Stocks climb higher | Calamatta Cuschieri

US markets continue their climbs whilst Alibaba breaks new records

US markets continued higher and ended the week further into record territory on Friday despite remarks from Donald Trump that he hasn’t agreed to roll back trade tariffs. The Dow Jones Industrial Average edged up 6.44 points, or 0.02 percent to close at 27,681.20 whilst the S&P 500 index gained 7.90 points, or 0.26 percent to 3,093.08. The Nasdaq Composite Index added 40.80 points, or 0.48 percent, to end at 8,475.31. All three indexes recorded all-time highs.

European markets meanwhile didn’t follow their US counterparts and turned lower as oil stocks booked losses. The pan-European STOXX 600 index slipped 0.4 percent to 404.74 points with Germany’s DAX falling 0.3 percent to 13,249. The UK’s FTSE 100 erased 0.3 percent to close at 7,384.56.

Maltese markets also retreated with the MSE Equity Total Return Index closing down 0.127 percent at 9,866.644 points however with RS2 Software Plc and Malta Properties Company Plc posting the only gains of session. Shares of RS2 closed up 1.96 percent at €2.08 with MPC gaining 1.54 percent to end at €0.66. Bank of Valletta Plc posted a 1.79 percent drop to close at €1.10, followed by PG Plc which retreated 1.6 percent to €1.84.

Alibaba break records for Singles’ Day

Chinese retailer Alibaba Group Holding Ltd said on Monday that sales for its annual Singles’ Day shopping blitz crossed the $30 billion mark, putting the event on track to set a record in its 11th year.

Alibaba turned China’s informal Singles’ Day into a shopping event in 2009 and built it into the world’s biggest online sales fest, dwarfing Cyber Monday in the United States which took in $7.9 billion last year. The name is a play on the date, Nov. 11, rendered 11/11 - or Double Eleven, as the event is also known.

The figure is equivalent to over 80% of U.S. rival Amazon.com Inc’s online store sales in the latest quarter and matches takings across Alibaba’s e-commerce platforms on Singles’ Day last year. Sales hit $1 billion after one minute and eight seconds and reached 158.31 billion yuan ($22.6 billion) in the first nine hours, up 25% from the same point last year, Alibaba said.
 

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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