Post-Brexit continuity trade deal | Calamatta Cuschieri

Market Summary

Maltese market closed in green on Wednesday, with MSE total index ending the session 0.502% higher to 9,708.896 points. Best performer was GO plc by jumping 3.21% to close at 4.50. Followed by Bank of Valletta plc and Lombard Bank Malta plc which rose 1.41% and 0.88% to close at 1.08 and 2.28 respectively. HSBC Bank Malta plc, Malta International Airport plc and BMIT Technologies plc were active but closed unchanged.

European stock bounced back on Wednesday amid reports of possible progress on crafting a new government coalition in Italy which would avoid having to call fresh elections. The pan-European Stoxx 600 was ahead by 1.21% at 375.80, alongside a rise of 1.30% to 11,802.85 for the German Dax while the Cac-40 was rising by 1.70% to 5,435.48.

Wall Street stocks closed higher on Wednesday as investors digested some solid figures from major retailers and minutes from the last meeting of the Federal Open Market Committee to be published. At the close, the Dow Jones Industrial Average was up 0.93% at 26,202.73, while the S&P 500 was ahead 0.82% at 2,924.43 and the Nasdaq Composite closed 0.90% firmer at 8,020.21.

The UK will sign the agreement with South Korea in London.

Britain and South Korea will sign a continuity Free Trade Agreement on Thursday to allow businesses to keep trading freely after Brexit at the end of October, the British government said.

Britain has been seeking to replicate EU-trade agreements with third countries ahead of its planned departure from the bloc but many had stalled over the uncertainty about if and when Brexit would happen after it was delayed earlier this year.

Prime Minister Boris Johnson, who took office last month, has vowed to take Britain out of the EU on Oct. 31 with or without a deal, and the government said it had now signed continuity agreements covering trade worth 89 billion pounds, up from 39 billion pounds in March, Britain's original exit date.

The British government said the UK-Korea agreement replicated as far as possible the EU-Korea trade deal and is designed to take effect when Britain has left the bloc and is therefore no longer subject to that agreement.
 

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, https://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.