Markets continue their climb | Calamatta Cuschieri

US stocks hit fresh records and Tesla announces new German factory

US markets climbed further into record territory on Wednesday with the Dow and S&P500 both closing at all-time highs, helped by a jump in Disney shares. The Dow Jones Industrial Average gained 92.10 points, or 0.33 percent, to 27,783.59 with the S&P 500 adding 2.20 points or 0.07 percent, to 3,094.04. The Nasdaq Composite Index however slipped 3.99 points or 0.05 percent, to close at 8,482.10.

European markets meanwhile fell as comments from US President Donald Trump unsettled investors hoping for calm on the trade front. The pan-European Stoxx 600 index lost 0.6 percent to 404.17 with Germany’s DAX falling 0.9 percent to close at 13,160.76. The UK’s FTSE 100 retreated 0.5 percent to 7,325.49.

Maltese markets however turned higher, with the MSE Equity Total Return Index closing up 0.142 percent at 9,845.475 points. Shares in GlobalCapital Plc led the gains, jumping 3.7 percent to €0.28, followed by HSBC Bank Malta Plc which gained 2.4 percent to €1.28. RS2 Software Plc saw the biggest loss with shares closing down 1.82 percent at €2.16.

Tesla announces new Germany factory

Electric carmaker Tesla Inc will build its first European factory and design centre near Berlin, giving the U.S. electric car pioneer the coveted “Made in Germany” label just as local rivals Audi, BMW and Mercedes prepare to launch competing cars. The proposed factory will be within commuting distance of Poland, where labour costs are cheaper.

“Everyone knows German engineering is outstanding for sure. You know that is part of the reason why we are locating Gigafactory Europe in Germany,” Tesla Chief Executive Elon Musk said at a prestigious German car awards ceremony held in Berlin.

Musk said the factory would be near Berlin’s new Brandenburg international airport, diversifying the Silicon Valley firm’s production beyond the United States at a time when global trade tariffs make exports more difficult. Besides Europe, Tesla is opening a factory in Shanghai. “We think we now have the chance, in the coming years, to become an important international centre in this future-oriented sector,” he 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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