Daily Report 03.05.2019
Datum objave: 03.05.2019
Serbia's GDP growth slows to 2.3% y/y in Q1
The Serbian economy expanded by a real 2.3% year-on-year in the first quarter of 2019, the country's statistical office said in a flash estimate. Serbia’s real gross domestic product (GDP) growth slowed to 3.4% year-on-year in the fourth quarter of 2018 from 3.8% in the previous quarter. The statistical office said it will release more details on the first-quarter GDP on May 31.
NIIS: NIS reports disappointing net profit for 1Q19
NIS, oil&gas company, report RSD 158m in its 1Q19 profit, down huge 96% y/y on lower EBITDA and higher negative other result. The company sales grew only 1.9%, while EBITAD was down 30% y/y, on lower oil price while, maintenance works at Pancevo refinery also contributed to poor performances in the period. After these numbers, the company’s fill year outlook is clearly worsen, with annual profit seen down at least 20-30% y/y.
Source: NIIS, Ilirika
ENHL: Energoprojekt reported higher consolidated net profit on better other&financial result, while sales shrink 30% y/y
Energoprojekt, the largest Serbian construction company, reported RSD 740m in its consolidated net profit, up 41% y/y, but this arrived only due to better financial and other result. The company’s sales were down nearly 30% y/y, probably due to lower amount of executed job and unfavorable USD/RSD and EUR/RSD rate. Operating profit came in at only RSD 62m, which is much lower vs RSD 1bn from 2018.
Source: Belex, Ilirika
Dow drops 120 points, stocks fall for a second day after Fed Chief Powell signals no rate cut soon, Europe shares close lower as BOE holds rates, factory activity contracts, VW up 4%
Stocks fell on Thursday as interest rates continued to rise following comments on Wednesday by Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average fell 122.35 points or 0.46% to 26307.79 with most of the losses coming as the yield on the 10-year Treasury yield hit an intraday high. The 30-stock benchmark dropped as much as 249 points at its intraday low. The S&P 500 slipped 0.21% to 2917.52, while the Nasdaq Composite fell 0.16% despite a jump in Tesla shares.
Thursday’s pullback was led by the tech sector as stocks such as Apple and Microsoft retreated from highs that came after better-than-expected earnings earlier this week. Shares of the iPhone maker fell 0.65% Thursday after surging as much as 6% on Tuesday when it reported strong guidance and an improvement in its China business. Microsoft was down more than 1.3%, falling for a second day after briefly hitting $1 trillion market cap on strong earnings.
Tesla shares rose more than 3% after the company unveiled a plan to raise up to $2 billion, with $1.35 billion coming from convertible bonds. The remaining $650 million would come from new equity, which includes a $10 million purchase by CEO Elon Musk.
European stocks closed lower on Thursday as traders reacted to comments from the chair of the Federal Reserve, a Bank of England monetary policy statement, corporate earnings and disappointing data from the euro zone. The pan-European Euro Stoxx 600 Index ended the session 0.6% lower. All major bourses and most sectors were in negative territory at the closing bell.
Looking at individual stocks, Volkswagen reported first-quarter earnings in line with expectations on Thursday, as the automaker attempts to increase the pace of its transformation. Shares closed almost 4% higher.
Daily Report 10.06.2019
10.06.2019 | Dow jumps 260 points, posts best week since November after jobs report spurs rate-cut hopes; European stocks close higher as weak US jobs data points to potential Fed rate cut; NBS: NBS keeps key policy rate at 3%; Fabrizi: Serbia has achieved good macroeconomoc results; NIIS: Antic signs agreement on natural gas power stations
Daily Report 06.06.2019
06.06.2019 | Dow rallies 200 points as stocks surge for a second day on hope the Fed will cut rates; European stocks close mostly higher; Italian banks fall on EU ruling; China Railway International seeking subcontractors for works on Belgrade Center-Stara Pazova section; World Bank retains 3.5% growth projection for Serbia; PepsiCo confirms it will acquire Knjaz Milos with KMV
Daily Report 05.06.2019
05.06.2019 | Dow rallies more than 500 points ; European markets close higher as autos climb 3.2%; Serbia-EAEU trade deal may be signed by end-2019; NBS: Dinar grows stronger with confidence of important investors; ENHL: Energoprojekt contracted two jobs in Serbia worth EUR 21m
Daily Report 04.06.2019
04.06.2019 | Nasdaq drops more than 1%, enters correction territory as regulation fears batter big tech; European markets close higher after Wall Street erases losses; KMBN: Komercijalna Banka might be sold for EUR 415 million; Serbian import rises still faster vs. export; Unemployment in 1Q19 ta 12.1%
Daily Report 03.06.2019
03.06.2019 | KMBN: Public call for statements of interest in purchasing Komercijalna Banka opens; Serbia's GDP 2.5% up y-o-y in real terms in Q1 2019; SORS, NBS: Industrial output in April down 0.8% y/y; Dow drops more than 350 points after Trump threatens new tariffs on Mexico, posts 6-week slide; European markets close lower after Trump stokes recession fears; Stoxx 600 hits 3-month low
Daily Report 31.05.2019
31.05.2019 | Stocks rise slightly, but trade and economy worries persist; European markets close higher; Axel Springer leaps on KKR investment talks; MTLC: Metalac reported slightly higher consolidated sales and 7% lower net profit, for 2018; EC: Strong investment activity supports growth of Serbian economy; Minimum wage to be increased in September
Daily Report 17.05.2019
17.05.2019 | ENHL: Energoprojekt reports EUR 346m backlog; NBS: Foreign direct investments in Serbia amount to EUR 1.2 billion in the first four months; JESV: Jedinstvo reported higher quarterly sales and lower net profit; Dow jumps more than 200 points, posts 3-day winning streak, boosted by bank shares and Walmart; European stocks close higher as trade fears fade
Daily Report 13.05.2019
13.05.2019 | Agreement on sale of Port of Novi Sad to P&O Port Dubai for EUR 7.99 million signed; IMF mission opens official discussions with Serbian delegation; 88 pct of AHK members would invest in Serbia again – survey; Dow stages 450-point comeback, ends the day higher after Trump says China trade talks to continue, Europe stocks close higher despite US tariff hike on Chinese goods, Thyssenkrupp rises 28%
Daily Report 10.05.2019
10.05.2019 | State sells its share in Jubmes Banka to Alta Pay Group at the stock exchange; Serbia's c-bank keeps key rate unchanged at 3.0%; 15 state-owned companies to be sold by end of year; Dow falls 140 points, S&P drops for a fourth day as new China tariffs set to kick in at midnight, European markets slide as trade fears mount, autos down more than 3%
Daily Report 09.05.2019
09.05.2019 | EBRD sees steady growth in Western Balkans – Montenegro and Serbia fastest growing economies in the region in 2018; Construction of Preljina-Pozega highway section to begin on May 17; IMF to recommend increase in price of electricity by up to 5%?; Stocks close little changed in volatile trading day as investors unsure of trade deal outcome, European stocks close higher as White House says China wants to make trade deal