Global markets climb | Calamatta Cuschieri

US markets fell from their session highs but still closed slightly higher on Tuesday as investors watched the easing of restrictions across the US and Europe and monitored progress toward and early vaccine for latest coronavirus. The Dow Jones Industrial Average edged up 133.33 points, or 0.6 percent, to 24,883.09 with the S&P 500 index gaining 25.70 points, or 0.9 percent, to 2,868.44. The Nasdaq Composite index rose 98.41 points, or 1.1 percent, to end the session at 8,809.12.

European markets also advanced with the pan-European Stoxx 600 index closing up 2.2 percent. Germany’s DAX gained 2.5 percent and Italy’s FTSE MIB index rose 2 percent. Europe’s oil and gas sector led gains the day, as crude prices surged on expectations that fuel demand will begin to recover as countries around the globe looked to lift restrictions placed to try curb the spread of the coronavirus.

Maltese markets also climbed, with the MSE Equity Total Return Index closing up 1.346 percent at 8,231.689 points. GO Plc led the gains with shares up 7.22 percent at €3.86, followed by International Hotel Investments Plc which gained 1.72 percent to €0.59. Midi Plc posted the only drop for the session, down 1.52 percent at €0.39.

VW sees strong demand in China

Volkswagen said demand in China was rebounding, thanks to customers who want to switch from public transport to personal vehicles, but warned sales would not recover as quickly in other parts of the world. Sales in North America were down 50% and down 81% in South America however sales of passenger cars in China were above year-earlier levels in the last week of April, Volkswagen executive Juergen Stackmann, who is responsible for passenger car sales and marketing at the VW brand, said on Wednesday.

In April, sales in Germany were down 60% on the year, with the rest of Europe down 85% as some major markets like Italy and Spain came to a full stop, Stackmann said. Norther European countries, includig Norway, Sweden, Denmark and Germany fared better. In Germany, sales to fleet customers remained almost at normal levels in April compared with a year earlier, he 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.