The Malta Independent 11 November 2019, Monday

Markets mixed as investors await the Fed

Wednesday, 10 July 2019, 11:17 Last update: about 4 months ago

US markets ended mostly mixed as investors awaited a two-day testimony before Congress by Fed Chairman Jerome Powell. The Dow Jones Industrial Average slipped 22.65 points, or 0.1 percent, to 26,783.49 whilst the S&P 500 index edged up 3.68 points, or 0.1 percent, to 2,979.63. The Nasdaq Composite Index gained 43.35 points, or 0.5 percent, to close the session at 8,141.73.

European markets closed lower with the chemicals and autos sectors weighing on the region’s bourses. The pan-European Stoxx 600 index closed 0.5 percent lower with Germany’s DAX taking the biggest hit after chemicals giant BASF issued a profit warning citing trade frictions. The financial sector continued to struggle with Deutsche Bank extending its losses.

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Maltese markets meanwhile moved higher with the MSE Equity Total Return Index closing up 0.524 percent to 9,786.649 points. Mapfre Middlesea Plc posted the largest gain with shares up 4.15 percent at €2.08 followed by RS2 Software Plc which gained 2.87 percent at €1.69. MIDI Plc meanwhile retreated 1.59 percent to close at €0.64.

Tesla gets ready to ramp up production

Tesla Inc. is getting ready to increase electric-vehicle production after achieving record deliveries in the second quarter, sources familiar with the matter have said. Tesla’s second-quarter deliveries beat Wall Street estimates, easing concerns over demand for the company’s electric cars.

Tesla CEO Elon Musk had previously said that the automaker aims to have a production capacity of 7,000 Model 3 vehicles per week in Fremont by the end of the year and 3,000 units per week at Tesla’s upcoming Gigafactory 3 in China.

IBM – Red Hat acquisition

International Business Machines Corp said on Tuesday it has closed its $34 billion acquisition of software company Red Hat Inc, as it looks to ramp up its cloud computing business. In an interview, IBM chief executive Ginni Rometty said the deal was driven by what its customers wanted and helping companies “move mission-critical work” to the cloud, offering a variety of hybrid public and private clouds. “We have all the critical parts,” she said.

Founded in 1993, Red Hat specializes in Linux operating systems, the most popular type of open-source software and an alternative to proprietary software made by Microsoft Corp. IBM has faced years of revenue declines as it transitions from its legacy computer hardware business into new technology products and services.

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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