Markets retreat from records

U.S. stocks fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday’s Federal Reserve announcement. The Nasdaq led the day’s declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session. The Dow Jones Industrial Average fell 85.79 points, or 0.24%, to 35,058.52, the S&P 500 lost 20.84 points, or 0.47%, to 4,401.46 and the Nasdaq Composite dropped 180.14 points, or 1.21%, to 14,660.58.

European stocks lost ground after falls in Chinese shares and Reckitt Benckiser’s warning on margins ahead of earnings updates from big fashion retailers later in the day. Most European sector indexes fell, with technology stocks leading declines as Logitech tumbled 9.9% after the Swiss maker of computer equipment maintained its full-year targets, despite reporting better-than-expected quarterly results. The pan-European STOXX index fell 0.5% in its second straight session of losses. Worries about tighter regulation of China’s heavyweight technology sector fuelled a selloff in global markets this week despite optimism about the ongoing U.S. and European earnings season.

Maltese markets also fell, with the MSE Equity Total Return Index losing 1.22 percent to 7,802.619 points. Simonds Farsons Cisk plc led the losses with shares down 7.82 percent at €8.25, followed by Malta International Airport Plc, down 4.76 percent at €6.00. Lombard Bank Malta Plc posted the largest gain with shares up 2.2 percent at €1.86. The MSE Malta Government Stocks Total Return Index lost 0.14 percent to 1,118.451 points while the MSE Corporate Bonds Total Return Index added 0.34 percent to 1,134.890 points.

Source: Reuters, Malta Stock Exchange

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