The Malta Independent 25 June 2019, Tuesday

Markets jump on tariff news

Tuesday, 11 June 2019, 13:57 Last update: about 13 days ago

US stocks retreated from the session's highs but still closed higher on Monday as a tech-driven rally help lift the broader markets. The Dow Jones Industrial average marked its sixth-straight gain, closing up 78.74 points, or 0.3 percent, at 26,062.68. The S&P 500 index advanced 0.5 percent higher at 2,887 while the Nasdaq Composite Index jumped 1.1 percent to end the session up at 7,823.

European markets also advanced with the auto sector gaining on the back of renewed optimism for the US-Mexico deal to avoid import tariffs. The pan-European STOXX 600 index rose 0.4 percent however on thin volumes Whit Monday saw markets closed in Germany, Switzerland, Austria and most Nordic countries. Shares in Fiat Chrysler and Renault were both up about 2 percent after reports that discussions on ways to revive the merger have been revived.

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Maltese markets also moved higher, with the MSE Equity Total Return Index closing up 0.132 percent at 9,771.382 points. Mapfre Middlesea plc led the gains with shares up 1.82 percent at €2.24 followed by Malta Properties Company plc which saw gains of 0.79 percent to €0.64.

Uber rival, Bolt enters London

Estonia's Bolt, which until early 2019 was called Taxify, will on Tuesday re-enter the competitive London taxi market, promising cheaper rides to passengers and a better cut to drivers than its bigger global rival Uber Technologies Inc. Bolt, which has grabbed business from Uber in Central and Eastern Europe and major African cities, counts more than 25 million clients in 30 countries where it operates.

The move comes a month after Uber drivers in London joined a series of strikes to protest the disparity between gig-economy conditions and the massive $82 billion valuation at Uber's stock market debut. Bolt last year raised $175 million in funding from a group led by German automaker Daimler to help its battle against Uber.

Salesforce buys Tableau Software Inc

San Francisco-based software company Salesforce.com Inc agreed on Monday to buy big data firm Tableau Software Inc for $15.3 billion, adding muscle in its fight with Microsoft Corp for a bigger share of the market that helps businesses target customers with tools to analyze and visualize data. Tableau's software is used to create interactive, visual dashboards and graphics used by businesses, universities and governments to analyze data ranging from corporate finances to baseball statistics.

The business of analyzing data is fast becoming a battleground, with tech behemoths Alphabet Inc's Google and Amazon.com Inc scaling up their presence in the market to take on established players like Microsoft and Tableau.

This article was issued by Peter Petrov, 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.


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