US markets rose on fiscal hopes & Tesla announced plans to produce its Model Y in Germany
US markets surged on Wednesday after President Donald Trump signalled that he was open to a number of individual fiscal stimulus measures to boost the economy, shortly after calling off talks on a larger relief package until after the November election. The Dow Jones Industrial Average climbed 530.7 points, or 1.9 percent, to 28,303.46, while the S&P 500 rose 58.5 points, or 1.7 percent, to 3,419.45. The Nasdaq Composite added 210 points, or 1.9 percent, to end the day at 11,364.60.
European stocks meanwhile struggled for direction as weak oil prices put a drag on energy companies, weighing down the region's indexes. The pan-European STOXX 600 index ended flat together with the UK's FTSE 100, while Germany's DAX retreated 0.2 percent. The French CAC 40 lost 0.1 percent.
Maltese markets sank after a relatively active day, with the MSE Equity Total Return Index closing down 0.86 percent at 7,181.893 points. 4 equities closed in the red, with International Hotel Investments Plc leading the losses after a 5.77 percent drop to €0.49, followed by Lombard Bank Malta Plc which lost 5.26 percent to €1.80.
Tesla plans new German Model Y production
Tesla Inc Chief Executive Elon Musk said on Wednesday the company will produce Model Y with a new structural battery design and technology at its Berlin factory next year and that could result in a "significant production risk".The company plans to start the production of Model Y at Gigafactory Berlin during the second half of 2021.
The U.S. electric carmaker plans to manufacture a new version of its Model Y crossover vehicle, and possibly even battery cells at the site. Last month, Musk said that Tesla will use its Germany-based plant to demonstrate a radical overhaul of how its cars are built. Tesla's new battery cell - a larger cylindrical format called 4680 that can store more energy and is easier to make - is key to achieving the goal of cutting battery costs in half and ramping up battery production nearly 100-fold by 2030.
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.