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Market Analysis

  • Job growth slows in US, delays scope for Fed tapering

    The United States government bought itself more time after lawmakers in Washington struck an 11th hour deal to lift the debt ceiling and end a 16-day partial shutdown of the Federal government. In the end the deal averted what might have been a...

  • Excess liquidity in the local financial market

    Excess liquidity in the local financial market

    The extraordinary demand for the recent Medserv plc bond issue – amounting to over €55 million across more than 3,800 applicants during the public offering – is once again indicative of the excess liquidity within the local financial...

  • Britain’s FTSE 100 rallies on US deal

    Expectations of an imminent deal in Washington to avert a US debt default sparked a late turnaround on Britain’s top share index yesterday. London’s blue chip index rallied off a session low of 6,504.27 to close up 22.48 points, or 0.3 per cent at...

  • Shipping movements

    These ships are expected in Malta: The DS Accuracy from Leixoes to Naples, the Taurus J to Latakia (both Carmelo Caruana Ltd), the Pelleas from Port Said to Genoa (Thomas Smith Shipping Ltd) and the MV Eurocargo Venezia from Genoa to Genoa...

  • The troubles ahead

    The US shutdown and debt ceiling issues have been hogging economic and financial news headlines for the past few weeks. Our clients have asked us how the two are intertwined. The shutdown and the debt ceiling are in fact two separate issues, which...

  • GBP support eases, inflation remains tame

    We’re halfway through October and the US is still in shutdown, there has been a lot of speculation and expectation that the debt ceiling issue could be resolved ahead of the previous weekend, but early into the current week no tangible accord had...

  • Euro strength or US dollar weakness?

    Euro strength or US dollar weakness?

    The value of a currency is always quoted in terms of how much it can acquire of another currency. Therefore, movements in exchange rates are a reflection of the strength or weakness in one currency relative to another. Recently, the euro touched...

  • Short-term rates strain as US debt limit heats up

    Strains in short-term interest rates and funding markets rose yesterday as the US debt ceiling battle heats up, while the expected nomination of Janet Yellen as Federal Reserve chief boosted the dollar. Wall Street stocks began the day in positive...

  • Shipping movements

    These ships are expected in Malta: The Karina from Algiers to Algiers, the CMA CGM Rigoletto from Tanger Med to Port Said, the Mediterranean Sea from Alexandria to Latakia, the CMA CGM Cendrillon from Port Said to Genoa (all Carmelo Caruana Ltd)...

  • Seeds of change have been sown

    Seeds of change have been sown

    Just when it seemed that the economic and financial engines of the world were starting to stop spluttering and start to purr, with the economy of the US in positive territory and the EU economy forecasting a rebound of 1.1 per cent in GDP for...

  • US in Federal shutdown as the debt clock ticks

    As the Government of the US remains in shutdown and entered its eighth day on Tuesday, focus was predominantly shifted towards the Federal debt ceiling, which is currently at $16.7 trillion, and, unless raised, may lead to catastrophic...

  • Mixed performances in Q3

    Mixed performances in Q3

    The MSE Share Index is the local equity market benchmark tracking the performance of the companies that have their shares listed on the Official List of the Malta Stock Exchange. During the third quarter, which came to an end last Monday, the...

  • Stocks, dollar fall on US shutdown

    Global equity markets and the dollar fell yesterday as the US government shutdown entered its second day and as data showed US private employers added fewer jobs than expected last month. Although equities showed resilience on Tuesday on hopes the...

  • Sainsbury’s eclipses Tesco

    Sainsbury’s eclipses Tesco

    Sainsbury, Britain’s third-biggest grocer, met forecasts with a pick-up in quarterly sales driven by growth at local convenience stores and online. The group, which trails Tesco and No. 2 player Wal-Mart’s Asda by annual revenue, said yesterday...

  • Shipping movements

    These ships are expected in Malta: The Don Pascuale from Port Said to Genoa (Thomas Smith Shipping Ltd), the MV Eurocargo Venezia from Genoa to Civitavecchia (Sullivan Maritime), the CMA CGM Topaz from Damietta to Genoa, the Devon Strait from Sfax...

  • 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

    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...

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