed significantly higher on Monday as investors breathed a sigh of relief over North Korea tensions and continued to monitor the economic impact of Hurricane Irma
Europe

European Markets closed significantly higher on Monday as investors breathed a sigh of relief over North Korea tensions and continued to monitor the economic impact of Hurricane Irma in the United States.

The FTSE 100 gained 0.49% when the session ended in London, with financials and miners topping the list of best performers. The German DAX rallied 1.39% at the closing bell, as Munich Re, a reinsurance company, jumped 4.07%, followed by Commerzbank and Deutsche Bank, which bagged 3.24% and 2.77%, respectively. In Paris, the CAC 40 settled 1.24% higher. Credit Agricole outperformed with a gain of 2.52%.

Currency

On the currency side, the euro lost some ground against the US Dollar changing hands at around 1.197 and eased compared to the British Pound. Meanwhile the British Pound eased when compared to the greenback.

Metals

Precious metals traded mostly in the red on Monday as the worries regarding Hurricane Irma reduced after the storm's force was scaled down to category one.  The storm weakened as it hit the Tampa Bay region after devastating Florida Keys yesterday. Although according to the National Hurricane Center said the storm is still creating "exceptional hurricane-force wind gusts." Meanwhile, investment incentives for riskier assets after the tensions regarding the possibility of another nuclear test by North Korea have diminished over the weekend.

Spot Gold declined around 0.75%, with Silver and platinum losing strength as well both down around 1%. At the same time, Palladium was the only precious metal trading higher.

United States

The U.S market opened with a minute of silence to mark the 11th September, Twin Tower Tragedy. As the trading went underway, the market was rallying, matching the gains in Europe and Asia. The Dow Jones index gained with almost every share in the index rising.

Travel firms such as Royal Caribbean Cruises and Carnival were among the top risers, reflecting hopes that Hurricane Irma will not be quite as severe as feared. Financial stocks and tech companies also led the way higher.

Facebook fined

The Spanish data protection regulatory body has fined Facebook €1.2 million euros after it found three instances where it collected personal data on its Spanish users without informing them of how it was to be used. Spanish data protection watchdogs also stated that the social media platform does not provide clear privacy policy outlines, marking them as "generic and unclear."

Facebook will likely appeal this ruling. It previously overturned a similar judgment in Belgium, having successfully argued that its base in Ireland means that it's only subject to Irish law.

However, this fine barely constitutes a slap in the face for a company that has quarter two revenues of $9.32 billion.

 

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.

calamatta_cuschieri
Calamatta Cuschieri is one of Malta’s largest financial services firms. The company offe...