MaltaToday previous editions

MW 17 August 2016

Issue link: https://maltatoday.uberflip.com/i/715731

Contents of this Issue

Navigation

Page 10 of 23

maltatoday, WEDNESDAY, 17 AUGUST 2016 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Market Commentary: Higher Highs Local markets may have been closed on Monday but the rest of the world kept up last week's mo- mentum, with most Asian shares at multi-month highs – with the ex- ception of Japan which delivered some disappointing growth data. In Europe, the Stoxx 600 hit an almost 2-month high, thanks mostly to outperformance in the healthcare sector after Belgian pharma group UCB won a favourable US court ruling. UCB surged 8% after a US court confirmed the validity of an important drug patent. William Hill brought up the rear in London after it rejected a takeover bid by Rank Group and 888 Holdings, saying the offer still "substantially" undervalues the company. In the US, rising oil prices once again pushed all major stock indices to intraday record highs. Saudi Arabia's statement that it's prepared to take action to stabilize oil prices, sent oil bulls in a frenzy, much to the delight of the energy sector and stocks in general. The biggest contribution to the S&P and the NASDAQ however came from Apple which rose 0.6%. Valeant rose after a broker upgrade from "underperform" to "neutral". World yields kept falling – the yields on 10-year paper in the UK fell just shy of 50 basis points. Yields on most European sovereigns fell initially but rose back in later trading. US yields kept hovering at around 1.50% as expectations for further rate hikes in the US are still unclear. Employment data would suggest that Federal Reserve should act soon, but other indicators – read inflation – are not so comforting, especially when many are expecting a slowdown in growth for the current quarter. Odds are just below 50% for a rate hike in December. Uncertainty over the future of the rate path in the US together with firmer prices in commodities saw the US dollar fall against most of its peers. The greenback was joined by the British pound as one of the worst performers of the day, leaving the Euro to pick up the gains amongst the majors. In exotics, the Mexican peso and the South African rand had a field day, both up over 1% against the US dollar. Disclaimer: This article was issued by Andrew Martinelli, Trader at Calamatta Cuschieri. For more information visit, www.cc.com. mt . The information, views 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. Additional €2 million for PV scheme A further €2 million have been allocated to the photovoltaic pan- els (PV) grant after the €5 mil- lion initially allocated when the scheme was launched in June were quickly taken up. The grants under the PV scheme were created to encourage generation of clean energy through the installation of photovoltaic panels for the domestic sector. The additional funds were allocated following the demand and following requests from various sectors and from the main stakeholders. Applications can be submitted until this additional amount is also taken up. The PV scheme will contribute towards cleaner energy for our country and towards Malta's aims to reach the 2020 energy target, while families will benefit from savings on their energy bills, the government said. Euro area international trade in goods surplus €29.2 billion The first estimate for euro area exports of goods to the rest of the world in June 2016 was €178.8 billion, a decrease of 2% compared with June 2015. Imports from the rest of the world stood at €149.5 billion, a fall of 5% compared with June 2015 were imports stood at €157.4 billion. As a result, the euro area recorded a €29.2 billion surplus in trade in goods with the rest of the world in June 2016, compared with +€25.5 billion in June 2015. Intra-euro area trade fell to €150.2 billion, down by 1% compared with June 2015. In January to June 2016, euro area exports of goods to the rest of the world fell to €1,005.5 billion (-1% compared with January-June 2015), while imports fell to €871.0 billion (-3% compared with January- June 2015). As a result the euro area recorded a surplus of €134.5 billion, compared with +€111.4 billion in January-June 2015. Intra-euro area trade remained nearly stable at €855.9 billion in January-June 2016. The first estimate for extra- EU28 exports of goods in June 2016 was €151.4 billion, -5% compared with June 2015 when the number was €159.8 billion. Imports from the rest of the world stood at €143.8 billion, -4% compared with June 2015, which stood at €150.5 billion. As a result, the EU28 recorded a €7.7 billion surplus in trade in goods with the rest of the world in June 2016, compared with +€9.3 billion in June 2015. Intra-EU28 trade fell to €272.1 billion in June 2016, -1% compared with June 2015. In January to June 2016, extra-EU28 exports of goods fell to €850.4 billion. This was down by 4% when compared with January-June 2015. On the other hand, imports fell to €833.5 billion, which is also 4% fall when compared with January-June 2015. As a result, the EU28 recorded a surplus of €16.9 billion, compared with +€19.8 billion in January-June 2015. Intra-EU28 trade rose to €1 556.1 billion in January- June 2016, +1% compared with January-June 2015. The EU recorded a €7.7 billion surplus in trade in goods with the rest of the world in June 2016

Articles in this issue

Archives of this issue

view archives of MaltaToday previous editions - MW 17 August 2016