Facebook is facing an EU investigation over data collection | Calamatta Cuschieri

Market summary

Maltese market closed in green on Monday, with MSE total index ending the session 0.299% higher to 9,642.154 points. Best performer was HSBC Bank Malta plc by adding 4.17% to close at 1.25, followed by 1.42% gain of Bank of Valletta plc which closed at 1.075. Biggest fall was seen from Medserv plc, it slid 11.20% to close at 1.11. Followed by MIDI plc and Malta International Airport plc which dropped 0.78% and 0.70% to close at 0.64 and 7.10 respectively.

European stocks finished sharply lower at the start of the week, relinquishing earlier gains as trade war uncertainty vied against strong data out of China and the Eurozone. By the end of trading, the Stoxx 600 was down 1.58% at 401.01, as Germany's Dax fell by 2.05% to 12,964.68 and the French CAC 40 dropped by 2.01% to 5,786.74. Meanwhile, London's FTSE 100 was down 0.82% at 7,285.94.

US stocks finished weaker on Monday, following fresh round of punitive trade action from Donald Trump, and some weaker-than-expected manufacturing data. The Dow Jones Industrial Average ended the session down 0.96% at 27,783.04, the S&P 500 lost 0.86% to 3,223.87, and the Nasdaq Composite was 1.12% weaker at 8,567.99.

Regulators opened a 'preliminary investigation' into Facebook’s and Google's data practices.

Google isn't the only tech giant facing an investigation from European Union antitrust regulators over data collection and monetization. The European Commission has Facebook in its sights too. It started preliminary investigations into how both companies handle data. "These investigations concern the way data is gathered, processed, used and monetized including for advertising purposes," the EU's competition watchdog said.

Regulators are hoping to determine whether Facebook places restrictions on data use by third-party companies in exchange for access to APIs for its core platform and Instagram. They're attempting to find out if Facebook hampers access to data and if so, why.

EU officials are said to be concerned over the vast troves of data major tech companies store and whether they use such information to hamper competitors. Last month, it emerged EU regulators are looking into Facebook's Marketplace service related to how the classified ads market has changed over the last few years and the commercial links between the company and its rivals.

 

This article was issued by Nadiia Grech, 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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