Johnson to slash taxes in no-deal Brexit budget | Calamatta Cuschieri

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

The Maltese market closed in the green on Thursday, with the MSE Equity Total Return Index ending the session 0.319% higher, to 9,804.107 points. Best performer was RS2 Software with 6.12% gain to 1.56, followed by Bank of Valletta and Malita Investment. It rose 1.26% and 1.15% to close at 1.21 and 0.88 respectively. Biggest fall was seen from Loqus Holdings, it shed 42.14% to close at 0.041, followed by Santumas Shareholding, which slid 12.12% to 1.45.

European shares handed back gains to close flat on Thursday after comments from the White House undid optimism over a potential Sino-U.S. trade deal, while a strong rally in shares of chemicals giant Bayer propped up German equities. The Global X DAX Germany ETF fell 2.6% on Thursday, marking its sharpest decline since a 5% drop on June 3.

With regards to U.S. market, on a preliminary basis, the S&P 500 index rose 0.38%, to 2,924 and the Nasdaq composite index rose 0.73% to 7,967 but the Dow Jones Industrial Average lost 0.04% to 26,526.

Boris Johnson to slash taxes in no-deal Brexit budget if elected UK PM

Boris Johnson, the leading contender to replace British Prime Minister Theresa May, is preparing an emergency budget including aggressive tax cuts, an overhaul of stamp duty and an assault on regulation if there is a no-deal Brexit.

Johnson, 55, has cast himself as the only candidate who can deliver Brexit on October 31 - with or without a deal - while fighting off the electoral threats of Nigel Farage's Brexit Party and socialist Jeremy Corbyn's Labour.

His team wants a series of measures to ensure that the economy is "going gangbusters" by October 31.

The budget, which is usually held in October or November, is likely to be brought forward to September, the newspaper said.

Johnson is considering an overhaul of stamp duty, a “Trump-style” moratorium on all new regulations, and significantly raising the threshold for the annual investment allowance above a million pounds.

 

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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