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Market Analysis

  • A new dawn has begun!

    The recent Medserv bond issue marked what is likely to be a turn in the fortunes of the new-issue market for corporate bonds in Malta. Not a moment too soon. After peaking at €303 m illion in 2010, new issuance collapsed to just €40m in 2012 (see...

  • US shutdown not expected to last long

    The world’s most liquid currencies appeared hesitant as political issues clouded the efficacy of government functioning in both the US and Italy. The last most significant move for the EUR/USD dates back to September 18, when we had the...

  • The strategy of share buybacks

    A share buyback is the purchase by a company of its own shares. This is a very common practice by large multinational companies. However, there are mixed views as to whether such a strategy is positive for the company and its shareholders or...

  • European shares steady as Spain offsets Germany

    European shares ended little changed yesterday as selloffs in German lenders Deutsche Bank and Commerzbank, hit by concerns about their balance sheets, were offset by a bounce in Spanish peers Santander and BBVA. Shares in Deutsche Bank fell 2.6...

  • Telefónica faces opposition to its plans for Telecom Italia

    Telecom Italia’s chairman, its independent directors and Italian politicians spoke out yesterday against suspected plans by top shareholder Telefónica to sell some of the company’s most valued assets once it has won control. The widespread...

  • Shipping movements

    These ships are expected in Malta: The MV Eurocargo Malta from Genoa to Civitavecchia (Sullivan Maritime), the Mediterranean Sea from Alexandria to Latakia and the Vega Aquila from Algeciras to Naples (both Carmelo Caruana Ltd) today. The BFP...

  • The Malta Troika: bright prospects

    The term Troika has recently become synonymous with (politically motivated) economic destruction and social hardship. I doubt that the average youth on the street sees the IMF/EU/ECB Troika as a force for the good. Nor would he comprehend the...

  • Fed leaves markets guessing; debt ceiling in focus

    With the Federal Reserve FOMC meeting out of the way, attention on financial markets was back on macroeconomic data as the guessing games begin once again. In a surprise decision, the Fed decided to stay put and not alter the pace of its asset...

  • Will ‘great rotation’ happen in Malta?

    The term “great rotation” was originally penned by an economist at Bank of America Merrill Lynch in an October 2012 research note titled The Bond Era Ends. It refers to the prediction that the record-low bond yields will prompt investors to rotate...

  • European shares hover close to five-year highs

    European shares hovered near five-year highs yesterday, staying within their weekly range as investors held fire expecting the US Fed to announce a first cut to its equity-friendly stimulus programme. The pan-European FTSEurofirst 300 closed up...

  • Shipping movements

    These ships are expected in Malta: The MV Eurocargo Venezia from Genoa to Civitavecchia (Sullivan Maritime), the Faust from Port Said to Genoa (Thomas Smith Shipping Ltd), the Nicola from Tunis to Algiers, the Westerburg from Mersin to Antalya and...

  • The direction of the eurozone

    The last couple of weeks have probably witnessed the widest gap ever between the eurozone bulls and bears. The former have been coming for a while but the numbers were few and the noise level was minimal given the lack of economic data to support...

  • Milestone agreement for RS2 Software plc

    On August 30, RS2 Software plc announced that the major European Bank referred to in their company announcements of May 16 and June 19, which had expressed an interest in acquiring a significant stake in RS2, was Barclays Bank plc. The company...

  • European shares hit two-year highs

    A key European equity index scaled fresh two-year highs yesterday, lifted by a rebound in beaten-down utility stocks and a surge in chip designer ARM . Traders also said increasing signs that Europe’s economy was recovering from the region’s euro...

  • Shipping movements

    These ships are expected in Malta: The MV Eurocargo Malta from Genoa to Civitavecchia (Sullivan Maritime), the BFP Galaxy from Izmir to Piraeus and the Vega Aquila from Durres to Naples (both Carmelo Caruana Ltd) today. The El Toro from Skikda,...

  • Rising US bond yields

    The US Treasury market has been experiencing volatility in recent days and weeks. The US Federal Reserve (“Fed”) announced in May that it may begin reducing quantitative easing, triggering months of losses in US government debt. Prices have been...

  • Risk appetite takes a breather

    We had a busy end of week last week; finally the ECB and the BoE, as was expected, left interest rates un­changed – both at 0.5 per cent. The BoE made no changes to its asset purchases target, and while EU President Mario Draghi took no additional...

  • Medserv taps the bond market

    Medserv plc obtained ap­proval of a €20 million debt issuance programme to finance its expansion plans. The programme enables the company to issue various tranches or series amounting to a maximum of €20 million over a 12-month period. Shortly...

  • European shares track US gains to end slightly higher

    European shares closed slightly firmer after choppy trading yesterday, helped by a rally in US technology stocks while geopolitical concerns kept gains in check. The FTSEurofirst 300 index of top European shares closed 0.2 per cent higher at...

  • Shipping movements

    These ships are expected in Malta in the coming days: The Sea Breeze from Annaba to El Khoms, the DS Accuracy from Algeciras to Naples, the Avonmoor from Skikda to Tunis, the Pagola from Ravenna to Ravenna (all Carmelo Caruana Ltd) and the MV...

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