Markets break records | Calamatta Cuschieri

Stocks reach new highs and Aston Martin suffers losses

US markets moved towards fresh records on Thursday as investors were encouraged by reports of progress on the interim trade deal between the US and China. The Dow Jones Industrial Average gained 182.24 points, or 0.66 percent, to an all-time high of 27,674.80, while the S&P 500 index rose 8.4 points, or 0.27 percent, also reaching a new record of 3,085.18. The Nasdaq Composite index climbed 23.89 points, or 0.28 percent, to close the session 8,434.52.

European markets were also lifted by the latest trade optimism with the pan-European STOXX 600 index closing up 0.38 percent at 406.59 points. The German DAX gained 0.78 percent to close at 13,282.39 whilst the UK’s FTSE 100 added 0.36 percent to 7,423.35.

Maltese markets also reached higher with the MSE Equity Total Return Index closing up 0.263 percent at 9,879.196. Medserv Plc led the gains with shares up 8.33 percent at €1.30, followed by Malita Investments Plc which gained 2.21 percent to end at €0.925. Bank of Valletta Plc also posted a 1.82 percent gain to close at €1.12.

Aston Martin records Q3 losses

British luxury carmaker Aston Market swings to losses in the third quarter as wholesales volumes dipped than previously guided following a slump in demand in Europe and Asia. The 106-year firm, famed for being fictional agent James Bond’s brand of choice, is taking action to cut costs and hopes the launch of its first sport utility vehicle, the DBX, at a new factory in Wales, will boost performance next year.

Volumes to dealers fell 16% to 1,497 cars in the three months to the end of September as demand in Europe, the Middle East and Africa area dropped 17% and Asia was down by a third, hit by weak demand for the company’s Vantage model.

“We’re essentially holding the cost of a complete factory right now without the benefit of the revenues coming in... so from that point of view of course it’s a really important model,” Chief Executive Andy Palmer told reporters.

 

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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