The Malta Independent 24 September 2021, Friday

Markets bounce from highs but still close at records

Tuesday, 26 January 2021, 13:55 Last update: about 9 months ago

U.S. stock indexes surged during early trade on Monday but closed off their intra-day highs, although the S&P and Nasdaq still finished at record levels, as concerns over the timing and scope of fiscal stimulus dented optimism at the start of a week of earning reports from mega-cap companies. The Dow Jones Industrial Average fell 36.98 points, or 0.12%, to 30,960, the S&P 500 gained 13.89 points, or 0.36%, to 3,855.36 and the Nasdaq Composite added 92.93 points, or 0.69%, to 13,635.99.

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European stocks inched higher as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns in many countries grappling with new variants of the novel coronavirus. The pan-European STOXX 600 index rose 0.2%. Tech stocks were up 1.2% and gained the most among sectors, with their U.S. peers trading near all-time highs.

Maltese markets also gained, with the MSE Equity Total Return Index closing up 0.12 percent at 8,222.793. Only 4 stocks posted a change in price with RS2 Software Plc leading the gains as its shares rose 3 percent to €2.06 and Malta Properties Company Plc following behind with a 1.96 percent gain to €0.52. HSBC Bank Malta Plc posted the only loss with its shares down 2.98 percent at €0.815.

Nissan to push electric production in China

Nissan Motor is accelerating the rollout of electric vehicles in China under its main brand and its local, no-frills Venucia marque as it overhauls its strategy in the world's biggest auto market, sources told reporters. The China strategy is a key pillar of Nissan's turnaround, which involves focusing on producing profitable cars for China, Japan and the United States, rather than chasing all-out global growth as it did under disgraced former boss Carlos Ghosn.

Besides the focus on green vehicles, the plan involves using more locally made parts and technologies to reduce costs and help the struggling Japanese carmaker compete better with lower-cost Chinese firms and major global rivals, the sources said. Nissan plans to launch three cars in China this year: the new all-electric Ariya crossover, a significant redesign of its X-Trail sport utility vehicle (SUV) and a hybrid Sylphy compact car using its e-Power technology.

Source: Reuters

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