Rough trading | Calamatta Cuschieri

UK stocks ended a wobbly Wednesday trading session slightly higher, with investors taking a cautious approach after weaker-than-expected data on the key UK services sector as well as rising geopolitical tensions over North Korea. The FTSE 100 rose after swinging in and out of losses throughout the session.

US markets re-opened strong after the 4th July celebrations. The S&P 500 and the Dow were little changed in choppy trading on Wednesday, with a fall in oil prices taking a toll on energy stocks, but the Nasdaq was propped up by gains in tech shares.

Asian stock markets mostly rose following a choppy trading session. Japan's benchmark Nikkei 225 reversed earlier losses to close up while the Topix index also gained, closing in the green. Gold prices are rising for a second day after North Korea successfully launched an intercontinental ballistic missile capable of striking the US.

Volvo goes electric

Volvo, the Chinese-owned automotive group best known for its emphasis on driver safety, unveiled plans on Wednesday to begin phasing out the conventional car engine. Volvo said that all new Volvo models from 2019 would be either fully electric or a hybrid, marking “the end of the solely combustion engine-powered car”.

The announcement makes Volvo the first major auto maker to abandon the aging technology that has powered the industry for more than a century. In the face of competition from upstarts like Tesla, Hakan Samuelsson - president and CEO of Volvo Cars, reiterated his target of selling one million electric cars and hybrids by 2025.

Tech Drives Markets

Technology stocks posted strong performance on Wednesday’s trading and avoided a four session drop. Chip makers Advanced Micro Devices, Nvidia and Micron Technology posted strong gains, making up three of the top four gainers as of midday.

Tech has been the best-performing sector this year, but it has fallen approximately 5 percent over the past month. The strong performance by chip stocks pulled up a broad swath of tech shares, making tech one of the leading sectors.

Nvidia is up 2.6%, Advanced Micro Devices is up around 5 percent and Micron is up around 3.8%.

Disclaimer:

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 is 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.