PM suffers a second humiliating defeat over Brexit | Calamatta Cuschieri

Today’s article gives an overview of the Maltese, European and U.S. markets on Tuesday, and latest Brexit news

U.K. Prime Minister Theresa May’s Brexit deal was rejected once again by Parliament
U.K. Prime Minister Theresa May’s Brexit deal was rejected once again by Parliament

The Maltese market closed in the red on Tuesday, with MSE Equity Total Return Index ending the session 0.105% lover, to 9,311.036 points. Top gainer was GlobalCapital plc adding 25% to close at 0.30, followed by Mapfre Middlesea plc adding 3.64% to close at 2.28. PG plc and GO plc also finished on positive note by adding 1.47% and 0.40% to close at 1.38 and 4.98 respectively. The biggest faller was Malita Investments plc which closed 6.77% lower, to 0.895, followed by Bank of Valletta plc and Malta Post plc which slid 2.34% and 0.79% to close at 1.25 and 1.26 respectively. Malta International Airport, Simonds Farsons Cisk plc, FIMBank plc and International Hotel Investments plc closed unchanged.

European markets were mixed on Tuesday, as investors wait for U.K. Prime Minister Theresa May’s revised Brexit deal to be accepted or rejected by parliament. The Stoxx Europe 600 was marginally down on Tuesday at 372.60. FTSE 100 closed unchanged, meanwhile Germany’s DAX declined by 0.3% to 11,511.89 and France’s CAC 40 also declined by 0.3% to 5,251.44.

U.S. stocks closed mostly higher Tuesday, led by the health care and utilities sectors, while the Dow Jones Industrial Average retreated as shares of Boeing Co. came under heavy pressure following a fatal crash over the weekend of a 737 Max aircraft. The Dow lost 0.4%, to end at 25,554.66. The S&P 500 rose 0.3%, to finish at 2,791.52 as health care and utilities stocks led gains, while the Nasdaq Composite Index rose 0.4%, to finish at 7,591.03.

Theresa May's Brexit deal rejected overwhelmingly by UK lawmakers

U.K. Prime Minister Theresa May’s Brexit deal was rejected once again by Parliament, throwing the country deeper into political crisis and raising the prospect that the divorce will be delayed or even reversed. Parliament votes 391-242 to reject revised divorce agreement. The margin of defeat was less than the historic loss suffered by the government when the deal was originally voted on in January.

May had hoped that changes to her deal agreed last minute on Monday night with the EU would get it across the line. The coming days will be chaotic and unpredictable as lawmakers vote on whether to crash out of the EU without a deal entirely, or to delay the divorce process. Members of Parliament are expected to vote Wednesday to take a chaotic no-deal option off the table. May said she’ll offer a free vote, meaning the government will not whip Conservative lawmakers to take a particular side.
 

This article was issued by Nadiia Grech, Junior 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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