Global markets advance | Calamatta Cuschieri

European markets also moved higher as political tensions eased in Britain & Hong Kong and a new Italian government from the country’s stocks higher

Rallies in markets, Political easing and Porsche’s new electric sports car
Rallies in markets, Political easing and Porsche’s new electric sports car

US markets closed higher on Wednesday as the latest economic data showed improving economic activity in nonfinancial service sectors. The Dow Jones Industrial Average advanced 237.45 points or 0.9 percent to 26,355.47 whilst the S&P 500 gained 31.51 points, or 1.1 percent, to end at 2,937.78. The Nasdaq Composite Index was up 102.72 points, or 1.3 percent, to close the session at 7,976.88.

European markets also moved higher as political tensions eased in Britain & Hong Kong and a new Italian government from the country’s stocks higher. The pan-European Stoxx 600 index closed up 0.89 percent whilst Italy’s FTSE MIB index jumped 1.6 percent. The UK’s FTSE 100 rose 0.59 percent however gains were subdued by strength in the Pound.

Maltese markets followed the global trend and moved higher with the MSE Equity Total Return Index closing up 0.228 percent at 9,777.887. Shares in MaltaPost Plc led the gains with shares closing up 3.85 percent at €1.35 followed by Malta International Airport Plc which gained 2.86 percent to end at €7.20. Shares in BMIT Technologies Plc felt the most pressure with shares ending down 0.95 percent at €0.52.

Political tensions ease

The UK Government has announced that a bill aimed to stop a no-deal Brexit from going through will complete its passage through the House of Lords on Friday. The proposed legislation was passed by MPs on Wednesday, inflicting a defeat on Prime Minister Boris Johnson. Following the votes, No 10 said the public will get to choose between a deal, no deal, or "more delay".

In further political developments, Hong Kong leader Carrie Lam formally withdraws a controversial extradition bill, which has sparked the Chinese territory’s worst political crisis in decades. Carrie Lam said on Thursday that China “understands, respects and supports” her government’s move to withdraw the bill, part of measures she hoped would help the city “move forward” from months of unrest.

Porsche’s latest E-sports car to be leather-free

Porsche is making a leather-free version of its new Taycan electric sports car in the latest attempt by a German automaker to play up green credentials as environmental activists lobby for a boycott of the industry. “With the Taycan, Porsche offers an entirely leather-free interior for the first time. Interiors made from innovative recycled materials underscore the sustainable concept of the electric sports car,” Porsche said.

Porsche, part of Volkswagen, said on Wednesday it would invest 6 billion euros through 2022 to develop electric vehicles, as it presented its first zero-emissions sports car. The Taycan has a range of 450 kilometers, making it the first electric vehicle from a German carmaker capable of rivaling Tesla in terms of both performance and range.

 

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, https://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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