Daily Report 06.06.2019
Datum objave: 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
Stocks added to strong week-to-date performance on Wednesday as investors grew even more confident that the Federal Reserve will lower interest rates this year to reignite an economy wounded by trade battles. The Dow Jones Industrial Average rose 165 points, while the S&P 500 advanced 0.6%. The Nasdaq Composite traded 0.3% higher. The Dow surged more than 500 points on Tuesday after Fed Chair Jerome Powell opened the door to rate cuts.
Tech shares jumped 1% while the utilities and real estate sectors got a boost from lower rates. Apple contributed to tech’s gains, rising 1.5% after CEO Tim Cook said the company had not been targeted by China amid rising U.S.-China trade fears. Salesforce, meanwhile, rose 3.6% on stronger than expected earnings.
European stocks closed mostly higher Wednesday but the rally lost steam after the EU ruled Italy was in breach of fiscal rules. The pan-European Stoxx 600 closed provisionally up 0.3%, with utilities stocks making a nearly 1.3% gain while banks were one of a handful of sectors to fall into the red, slipping 0.5%.
China Railway International seeking subcontractors for works on Belgrade Center-Stara Pazova section
Within the project of modernization and reconstruction of the Belgrade-Subotica high-speed railway, the Serbian branch of China Railway International opened 4 tendering procedures for subcontractors for works on the Belgrade Center-Stara Pazova section. As stated in the documentation, the first tender entails architectural works on pedestrian underpasses in Zemun, Batajnica, Nova Pazova and Stara Pazova, drainage works, thermomechanical installations and fire suppression, roads traffic signalization and construction of platforms. The second tender pertains to substructure works and relocation and protection of telecommunication network.
World Bank retains 3.5% growth projection for Serbia
In its June Global Economic Prospects report, the World Bank has retained a 3.5% GDP growth forecast for Serbia for 2019 and a 4 pct growth forecast for the next two years. Global growth in 2019 has been downgraded to 2.6 pct, 0.3 percentage point below previous forecasts, reflecting weaker-than expected international trade and investment at the start of the year. Growth is projected to gradually rise to 2.8 pct by 2021, predicated on continued benign global financing conditions, as well as a modest recovery in emerging market and developing economies previously affected by financial market pressure.
PepsiCo confirms it will acquire Knjaz Milos with KMV
PepsiCo Inc, a global food and beverage producer that operates in over 200 countries and territories worldwide, on Wednesday confirmed it would acquire a 100 pct stake in the Serbian company Knjaz Milos with Karlovarske Mineralni Vody (KMV), the Czech Republic's largest non-alcoholic drinks distributor. A PepsiCo statement said the transaction included a purchase of Knjaz Milos production capacities in Serbia and well-positioned brands such as Knjaz Milos, Aqua Viva, Guarana, ReMix, Gusto and others. The transaction is due to be completed in Q3 2019, pending approval from the antimonopoly commissions of Serbia and Montenegro.
Daily Report 23.08.2019
23.08.2019 | Dow rises slightly ahead of big speech from the Fed chief; European stocks close lower amid recession fears; investors await Fed clarity; MTLC: Metalac reports 6% higher consolidated 6M19 sales, while net profit drops 6.5% y/y; Serbia, EAEU to sign free trade deal on October 25 - Russian ambassador; Serbia's Sojaprotein says backs Victoria Group buyout bid
Daily Report 22.08.2019
22.08.2019 | Dow jumps more than 200 points, Target and Lowe's surge on strong earnings; European stocks close higher as investors await Fed minutes; Government plans to reduce tax burden on wages; Agreement with CRBC on construction of Fruska Gora Corridor to be signed by Spring 2020; Knjaz Milos acquired by Mattoni 1873, PepsiCo
Daily Report 20.08.2019
20.08.2019 | Dow rallies more than 200 points as Wall Street continues rebound from August sell-off; European stocks close higher as policy stimulus hopes grow; Greene King up 51%; New motorways could attract investors to southwestern Serbia; Almost 85% of new factories opened along Corridor 10; MTLC: Metalac to report consolidated 6M numbers on Thursday, 22th August
Daily Report 19.08.2019
19.08.2019 | Dow rallies 300 points to end another wild week on Wall Street; European stocks close higher, ending a volatile week for global equity markets; ENHL: Energoprojekt 115. on the list of largest design companies; The pipeline pushed the value of June's building permits; Dinar against the euro 117.77 today
Daily Report 16.08.2019
16.08.2019 | Dow rises 99 points led by Walmart, rebounding from worst day of 2019; European stocks close lower in choppy session; ENHL: Energoprojekt reported improved financial performances for 6M 2019; MTLC: Metalac reported non-consolidated numbers, suggesting low single digit growth in 2019 is most realistic; JESV: Jedinstvo posted jump in sales&net profit in 6M19 period
Daily Report 15.08.2019
15.08.2019 | Dow tanks 800 points in worst day of 2019 after bond market sends recession warning; European stocks close sharply lower on weak data, bond market recession warnings; FITO: Galenika Fitofarmacija made 1.1 billion dinars net profit in 1H19, down 9.8% y/y; PLNN: Planinka buys Kursumlijska Spa – Grand opening by end of 2020, necessary investments exceed EUR 10 million; NBS: Inflation remains stable at about 2.0% next two years
Daily Report 14.08.2019
14.08.2019 | Stocks jump led by Apple after US delays some China tariffs; European stocks close higher as US delays China tariffs on phones and clothing; Serbia takes first place in greenfield direct foreign investments globally; Fiat to manufacture seven-seater SUV based on "tipo" model in Kragujevac; Victoria offers RSD 180 per share for remaining stake at Sojaprotein
Daily Report 13.08.2019
13.08.2019 | Dow drops 390 points and slips back below 26,000 as bond yields decline; European stocks close lower amid trade war worries; Tullow Oil up 20%; NBS: FX reserves at EUR 12.7bn in July; NBS: Annual inflation in July at 1.6%; EUR 12 billion for investment plan, investments to be made in utility, transport, energy digital infrastructure and tourism
Daily Report 12.08.2019
12.08.2019 | Stocks fall on renewed trade war fears as Wall Street concludes volatile week; European stocks close lower as Italian banks plunge on political turmoil; Autos down 2.5%; Dinar to hit record high on Monday at 117, 6809 for one €; Talks on Belgrade-Bar railroad with Montenegro; Government again gives 21 million euro to Air Serbia
Daily Report 09.08.2019
09.08.2019 | Stocks rally, pushing S&P 500 into positive territory for the wild week; European stocks close higher as sharp fall in global bond yields stabilizes; Serbia's c-bank cuts key repo rate to 2.5%; Turnover through instant payments in July RSD 8 billion; Investment cycle to result in 5% GDP growth