U.S. stocks closed solidly higher on Thursday, with equities advancing in a broad rally that gave the Dow Jones Industrial Average its longest winning streak since February. The technology sector lead the day’s gains, extending this month’s trend, but the broad rally was also supported by the latest economic date which suggested that the economy was growing at a healthy pace. The Dow Jones Industrial Average rose 196.99 points, or 0.8%, to 24,739.53, the S&P 500 gained 25.28 points, or 0.9% to 2,723.07, whilst the Nasdaq Composite Index advanced by 65.07 points, or 0.9% to 7,404.97.
Meanwhile, European stocks broke a four-day winning run on Thursday, with Italian shares dragging the benchmark index lower as euroskeptic parties moved closer to form a coalition government and Ascension Day leaving markets closed in several countries including Switzerland, Austria, the Nordics and Greece. The Stoxx Europe 600 index fell 0.1% to 391.97, after closing at its highest level since February 1 on Wednesday. Germany’s DAX 30 index picked up 0.6% to 13,022.87, while France’s CAC 40 added 0.2% to 5,545.95. The U.K.’s FTSE 100 index climbed 0.5% at 7,700.97, ending at its highest level since January 23.
Historic summit between Trump and Kim Jung Un
The U.S. has zeroed in on Singapore as the venue for a historic summit between President Donald Trump and North Korean leader Kim Jong Un, after the return of three U.S. citizens detained in the isolated country removed an obstacle to talks. In March, Trump stunned the world by accepting an invitation to meet Kim Jong Un for an unprecedented sit-down. Their release came during a visit to Pyongyang by Secretary of State Mike Pompeo to arrange details of the meeting between Mr Trump and Mr Kim.
The key issue expected to be discussed is North Korea’s nuclear weapons programme – over which the two leaders furiously sparred in 2017 asthe US wants Pyongyang to give up its weapons programme completely and irreversibly.There has been no word from Pyongyang on what it might specifically offer at the summit, but key issues for the North will be the presence of 30,000 US military personnel in South Korea, and the lifting of sanctions that are choking the economy.
Geely/Volvo potential IPO
China’s Zhejiang Geely Holding Group, the regional owner of Volvo Cars has hired three investment banks for an initial public offering (IPO) this year that could value the Swedish carmaker at between $16-$30 billion, a person familiar with the matter has stated. The company, which bought Volvo Cars in 2010 for the Chinese market, has picked Citigroup, Goldman Sachs and Morgan Stanley for the listing.
Geely said in a statement on Friday that the firm was “looking at the possibilities” when asked about the dual listing plans for Volvo Cars. “We haven’t made a final decision on how to proceed as of yet.” Volvo Cars had revenues of 210.9 billion crowns ($24.4 billion) in 2017 with an operating profit of 14.1 billion crowns.
This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit,www.cc.com.mt. The information, view and opinions provided in this article 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. 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.
This article provided by NewsEdge.