Markets rebound | Calamatta Cuschieri

US markets traded higher on Wednesday, shrugging off simmering North Korean tensions, another hurricane tearing through the Caribbean, and the resignation of a key member of the Fed. The Dow Jones Industrial Average rose 56 points, or 0.3%, to 21,808, led by gains in Exxon Mobil Corp. while the S&P 500 index climbed 5 points, or 0.2%, to 2,463, powered by a rebound in energy and real estate.

U.K. stocks underperformed their US counterparts on however, with the FTSE moving lower as a rising pound hurt exporters and insurers slumped as Hurricane Irma hit the Caribbean. The blue-chip benchmark logged a third straight session of losses, falling 0.3% to 7,354.13. European markets closed in slightly positive territory.

Jaguar Joins the Electric Club

Britain’s biggest carmaker, Jaguar Land Rover, has announced that by the year 2020, every new vehicle line launched will be powered by an electric or hybrid-electric engine. The first of the new models to be a fully electric vehicle, the Jaguar I-Pace, is expected to go on sale in 2018. Jaguar Land Rover chief executive Ralf Speth said the move was aimed at "giving customers even more choice".

Mr. Speth added that their current line of internal combustion engines is ‘state of the art’ and that they will continue to see these engines, in both petrol and diesel form, in production for many years to come. However the new electric range is welcomed both by investors and regulators, as the car industry seeks to show its green credentials, with major manufacturers all aiming to fully electrify their vehicle ranges by the coming decade.

Best Inc - $932 million US I.P.O

Best Inc, a Chinese logistics company backed by Alibaba Group, is launching a U.S. IPO that is seeking as much as $932 million to fund an expansion of its logistics and supply chain network, develop new technology, and open more convenience stores. The Hangzhou-based company, led by Johnny Chou, a former Greater China president for Alphabet Inc’s Google, plans to list on the New York stock exchange and the IPO will be equivalent to 16.4 percent of the firm’s enlarged share capital.

The offering will include an issue of 53.56 million new American Depositary Shares, each representing one class An ordinary share, in an indicative range of $13 to $15 each, according to a filing with the U.S. Securities and Exchange Commission on Wednesday. China is the world’s biggest logistics market, notching up $1.6 trillion in annual revenue in 2016, with demand for express delivery services expected to jump 17.9 percent annually in the six years to 2021.

Disclaimer

This article was issued by Peter Petrov, Junior 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.