Markets breathe sigh of relief | Calamatta Cuschieri

US markets reversed earlier losses and surged higher on Wednesday with the Nasdaq notching a new record close after President Donald Trump suggested that the US and Iran were refraining from further military action following attacks on US bases on Tuesday night. The Dow Jones Industrial Average gained 161.41 points, or 0.6 percent, to 28,745.09 with the S&P 500 index rising 15.87 points, or 0.5 percent, to 3,253.05. The Nasdaq Composite Index climbed 60.66 points, or 0.7 percent, to close at a new high of 9,129.24.

European markets once again did not have enough time to ride the wave of optimism that drove their US counterparts later into the session as the region’s bourses posted losses. The pan-European Stoxx 600 index sank 0.4 percent to 416.13 with Germany’s DAX losing 0.6 percent to 13,143.75. The UK’s FTSE 100 fell 0.5 percent to close at 7,633.61.

Maltese markets meanwhile moved higher with the MSE Equity Total Return Index closing up 0.185 percent to 9,533.284. Mapfre Middlesea Plc led the gains with shares up 7.27 percent at €2.36 followed by RS2 which gained 1.83 percent to €2.22. Mainstreet Complex meanwhile posted the largest drop with shares down 8.33 percent at €0.55.

Mercedes Benz remains biggest-selling premium brand

Daimler reported that it has sold 2.34 million Mercedes-Benz passenger cars in 2019 for a ninth consecutive year of record sales, putting the German carmaker in pole position to retain the title of biggest-selling premium car brand. The company said it posted sales records in Germany, China and the United States thanks to strong demand for its sports utility vehicles and high-end limousines.

Mercedes-Benz sales rose 6.2% in China, where local customers ordered the top-end Maybach Mercedes-Benz S-Class limousine at a rate of more than 700 vehicles a month. Stuttgart-based Daimler claimed it had retained the title of best-selling luxury car brand. However, rival BMW, the brands of which include Mini and Rolls-Royce, has yet to give a breakdown of its global sales.

Audi said it sold 19,500 electric e-tron models in Europe last year while Daimler declined to provide a figure for how many electric Mercedes-Benz EQC models it delivered to customers.
 

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.