The Malta Independent 26 May 2019, Sunday

US-China trade talks end with no deal — and more tariffs

Monday, 13 May 2019, 14:17 Last update: about 12 days ago

The Maltese market closed in the red on Friday, with MSE Equity Total Return Index ending the session 0.08% lower, to 9,623.094 points. Best performer was International Hotel Investments plc by adding 1.30% to close at 0.78. Followed by Malita Investments plc and Bank of Valletta plc which gained 1.19% and 1.14% to close at 0.85 and 1.33 respectively. Biggest faller was Medserv plc by losing 9.62% to close at 0.94. Followed by Plaza Centres plc and GO plc which shed 4.81% and 2.73% to close at 0.99 and 4.28 respectively. HSBC Bank Malta plc, Simonds Farsons Cisk plc, Malta International Airport plc and MIDI plc were active but closed unchanged.

ADVERTISEMENT

European shares rose on Friday, with surging shares of Thyssenkrupp and robust defensive stocks helping equities on the continent avert the losses seen among their U.S. peers, which slid on persisting worries about U.S.-China trade. The STOXX 600 index gained 0.3%, to close at 377.14. Germany’s DAX rose 0.7% to 12,059.83 while France’s CAC 40 index fell 0.48% to 5,327.44. London’s FTSE 100 index shed 0.06% to 7,203.29.

U.S. stocks clawed back from early losses to close higher Friday after key negotiators cast a positive glow on trade talks.  The Dow Jones Industrial Average rose 0.4%, to end at 25,942.37. The S&P 500 index gained 0.4%, to 2,881.40, while the Nasdaq Composite Index climbed 0.1%, to 7,916.94.

President Donald Trump raised tariffs on $200 billion worth of Chinese goods on Friday with no trade breakthrough in sight

President Donald Trump has followed through on his threat to raise tariffs on $200 billion on Chinese goods in an effort to pressure Beijing in what looks like increasingly bleak trade negotiations.

The Trump administration increased tariffs from 10 % to 25 % on $200 billion in Chinese-made products. The taxes went into effect at 12:01 am Friday. China said it would retaliate, though it hasn’t given specifics.

The escalation didn’t bode well for the trade talks between the Trump administration and a Chinese delegation, led by Vice Premier Liu He that were underway in Washington. And sure enough, though negotiations resumed Friday, they ended without any deal shortly before noon — leaving the prospect for any US-China breakthrough even farther away.

 

This article was issued by Nadiia Grech, junior 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.

 

  • don't miss