US markets ended the session higher on Wednesday, with the S&P 500 marking its highest close in over 4 months on the back of strong economic data which showed signs that inflation remained under control. The Dow Jones Industrial Average added 148.23 points, or 0.6%, to 25,702.89 with the S&P 500 index gaining 19.40 points, or 0.7%, to close at 2,810.92. The Nasdaq Composite Index climbed 52.37 points, or 0.7%, to end the session at 7,643.41.
European markets meanwhile ended struggled to gain ground as investors reacted to another Brexit defeat for UK Prime Minster, Theresa May. The Stoxx Europe 600 added 0.2% to 374.12 with the German DAX moving around the flatline to end most unchanged at 11,521.28. The U.K.’s FTSE 100 also closed unchanged at 7,150.35.
Maltese markets nudged slightly higher with the MSE Equity Total Return Index closing up 0.041% at 9,314.889. Bank of Valletta Plc closed 0.8% higher at €1.26 with HSBC Bank Malta Plc and FIMBank Plc ending the session unchanged at €1.63 and €0.70 respectively. Loqus Holdings Plc lost 5.88% to €0.08 on a single trade of 7,000 shares.
US grounds 737 Max flights
U.S. regulators reversed course Wednesday and grounded Boeing Co.’s top-selling 737 Max family of airliners after evidence emerged showing a flight that crashed Sunday in Ethiopia may have experienced the same problem as a plane that went down five months ago off Indonesia. The move is a major blow to Boeing, which has lost billions of dollars in value this week as nation after nation announced they were barring the aircraft from flying.
The FAA and other aviation regulators around the world took several steps after the Indonesia crash to notify pilots of the Maneuvering Characteristics Augmentation System, or MCAS, and to remind them how to overcome it in the event of a malfunction. However, a more formal fix to redesign it won’t be mandated until April, the FAA said Monday.
China lifts Tesla import suspension
China’s customs authority has lifted its suspension on imports of Tesla’s Model 3, officials from the country’s news department announced on Thursday. China’s General Administration of Customs stopped clearing Tesla Model 3 imports last week, saying they did not have the required Chinese language warning signs and had missing or incorrect nameplate labels.
The California-based company only started delivering Model 3 cars to China at the end of February, a key market where it has been trying to revive its sales which have been hit hard by Sino-U.S. trade tensions. Its shares fell more than 5 percent on the day news of its imports being suspended first broke and rose 3 percent later after it said the issue had been resolved.
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.