Save from as low as €40 per month Change modify pause
US markets retreated on Wednesday after retail sales figures fell for the first time in seven months, offsetting the strong start to the Q3 earnings season. The Dow Jones Industrial Average slipped 22.28 points or 0.1 percent, to 27,002.52, while the S&P 500 lost 5.99 points, or 0.2 percent, to 2,989.69. The Nasdaq Composite Index retreated 24.52 points, or 0.3 percent, to close the session at 8,124.18.
European stocks meanwhile ended mixed after hitting their highest levels in 16 months as concerns over a Brexit deal and fresh signs of tensions between the US and China put a cap on gains. The pan-European STOXX 600 index ended mostly flat whilst Germany’s DAX edged up 0.2 percent to 12,655.37. The UK’s FTSE 100 slipped 0.1 percent to end at 7,201.08 even though the British pound weakened after fresh Brexit concerns.
Maltese markets also retreated with the MSE Equity Total Return Index closing down 0.662 percent at 9,708.941 points. BMIT Technologies Plc led the gains with shares closing up 1.92 percent at €0.53 whilst Malta Properties Plc topped the droppers with shares closing down 4.96 percent at €0.67, followed by Malta International Airport Plc which lost 4.0 percent at €7.20.
Earnings season rolls in
Shares in online streaming service Netflix jumped 9.2 percent in after-hours trading after its latest earnings report showed the company added more paying subscribers than expected in the third quarter. The results for July through September represented a rebound from the previous quarter when Netflix lost U.S. streaming customers for the first time in eight years and missed targets for overseas subscribers.
Netflix said it was on track to achieve full-year operating margins of 13% and was targeting another 300 basis point expansion in 2020. However it will face new competition starting in November from Disney+, a streaming service from Walt Disney Co that will be stocked with movies and TV shows from Disney’s popular Marvel, “Star Wars,” animation and other properties.
Meanwhile International Business Machines Corp missed Wall Street estimates for quarterly revenue on Wednesday, as its global technology services unit was hit by weakness in some European markets, sending its shares down 5% in extended trading.
After a down-cycle, the company expects mainframe business to return to a normal product cycle in the fourth quarter, Chief Financial Officer James Kavanaugh said on a post-earnings call.
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.
The information provided on this website 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. Similarly any views or opinions expressed on this website are not intended and should not be construed as being investment, tax or legal advice or recommendations. Investment advice should always be based on the particular circumstances of the person to whom it is directed, which circumstances have not been taken into consideration by the persons expressing the views or opinions appearing on this website. Calamatta Cuschieri & Co. Ltd. (CC) has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website. You should always take professional investment advice in connection with, or independently research and verify, any information that you find or views or opinions which you read on our website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. CC does not accept liability for losses suffered by persons as a result of information, views or opinions appearing on this website.
Calamatta Cuschieri Investment Services Ltd is licensed to conduct investment services business under the Investments Services Act by the MFSA and is also registered as a Tied Insurance Intermediary under the Insurance Distribution Act.
You are signing up to receive news, updates, general market announcement, articles and product or service marketing. By signing up you are consenting