US markets edged higher into record territory on Wednesday however trading volumes were thin ahead of the Thanksgiving Day holiday on Thursday. The Dow Jones Industrial Average moved up 42.32 points or 0.15 percent to 28,164.00 while the S&P 500 rose 13.11 points or 0.42 percent to 3,153.63. The Nasdaq Composite Index gained 57.24 points or 0.66 percent to close the session at 8,705.18.
European markets also moved higher after Donald Trump indicated that the US and China were in the “final throes” of a trade deal. The pan-European Stoxx 600 index rose 0.4 percent whilst Germany’s DAX gained 0.5 percent. The UK’s FTSE 100 continued its gains and also rose 0.5 percent as sentiment remained strong among investors.
Maltese markets meanwhile slipped lower with the MSE Equity Total Return Index closing down 0.209 percent at 9,688.817 points. GO Plc was the only stock to close with gains as its shares rose 0.95 percent to €4.26. HSBC Bank Malta Plc led the losses with shares down 1.6 percent at €1.23, followed by BMIT Technologies Plc which lost 0.97 percent to close at €0.51.
Panasonic winds down chip unit
Panasonic Corp announced it would sell its loss-making semiconductor unit to Taiwan’s Nuvoton Technology Corp for $250 million as the Japanese electronics giant struggles to lift its profit amid a lack of growth drivers. Panasonic has already divested most of its chip business as it lost to more nimble Korean and Taiwanese rivals, and has shut down or shifted its manufacturing facilities with Israeli-based Tower Semicondutor.
The sale is part of Panasonic’s plans to cut fixed costs by $920 million by consolidating production sites and overhauling loss-making businesses. Panasonic said the sale will not have any significant impact on its earnings. The company has turned its focus away from low-margin consumer electronics and has invested into business that sell to automakers, as well as to corporations such as factory-owners and firms that automate processes.
This article was issued by Peter Petrov, 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.