Global markets stumble

The Nasdaq ended sharply lower on Wednesday after investors sold high-flying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs. Microsoft Corp, Apple Inc and Amazon.com Inc dropped more than 2%, weighing more than any other stocks on the S&P 500. The Dow Jones Industrial Average fell 0.39% to end at 31,270.09 points, while the S&P 500 lost 1.31% to 3,819.72. The Nasdaq Composite dropped 2.7% to 12,997.75.

European stocks ended flat, with gains in economy-sensitive sectors offset by a rise in bond yields as investors raised their inflation expectations for the year. The pan-European STOXX 600 index ended largely unchanged after opening stronger, with utility stocks leading losses in the euro zone. German stocks ended about 0.3% higher as investors anticipated a gradual easing of coronavirus curbs as a sluggish vaccination campaign accelerates.

Maltese markets moved higher, with the MSE Equity Total Return Index closing up 0.27 percent to 7,887.166 points. Malta Properties Company Plc led the gains with shares up 5.66 percent at €0.560, followed by Simonds Farsons Cisk Plc, also up 5.16 percent at €8.10. Lombard Bank Malta Plc meanwhile posted the largest drop with shares down 3 percent at €1.94.

Foxconn expects revenue growth

Apple supplier Foxconn said it expects first-quarter revenue to rise more than 15% from a year earlier, boosted by strong iPhone sales and robust demand for electronics during lockdowns worldwide to curb the COVID-19 pandemic. The world’s largest contract electronics manufacturer has previously forecast strong demand for the new iPhone 12, saying its business will be supported by “stronger than expected” sales for smartphones and for telecommuting devices amid a coronavirus-induced work-from-home trend.

Foxconn said it saw revenue for cloud products that include servers and revenue for computing products such as laptops to rise about 10% in the first quarter, respectively. The Taiwan-based said in a short statement on Thursday that it expects consumer electronics revenue, which includes smartphones and smart watches, to rise more than 15% in the January-March quarter from a year earlier. It did not elaborate.

Source: Reuters

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