Tech retakes spotlight | Calamatta Cuschieri

Markets summary

Investors changed gears on Wednesday and switched back into technology stocks after a round of profit-taking from the economically-sensitive sectors that rallied this week the announcement of a 90% effective COVID-19 vaccine. The Dow Jones Industrial Average fell 23.29 points, or 0.08%, to 29,397.63, the S&P 500 gained 27.13 points, or 0.77%, to 3,572.66 and the Nasdaq Composite added 232.58 points, or 2.01%, to 11,786.43.

European shares rose for a third straight day as optimism around the potential vaccine and encouraging comments from European Central Bank chief Christine Lagarde offset worries of economic damage from surging infections. The pan-European STOXX 600 .STOXX jumped 1%, building on a 6% rally this week as investors bought into utilities as well as travel-related stocks.

Maltese markets also rose with the MSE Equity Total Return Index closing up 0.35 percent to 7,492.457. Six stocks traded however only RS2 Software Plc posted a gain, with shares up 3.85 percent to €2.16. Tigne Mall Plc meanwhile posted a 5.66 percent drop to €0.75.

Apple supplier Foxconn sees strong iPhone 12 demand

Apple supplier Foxconn forecast strong demand for the new iPhone 12 in the holiday quarter and stressed that it would continue investing in the United States as scheduled and is looking at making new products there. Foxconn’s planned $10 billion investment in the U.S. state of Wisconsin did not create enough jobs in 2019 to earn tax credits, the state government said last month, the second year the company missed targets touted by President Donald Trump as a major economic win.

For many, the factory has become a symbol of failed promises in Midwestern states that were key to Trump’s 2016 election but flipped to Democrat Joe Biden last week. Trump is seeking some recounts. Foxconn said on Thursday its investment plan did not depend on who the U.S. president was. It was, however, exploring the option of building a new production line there.

Foxconn said on Thursday its investment plan did not depend on who the U.S. president was. It was, however, exploring the option of building a new production line there. “We continue to push forward in Wisconsin as planned, but the product has to be in line with the market demand ... there could be a change in what product we make there,” Chairman Liu Young-way said at an investor conference.

Source: Reuters

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.

More in Business Comment
Markets back at records | Calamatta Cuschieri
Business Comment
Calamatta Cuschieri
Debenhams has gone in to liquidation | Calamatta Cuschieri
Business Comment
Calamatta Cuschieri
Markets end mixed | Calamatta Cuschieri
Business Comment
Calamatta Cuschieri
Calamatta Cuschieri achieves ISO 9001 certification from Lloyds