Markets surge on potential rate cuts | Calamatta Cuschieri

US markets marked a strong start to the week on Monday as stocks rebounded sharply from last week’s selloff. The Dow Jones Industrial Average scored its biggest single-day percentage gain in nearly 11 years and rose 1,293.96 points, or 5.1 percent, to 26,703.32. The S&P 500 recovered 136.01 points, or 4.6 percent, to 3,909.23 with the Nasdaq Composite index recovering 384.8 points, or 4.5 percent, to close the session at 8,952.16. Both the S&P 500 and Nasdaq recorded their biggest single-day percentage gains since December 26th, 2018.

European markets meanwhile managed to squeeze out a marginal gain in a choppy trading session as gains in the defensive sector outweighed the losses in airline stocks. The pan-European Stoxx 600 index rose 0.1 percent to 375.97 with sentiment propped up by hopes for interest rate cuts across the globe.

Maltese markets meanwhile moved lower with the MSE Equity Total Return Index closing down 0.647 percent at 9,382.479. Malta Properties Company Plc led the losses with shares down 8.96 percent at €0.61, followed by FIMbank Plc which fell 6.03 percent to €0.545. PG Plc led the gains of the day which shares closing up 2.04 percent at €2.00.

Vodafone aims at space for its 4G & 5G networks

Mobile operator Vodafone is backing a satellite venture that aims to broadcast a mobile broadband network from space, potentially boosting its 4G - and in the future 5G - coverage for users without the need for a specialized handset. The U.S. company plans to launch the world’s first low-earth-orbit, low-latency satellite network - called SpaceMobile - that is able to connect directly to a smartphone.

Vodafone Chief Executive Nick Read said SpaceMobile would further enhance the company’s network across Europe and Africa - especially in rural areas and during a natural or humanitarian disaster - for customers on their existing smartphones. Vodafone said on Tuesday it had invested $25 million in Texas-based AST & Science’s space-based network, becoming the lead investor alongside Japan’s Rakuten Inc.
 

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.