Last-minute Brexit talks | Calamatta Cuschieri

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

The UK PM will urge Mr Macron to back her request to delay Brexit again until 30 June, having earlier met German Chancellor Angela Merkel in Berlin
The UK PM will urge Mr Macron to back her request to delay Brexit again until 30 June, having earlier met German Chancellor Angela Merkel in Berlin

The Maltese market closed in the red on Tuesday, with MSE Equity Total Return Index ending the session 0.297% lower, to 9,334.876 points. Best performer was PG plc which gained 1.40% to close at 1.45. Followed by HSBC Bank Malta plc and BMIT Technologies plc which added 1.23% and 0.94% to close at 1.65 and 0.535 respectively. Biggest faller was International Hotel Investments plc as it lost 2.67% to close at 0.73, followed by Bank of Valletta plc and Go plc which shed 1.11% and 0.82% to close at 1.335 and 4.82 respectively. RS2 Software plc was active but closed unchanged.

European shares slid on Tuesday, with most sectors falling after the United States threatened to slap tariffs on goods from the European Union, with worries compounded by the IMF cutting its global growth forecast. The Stoxx Europe 600 slid 0.36% to close at 386.14. FTSE 100 shed 0.35% to 7425.57, Germany’s DAX fell 0.94% to 11850.57 while France’s CAC 40 lost 0.65% to 5436.42.

U.S. stocks closed lower Tuesday, with the S&P 500 snapping its eight-day winning streak, on fears over escalation of trade tensions with the European Union and a weaker global outlook from the International Monetary Fund. The Dow Jones Industrial Average dropped 0.7%, to close at 26,150.58, while the S&P 500 index fell 0.6%, to 2,878.20. The Nasdaq Composite Index declined 0.6%, to 7,909.28.

Theresa May is holding last-minute Brexit talks with the French President Emmanuel Macron, with the UK due to leave the EU in three days' time

The UK PM will urge Mr Macron to back her request to delay Brexit again until 30 June, having earlier met German Chancellor Angela Merkel in Berlin.

After the talks, Ms Merkel said EU leaders would discuss a "flextension" - a one-year flexible extension - at Wednesday's summit, when all EU states will vote on an extension. She also said a delay that runs to the end of the year or the start of 2020 was a possibility.

Meanwhile, Environment Secretary Michael Gove said cross-party talks aimed at breaking the impasse in Parliament had been "open and constructive", but the two sides differed on a "number of areas".

Labour's shadow business secretary Rebecca Long Bailey said they were "hopeful progress will be made" and discussions with the government will continue in the "coming days".

Conditions of a delay were discussed including UK participation in May's European Parliament elections, no re-opening of the withdrawal agreement and how to guarantee the UK's pledge of "sincere co-operation" in ongoing EU business.

The UK is currently due to leave the EU at 23:00 BST on Friday.
 

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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