Daily Report 31.05.2019
Datum objave: 31.05.2019
Stocks rise slightly, but trade and economy worries persist; European markets close higher; Axel Springer leaps on KKR investment talks
Stocks rose on Thursday, regaining some of the losses from the previous session, but the market’s gains were kept in check as worries over the global economy and trade lingered.The Dow Jones Industrial Average closed 43.47 points higher at 25,169.88, led by McDonald’s and Coca-Cola. The S&P 500 climbed 0.2% to 2,788.86 as the real estate and tech sectors outperformed. The Nasdaq Composite advanced 0.3% to 7,567.72. The major indexes had closed lower on Wednesday, with the Dow losing more than 200 points.
Shares of software company Keysight Technologies led the tech sector higher, rising 11.3% on stronger-than-expected earnings.
In economic news, the second read on first-quarter U.S. GDP showed the economy expanded by 3.1% on an annualized basis. The 3.1% print topped a Dow Jones estimate of 3%.
European markets recovered steadily Thursday but remained on course for the year’s biggest monthly decline amid persistent escalations of the U.S.-China trade war.
The pan-European Euro Stoxx 600 finished provisionally up by 0.6% in afternoon trade, led by media stocks with a climb of 1.8%, although autos lost ground on average. The FTSE 100 ended up 0.5% higher, while markets in France and Germany made similar gains.
In terms of individual stocks, German publisher Axel Springer soared 22% after it revealed talks were underway with private equity house KKR over a potential strategic investment.
MTLC: Metalac reported slightly higher consolidated sales and 7% lower net profit, for 2018
Metalac (MTLC), kitchenware manufacturer reported its FY 20187 consolidated numbers. The company’s sales were higher by 5.9% in 2018, which is in line with the company’s expectations. Most of improvement arrived on the back of slightly higher export of own products and sales of tradable goods on Serbian market. Net profit for the period, arrived at RSD 452m, down 7% y/y, mainly on slightly reduced operating profit and worse other&financial result. The company expects low single digit growth in sales for FY 2019, implying similar or only slightly better net result as in 2018.
Source: Belex, Ilirika
EC: Strong investment activity supports growth of Serbian economy
Serbia has made some economic progress and is moderately prepared in developing a functioning market economy and economic growth has accelerated, the European Commission said in its 2019 Serbia Report. The economy has shifted up a gear. Economic growth accelerated in 2018, to over 4 pct from 2 pct in 2017, boosted by robust domestic demand and base effects. Investment activity, in particular, was very strong, benefitting from a number of factors: the low interest rate environment, higher growth expectations, past improvements in the business environment, increased capital spending by the government, and a stream of foreign direct investments, the report said.
Minimum wage to be increased in September
The Serbian minimum wage will be increased in September and salaries and pensions will also see a major increase in the second half of this year, Serbian Finance Minister Sinisa Mali has announced. "Last year, we raised the minimum labour cost from 145 dinars per hour to 155 dinars per hour, whereby the 27,000 dinar mark was exceeded for the first time. The next increase will be in September and we are working on this together with businesses and unions. We just want this to be on real foundations so that we can have a healthy economy that can handle it," Mali told B92.net in an interview.
Daily Report 20.09.2019
20.09.2019 | S&P 500 closes flat, hovering near record high; European markets close higher amid Fed easing; Bank of England holds rates; Serbian GDP up 4.4% in July; EIB ready to fund projects in Serbia's new investment cycle; FINT: Serbia's renewable energy sources potential totals 50,000 GWh
Daily Report 19.09.2019
19.09.2019 | Stocks close flat as Fed fails to clearly signal more rate cuts in 2019; European markets close slightly higher ahead of Fed rate decision; Serbian businessman possible mystery buyer of Kras shares – paper; German SMEs coming to Serbia; Botsan-Kharchenko: Good news about TurkStream
Daily Report 18.09.2019
18.09.2019 | Stocks rise slightly ahead of the Fed’s decision on interest rates; European stocks close slightly lower as oil plummets; Fed meeting in focus; NIS stocks rise on BELEX following dividend payout; China's Huawei eyes development of data centre in Serbia; Countercyclical buffer rate for the Republic of Serbia kept unchanged
Daily Report 17.09.2019
17.09.2019 | Dow snaps 8-day winning streak on fears spiking oil will slow the global economy; European stocks close lower amid geopolitical tensions; oil shares spike 3%; KMBN: Privatization of Komercijana attracted three banks and one fund; 120 mln euros of budget funds for Morava Corridor; As early as of December, the average salary will amount to 500 euros"
Daily Report 16.09.2019
16.09.2019 | Dow notches 8-day winning streak, nears record on growing optimism around US-China trade; European stocks close higher after aggressive ECB stimulus; banks up 2%; Declining industrial output in eurozone affecting Serbia; Gov't sets 2020 minimum monthly wage at 30,022 dinars; EBRD to credit small and medium companies in Serbia with EUR 160 million
Daily Report 13.09.2019
13.09.2019 | Dow posts 7-day winning streak, inches closer to record after tariff delay and ECB rate cut; European stocks close higher as ECB launches new stimulus plan; NBS: Key policy rate kept on hold; SORS: Annual inflation in august at 1.3%; Agreement worth EUR 100 million signed with EIB on construction of Nis-Merdare highway
Daily Report 12.09.2019
12.09.2019 | Dow jumps more than 200 points, closes above 27,000 for the first time since July; European stocks close higher ahead of central bank meetings; NBS: FX reserves in August at EUR 13bn; Serbia, Czech Republic sign agreements on cooperation; Talks underway about Czech company coming to Serbia
Daily Report 11.09.2019
11.09.2019 | Stocks close little changed as tech shares and Ford weigh on the market; European stocks erase earlier losses to close slightly higher; KMBN: Bids for sale of shares of Komercijalna Banka opened – Second selection phase in November; Minimum wage in Serbia to be RSD 30,022 from 2020; Serbia attracts 1.9 bln € worth of FDI in first half of 2019
Daily Report 10.09.2019
10.09.2019 | Dow posts 4-day winning streak amid trade optimism; European stocks close mainly lower as investors eye Brexit battle and stimulus hopes; Agreement on construction of Nis-Pristina highway to be signed on Thursday – Construction of section to Plocnik to begin in 2020; China's Zijin Mining Co to build new plant in Majdanpek; NIS to payout cash dividend on 16th September
Daily Report 09.09.2019
09.09.2019 | Stocks close little changed after disappointing jobs report, but rise for a second straight week; Europe closes higher as investors monitor Brexit uncertainty; KMBN: Serbia to buy Komercijalna banka shares owned by EBRD, IFC - four non-binding bids had been received; Moody’s Upgrades Serbia’s Rating Outlook; Mali, Petrovic discuss draft 2020 budget