Markets soar to all-time highs | Calamatta Cuschieri

Markets summary

The Dow and the S&P 500 ended higher, soaring to all-time highs on Wednesday, as investors piled into financial and industrial stocks on bets a Democratic sweep in Georgia would lead to more fiscal stimulus and infrastructure spending. The Dow Jones Industrial Average closed 437.8 points higher, or 1.44%, to 30,829.4, the S&P 500 gained 21.28 points, or 0.57%, to 3,748.14 and the Nasdaq Composite dropped 78.17 points, or 0.61%, to 12,740.79.

European stocks jumped on Wednesday after a second COVID-19 vaccine won regulatory approval in the region, while bets rose for bigger U.S. fiscal stimulus as Democrats closed in on a Senate victory. The pan-European STOXX 600 index rose 1.4% to its highest level since late February 2020, while the UK’s FTSE 100 rose 3.5% and Germany’s DAX gained 1.8%.

Maltese markets meanwhile ended lower, with the MSE Equity Total Return Index closing down 1.45 percent at 8,334.583 points. Go Plc led the losses with shares down 8.47 percent at €3.24, followed by HSBC Bank Malta Plc, down 5.49 percent at €0.86. Simonds Farsons Cisk posted the only gain of the session with shares up 1.3 percent at €7.80.

NYSE reverses its reversal

The New York Stock Exchange said on Wednesday it will delist three Chinese telecom companies, confirming its latest U-turn on the matter a day after U.S. Treasury Secretary Steve Mnuchin told the NYSE chief he disagreed with an earlier decision to reverse the delistings. It also coincides with escalating tensions within Washington on China policy in the final days of the Trump administration.

The NYSE originally on Thursday announced plans to delist China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd. On Monday, it did a U-turn after consulting with regulators in connection with the U.S. Treasury’s Office of Foreign Assets Control and decided to keep them listed. Wednesday’s decision marks a return to the original plan.

China’s foreign ministry spokeswoman Hua Chunying, when asked about the NYSE announcement, told a regular news briefing on Thursday that Washington’s actions would ultimately harm the United States’ interests, credibility and image.

Source: Reuters

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