Markets stumble | Calamatta Cuschieri

Markets start off rocky, Renault-Nissan-Mitsubishi’s Chairman arrested & Tesla interested in Mercedes’ Sprinter van

US stocks started the week lower on Monday, with investor anxiety returning to the markets with Technology and Internet-related companies dragging the indexes. The Dow Jones Industrial Average lost 395.8 points, or 1.6%, to 25,017.44, and the S&P 500 index retreated 45.5 points, or 1.7%, at 2,690.73. The tech-heavy Nasdaq Composite Index led the markets lower, closing down 219.4 points, or 3%, to 7,028.48.

European markets meanwhile started the session higher but surrendered earlier gains and closed lower, moved by political worries within the region and a slide in shares of Renault after the arrest of Chairman Carlos Ghosn. The Stoxx Europe 600 closed 0.7% lower at 355.11 and Germany’s DAX 30 ended the session down 0.9% at 11,244.54. France’s CAC 40 ticked 0.8% lower to wrap up at 4,985.45.

Renault-Nissan Chairman arrested in Tokyo

Renault-Nissan-Mitsubishi Alliance chairman, Carlos Ghosn, has been arrested in Tokyo, Japan over claims of financial misconduct, the carmaker has said. Nissan Motor Co said he had engaged in wrongdoing, including personal use of company money and under-reporting how much he was earning, for years.

As well as being chairman and chief executive of the Renault-Nissan-Mitsubishi Motors strategic alliance, Mr Ghosn is also chairman of Nissan, chief executive of Renault and chairman of Mitsubishi Motors. Renault executives and French

 

 ministers moved to oust Ghosn from the helm. The French state owns 15 percent of Renault, which in turn holds a 43.4 percent stake in Nissan in a complex alliance forged by Ghosn over almost 20 years.

Tesla interested in teaming up with Mercedes Benz

Tesla Inc could be interested in partnering with Daimler AG's Mercedes-Benz on an electric version of its Sprinter van, Chief Executive Officer Elon Musk said in a tweet on Monday. The latest generation of Sprinter vans debuted in February this year and Mercedes-Benz plans here to offer electric versions from next year. Musk replied here to a comment by a Twitter user enquiring about an electric van “Maybe interesting to work with Daimler/Mercedes on an electric Sprinter. That's a great van. We will inquire

Outgoing Daimler CEO Dieter Zetsche was reported as telling a Polish newspaper last month that he did not rule out cooperating with Tesla in future, even though the German luxury car producer had sold its stake in the U.S. electric vehicles company. Daimler declined to comment on whether it was open to collaboration with Tesla, but a spokesman said it was pleased by Musk’s interest in the van. Tesla did not immediately respond to a request for comment.

 

Disclaimer: 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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