Markets retreat after strong surge | Calamatta Cuschieri

US markets close lower on Friday after posting double-digit gains last week as the number of US coronavirus cases surpassed those in China. The Dow Jones Industrial Average fell 915.39 points, or 4.1 percent, to 21,636.78, while the S&P 500 index lost 88.60 points, or 3.4 percent, to 2,541.47. The Nasdaq Composite Index dropped 295.16 points, or 3.8 percent, to end the session at 7,502.38.

European markets also retreated from recent highs, with the pan-European Stoxx 600 index losing 3.7 percent, with the UK’S FTSE 100 down 5.9 percent. The German DAX was trading 3.9 percent lower while France’s CAC 40 falling 4.6 percent.

Maltese markets meanwhile continued their climb with the MSE Equity Total Return Index closing up 1.255 percent to 7,880.005 points. Grand Harbour Marina Plc led the gains with shares jumping 36.36 percent to €0.75, followed by International Hotel Investments Plc which gained 9.62 percent to €0.57. Malta International Airport Plc also gained 4 percent to €0.52. FIMBank Plc meanwhile led the losses with shares down 7.79 percent at $0.45.

Russia buys Rosneft Venezuela operation

Russia’s largest oil producer, Rosneft, said on Saturday it had terminated operations in Venezuela and sold the assets linked to its operations in the South American nation to an unnamed company owned by the Russian government. The change of ownership announced on Saturday means any future U.S. sanctions on Russian-controlled oil operations in Venezuela would target the Russian government directly.

Rosneft Trading and TNK took more than a third of Venezuela’s oil exports in 2019, allowing PDVSA to continue crude shipments even after U.S. sanctions imposed on the company left many traditional customers unwilling to work with it.

Along with some other Russian companies and individuals, Rosneft has been under U.S. financial and technological sanctions since 2014, after Moscow annexed Ukraine’s Crimea region. Rosneft said the Venezuelan assets sold include those in the joint ventures of Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, as well as in oilfield services companies, commercial and trading operations, it said.
 

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.