Markets move lower | Calamatta Cuschieri

US markets reversed their earlier gains and sank for two days straight on Wednesday, the second full day of corporate quarterly earnings reports from the likes of Bank of America, Goldman Sachs and Wells Fargo. The Dow Jones Industrial Average lost 165.81 points, 0.6 percent, to 28,514.00, while the S&P 500 index gave up 23.26 points, 0.7 percent, to 3,488.67. The Nasdaq Composite fell 95.17 points, or 0.8 percent, to end the day at 11,768.73.

European stocks also fell as surging coronavirus cases stoked fears of more sweeping lockdowns across the bloc with uncertainty over a Brexit deal also dampening investor appetite. The pan-European Stoxx 600 index lost 0.1 percent with the British FTSE 100 dropping 0.6 percent.

Maltese markets also dropped with the MSE Equity Total Return Index closing down 0.68 percent at 7,122.578 points. Malita Investments Plc led the losses with shares down 3.33 percent at €0.87, followed by Bank of Valletta Plc, down 2.3 percent at €0.85. BMIT Technologies Plc posted the only gain with shares up 2.17 percent at €0.47.

Oil prices rise

Oil prices edged higher on Thursday, extending their 2% gains from the previous session, after data showed U.S. crude stockpiles fell last week, while OPEC and its allies were seen complying with their pact to curb output in September. Oil markets climbed for a third day despite a resurgence in Covid-19 infections across Europe potentially denting fuel demand.

Crude stockpiles fell by 5.4 million barrels, while distillate stockpiles, which include diesel and heating oil, fell by 3.9 million barrels. Those drawdowns were nearly double analysts’ expectations in a Reuters poll. U.S. West Texas Intermediate crude futures climbed 8 cents, or 0.2%, to $41.12 a barrel at 0430 GMT, while Brent crude futures rose 7 cents, or 0.2% to $43.39 a barrel.

 

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.