The Malta Independent 22 August 2019, Thursday

Markets summary and Goldman’s battle plan to beating the market during the trade war

Tuesday, 13 August 2019, 13:37 Last update: about 8 days ago

Maltese markets moved lower on Monday, with the MSE Equity Total Return Index closing down 0.653% at 9,797.06. Bank of Valletta P.l.c’s 1.42% gain, was close yet did not manage to catch Mapfre Middlesea P.l.c’s 1.98% gain, which saw them close at €1.07 and €2.06, respectively. Meanwhile, HSBC Bank Malta p.l.c. posted a loss of 2.61% and came to a close of €1.49.

Likewise, US stocks experienced a fall after intensive protests in Hong Kong left their impact on investors’ sentiments. The Dow Jones Industrial Average fell by 1.49% or 391 points as Pfizer and Goldman Sachs contributed to the index’s decline. The S&P500 also experienced a fall of 1.23% or 35.96 points, whilst the Nasdaq Composite index declined by 1.2% or 95.73 points.

ADVERTISEMENT

European markets also retreated following a hectic week highlighted by the fears that the US-China trade tensions could spill over to the global economy. The pan-European STOXX 600 index closed 0.3% lower due to political chaos in Italy weighing in on investors’ sentiment. The London’s FTSE 100 Index closed 0.37% lower or 27.13 points.

Saudi Aramco’s aim to buying Reliance stake

Saudi Aramco is developing a multibillion-dollar investment in India’s Reliance Industries as it is expanding its oil business, following a 12% decline in its first-half profit due to weaker prices.  The oil producer aims to launch an IPO by 2020-2021, and in preparation to this, it started issuing international bonds.

Aramco is growing its refining, chemicals and marketing footprint worldwide by engaging in new deals and increasing the capacity of its plants to secure new markets and diminish its risk to fluctuations in oil demand. Through this deal, Reliance will buy up to 500,000 barrels of crude oil daily from Aramco which in turn would more than double the volumes that Reliance buys at present and also aims to triple its chemical production by the year 2030.

Oregon joins forces to block T-Mobile merger

Oregon has joined a multistate lawsuit with the aim to block T-Mobile’s merger with Sprint Corp. The District of Columbia and another fifteen states are also seeking to end the merger, as the states claim that it is anti-competitive and very costly to its residents.

The New York Attorney General stated that “Oregon’s addition to our lawsuit keeps our momentum going, and ensures that there isn’t a single region of this country that doesn’t oppose this anticompetitive megamerger’’. If remained unchallenged, the merger will result in reduced access to reasonable wireless service in Oregon and eventually, higher prices.

This article was issued by Peter Petrov, junior trader at Calamatta Cuschieri. For more information visit, https://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