Markets end week higher | Calamatta Cuschieri

Global markets pushed higher & the EU looks at trading post Brexit

US markets recovered from earlier losses and ended the week mostly higher on Friday as investors took their positions ahead of the upcoming Presidential Elections on 3rd November. The Dow Jones Industrial Average slipped 28.09 points, or 0.1 percent, to 28,335.57, with the S&P 500 adding 11.90 points, or 0.3 percent, to 3,465.39. The Nasdaq Composite Index meanwhile rose 42.28 points, or 0.4 percent, to end the week at 11,548.28.

European stocks also rose, boosted by positive earnings updates from Barclays and a rally in Airbus. The pan-European Stoxx 600 index gained 0.6 percent with the UK’s FTSE 100 outperforming its regional peers after the jump in Barclays lifted banks and financial stocks. Meanwhile, data on Friday showed euro zone economic activity fell this month, while the German manufacturing sector expanded at a faster rate in October.

Maltese markets meanwhile traded lower, with the MSE Equity Total Return Index closing down 0.36 percent at 7,091.287 points. FIMBank Plc led the declines with shares down 6.25 percent at $0.30, followed by RS2 Software Plc which lost 4.59 percent to €2.08. Malta International Aiport Plc posted the largest gain with shares up 2.61 percent at €4.72.

EU trading post-Brexit

The EU’s markets watchdog said on Monday banks and asset managers based in the bloc should execute most of their share trades inside the EU after full Brexit from January, in a step set to fragment cross-border markets. Large chunks of cross-border share trading are currently done on platforms in London, but Britain’s access to the bloc ends on Dec. 31.

The European Securities and Markets Authority (ESMA) set out a revised “share trading obligation”, that mandates where banks and other users of stock markets must trade EU-listed shares from January if Brussels decides not to allow London’s unlimited access in share trading to continue.

ESMA said it had done the “maximum possible” to avoid a clash with Britain over where shares must be traded from January. Britain has yet to set out its own rules on trading of EU-listed shares, saying the best solution would be for Brussels to extend full access.
 

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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