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 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