European stocks finished higher Tuesday, following a rather upbeat session, as equities in the region took inspiration from gains across the globe.
The Stoxx Europe 600 index rose 0.5% to close at 390.49, showing an improvement from finishing down 0.1% on Monday. The German DAX 30 index rose by 0.4% to 12,648.09, while the FTSE MIB Italy index rallied by 1.3% to close at 21,853.81. France’s CAC 40 index increased to 0.8% to finish the session at 5,521.31 and the FTSE 100 index climbed 0.7% to end at 7,718.48.The euro was last up 0.3% to $1.1592, relatively higher than the $1.1555 which was last seen late Monday in New York.The British pound dropped and flattened to $1.2947, versus $1.2942 Monday.
U.S. stocks closed higher Tuesday as investors continued to ignore any anxiety which exists over the trade war between the U.S. and China and instead shifted their focus on positive corporate earnings.
The Nasdaq rose for a sixth day in a row, its best streak since March, which was spearheaded by Tesla Inc., which spiked following an online message from Chief Executive Elon Musk that he was contemplating about the possibility of a move to take the company private, which was followed by confirmation from the company.
The S&P 500 index rose by or 0.3%, to 2,858.45, gaining for a fourth consecutive session as energy and industrial sectors led the charge. The Nasdaq Composite Index gained 0.3%, to 7,883.66, while the Dow Jones Industrial Average appreciated for a third session by 0.5%, to 25,628.91.The CBOE Volatility Index, better known as Wall Street’s fear index, is bordering on its lowest levels of 2018 at 10.97.
$22 billion investment from Samsung in new areas such as A.I. and 5G
South Korea's largest corporation Samsung Group is planning to invest about $22 billion over the next three years aiming the funds at new growth areas, led primarily by Samsung Electronics.
These investments will be made in four critical areas of the company: artificial intelligence, fifth-generation mobile network technology, electronic components for future cars and bio-pharmaceuticals, as expressed by the company itself on Wednesday.
To expand its AI capability, Samsung will be increasing the number of its researchers to 1,000 across its global AI centers across the globe.
Samsung Electronics is currently the world's largest smartphone-maker but also boasts a very strong semiconductor business whose purpose is to supply chips to the companies such as Apple.
Overall, the company has said that it plans to invest a total of $161 billion over the next three years, which will include capital expenditures together with research and development in its semiconductors and displays businesses. Most of that investment will be spent in South Korea according to the company. Samsung also said it expects to create about 40,000 new jobs over the next three years.
AstraZeneca pays $110 million in lawsuits
Drugmaker AstraZeneca has agreed to pay $110 million to settle two lawsuits brought by the state of Texas claiming that it marketed the antipsychotic drug Seroquel and Crestor for high cholesterol in a fraudulent manner.
The largest settlement, totaling $90 million, resolves the allegations that the drugmaker encouraged doctors to use Seroquel even for unapproved cases. A second settlement for $20 million covers allegations it provided misleading information for Crestor.
Texas Attorney General Ken Paxton, announcing the settlements, said the alleged actions were particularly disturbing due to the well-being of children and the integrity of a hospital system were put in jeopardy.
Disclaimer: This article was issued by Paul Paris, junior investment advisor 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.