Markets end mixed | Calamatta Cuschieri

Markets end mixed as investors juggle vaccine hopes with economic woes

US markets ended mixed on Wednesday as investors focused on signs of economic recovery from the coronavirus crisis and a new Fed promise for clarity on the path of rates. The Dow Jones Industrial Average lost 77.91 points, or 0.3 percent, to 25,734.97, while the S&P 500 gained 15.57 points, or 0.5 percent, to 3,115.86. The Nasdaq Composite meanwhile advanced 95.86 points, or 1 percent, to close the session at a new all-time high of 10,154.63.

European markets recovered from earlier losses driven by fears of a no-deal Brexit and emerged higher on hopes of a COVID-19 vaccine after a choppy trading session. The pan-European Stoxx 600 index climbed 0.2 percent whilst the British FTSE 100 and French CAC 40 both slipped 0.2 percent. The German DAX lost 0.4 percent after the Frankfurt exchange and other European markets were down for nearly three hours due to a technical fault.

Maltese markets moved lower on a short trading session due to the technical fault also affecting the local stock exchange. The MSE Equity Total Return Index closing down 0.285 percent at 8,323.728 with only two equities recording price changes. Simonds Farsons Cisk Plc posted the only loss with shares down 3.66 percent at €7.90 while HSBC Bank Malta Plc was the gainer with shares up 1.05 percent at €0.96.

Venezuela oil exports dry up

Venezuela’s oil exports slumped in June to their lowest level since 1943 after half a dozen tankers, looking to avoid the threat of U.S. sanctions, sailed away from the nation’s waters without loading, according to vessel tracking data. Trump’s team has increased pressure in recent months, expanding its list of sanctioned entities to include Mexican companies, oil tankers, international shipping firms and individuals that have played a role in Venezuela’s oil exports.

The fall in oil exports has starved the socialist government of its main source of revenue, contributing to an economic collapse in the OPEC nation and leaving authorities short of cash for essential imports such as food and medicine. Sanctions have also left more than a dozen loaded tankers in limbo around the world as suppliers struggle to find final buyers for the cargoes. Several of those vessels are off the waters of Malaysia and Singapore.

 

This article was issued by Peter Petrov, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are 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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