Stocks end lower

Wall Street ended lower on Monday, weighed down by tech shares as signs of growing inflation worried investors about the potential for tighter monetary policy. Of the 11 major S&P sectors that declined, technology, utilities and communication services were the biggest losers, each down between 0.7% and 0.9%.The S&P 500 scored its biggest one-day jump in more than a month on Friday as investors picked up beaten-down stocks following a pullback earlier in the week on worries about inflation and a sooner-than-expected tightening by the U.S. Federal Reserve. The Dow Jones Industrial Average fell 56.12 points, or 0.16%, to 34,326.01; the S&P 500 lost 10.42 points, or 0.25%, at 4,163.43; and the Nasdaq Composite dropped 50.93 points, or 0.38%, to 13,379.05.

European stocks ended flat as underwhelming Chinese data and caution over the spread of a COVID-19 variant outweighed optimism on the reopening of the British economy, while Sweden’s Kinnevik surged and was the top performer. The pan-European STOXX 600 index ended flat with travel and leisure stocks being the top losers, down 2.3%, while telecommunication stocks jumped the most, led by gains in Spanish telecom firm Telefonica Dampening sentiment was data showing that China’s factories slowed their output growth in April and retail sales significantly missed expectations as officials warned of new problems affecting the economic recovery.

Maltese markets meanwhile traded higher with the MSE Equity Total Return Index closing up 0.35 percent to 8,201.112 points. GO Plc led the gains, with shares up 3.37 percent at €3.86, followed by International Hotel Investments Plc, up 0.83 percent at €0.61. HSBC Bank Malta Plc meanwhile posted the only drop, with shares down 1.83 percent at €0.805. The MSE Malta Government Stocks Total Return Index gained 0.13 percent to 1,117.860 points while the MSE Corporate Bonds Total Return Index ended virtually unchanged at 1,123.041 points, slipping just 0.01 percent.

Source: Reuters, Malta Stock Exchange

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