Issue link: https://maltatoday.uberflip.com/i/1470258
9.6.2022 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES BMIT 14,000 6,776.00 1 0.484 0.484 0.484 0.484 0.008 GO 3,125 9,937.50 1 3.180 3.180 3.180 3.180 0.000 HLI 18,000 4,330.00 2 0.250 0.240 0.250 0.240 0.000 HSB 38,630 28,995.15 5 0.755 0.750 0.755 0.750 -0.020 IHI 91,288 66,640.24 8 0.730 0.730 0.730 0.730 0.030 MIA 2,250 13,387.50 4 5.950 5.950 5.950 5.950 -0.050 MMS 1,000 1,930.00 1 1.930 1.930 1.930 1.930 0.000 PG 563 1,261.12 1 2.240 2.240 2.240 2.240 0.000 SFC 355 3,071.00 3 9.000 8.400 9.000 8.400 0.150 STS 114 131.10 1 1.150 1.150 1.150 1.150 0.060 TRI 1,600 2,304.00 1 1.440 1.440 1.440 1.440 -0.020 GOVERNMENT STOCKS G45A 500,000 437,500.00 4 87.500 87.500 87.500 87.500 -0.500 CORPORATE BONDS AX29A 5,000 5,124.50 1 102.490 102.490 102.490 102.490 0.990 BR31A 15,000 15,225.00 2 101.500 101.500 101.500 101.500 0.500 DN33A 15,000 15,531.35 4 103.600 103.400 103.400 103.600 0.600 GO31A 30,000 30,000.00 3 100.000 100.000 100.000 100.000 0.000 HF27A 5,000 5,050.00 1 101.000 101.000 101.000 101.000 0.000 HM24A 4,000 4,120.00 1 103.000 103.000 103.000 103.000 0.000 HP25A 7,500 7,612.50 1 101.500 101.500 101.500 101.500 0.000 IH26A 2,000 2,012.00 1 100.600 100.600 100.600 100.600 0.100 MY31A 5,000 5,100.00 1 102.000 102.000 102.000 102.000 1.650 MY32A 30,000 30,718.00 3 102.400 102.390 102.400 102.390 -0.010 PH28A 10,000 10,025.00 1 100.250 100.250 100.250 100.250 0.000 SA32A 2,200 2,287.34 2 104.000 103.890 103.890 104.000 0.110 SM31A 23,600 24,240.00 3 103.000 102.500 102.500 103.000 2.000 SP29A 10,000 10,200.00 1 102.000 102.000 102.000 102.000 -0.500 ST27A 10,000 10,160.00 1 101.600 101.600 101.600 101.600 0.600 Malta Stock Exchange Regulated Main Market Trading Date: 8 June 2022 SMARTCARE FINANCE PLS - 4.65% SMF SEC BDS Can the ECB talk up EUR/USD at its upcoming meeting? ECB to signal July rate hike, but will it be enough for the euro? THE European Central Bank (ECB) is the latecomer to the rate hiking party, if you exclude the Bank of Japan (BoJ), and no move from that quarter is expected for quite some time. e Bank of England (BoE), Federal Reserve (Fed), Bank of Canada (BoC), Reserve Bank of Australia (RBA) and others have all raised rates to begin the fight against inflation. But the ECB, confronted by similar problems of high inflation and weaker growth, is also dealing with the eurozone's proximity to the war in Ukraine. As a result, Christine Lagarde and co have been slow to move, preferring to continue with loose policy for the time being. But the persistent rise in inflation shows no sign of abating, and with oil prices on the up again it looks to be another summer of rising pric- es. More rate hikes to come us, a July rate hike is likely to be telegraphed at this week's meeting, but it is so widely expect- ed that unless it is accompanied by plenty of hawkish commentary about a faster pace of tightening in the second half of the year, the euro may actually weaken against the dollar. More rate hikes from August onwards are expected, but as the BoE has discovered, simply hik- ing rates at a steady pace is not enough when you are competing with a Federal Reserve that has been happy to talk up the pace of hikes. Growth forecasts a risk to EUR/USD too e bank will do its best to be fairly upbeat about the eurozone economy. But a cut to growth forecasts, to echo those of the World Bank this week, will put more pressure on EUR/USD too. e Fed continues to talk up the US economy, which is still show- ing plenty of strength despite the wobble in the second quar- ter (Q2) gross domestic product (GDP) reading. e same cannot be said of the eurozone, where the risk of reces- sion thanks to the Ukraine war is much higher. Any positive benefit to EUR/ USD arising from a rate hike and more hawkish commentary might well be outweighed if the growth forecasts are too gloomy. EUR/USD struggles to make headway EUR/USD has been steadily declining since the beginning of 2021. While the price rebounded from below $1.04 in May, it has failed to move back above the 50-day simple moving average (SMA), leaving the downtrend firmly intact. It would take a big move back above $1.08 to suggest any kind of short-term bounce is in play, and even then the previous lower high lies close to $1.1190. Ultimately a big rally is needed to really sug- gest that the bounce is going to be sustained. A post-meeting fallout for EUR/ USD would see the price drop back below $1.06 that then brings the May low at $1.0350 back into view.