Daily Report 05.07.2019
Datum objave: 05.07.2019
European stocks close subdued as Fed rate cut expectations grow; US markets closed
European stocks ended subdued Thursday after weaker-than-expected U.S. economic data gave investors cause to anticipate that the Federal Reserve will cut interest rates at its upcoming July meeting. The pan-European Stoxx 600 ended Thursday’s trade marginally higher with, telecoms leading gains with a 0.8% climb while utilities stocks fell 0.9% at the close.
Reuters reported that Deutsche Bank is preparing a sweeping 5 billion euros ($5.6 billion) overhaul in the coming days that will see the ax fall heavily on its investment banking business. Deutsche shares traded 0.4% higher during the afternoon session.
Serbia to start construction of 400 kilometers of new highways in 2019 – Works on connection with Pristina to begin as well
This year, Serbia will start building 400 kilometers of new highways as part of a new investment cycle to be initiated, announced Serbian Deputy Prime Minister and Minister of Construction Zorana Mihajlovic. This wouldn't be possible if we were not politically and financially stable – Mihajlovic said on RTS, the ministry announced. She pointed out that the construction of the Morava Corridor from Pojate to Preljina, of the highway to B&H from Sremska Raca to Kuzmin and the highway and high-speed route Ruma-Sabac and Sabac-Loznica would all begin in the summer.
Chinese company to invest USD 300 million in modernization of Smederevo steel mill by 2021
Serbian President Aleksandar Vucic met with a delegation of HBIS Group headed by its president Yu Yong. Vucic said that he was satisfied with the fact that HBIS Group had stable operations in Serbia, achieving the planned level of production in a very demanding and competitive steel market, the president's cabinet announced. Yu Yong said that Serbia had become the most demanded destination for foreign investments thanks to the reforms it had carried out and the constant growth of its economy. He announced that, over the next two years, the investment cycle worth USD 300 million for the modernization of the production at the Smederevo steel mill would be completed.
Fiscal Council: 0.5% fiscal deficit well set
The draft Fiscal Strategy for 2020, with projections for 2021 and 2022, envisions a well-set fiscal deficit of 0.5% of GDP and macroeconomic stability, the Serbian Fiscal Council said at a press conference Thursday. "The draft sets an appropriate, low fiscal deficit that guarantees macroeconomic stability and represents a good foundation for drawing up a budget," said Fiscal Council President Pavle Petrovic. These objectives are good if the government stands by its document, he said. Under the draft strategy, the public debt is to be reduced by 2 pp of GDP a year and approach the level of 45% of GDP in 2022, he noted.
Daily Report 16.07.2019
16.07.2019 | Stocks eke out a record close, but Wall Street remains cautious on upcoming earnings reports; Europe stocks close higher after China data meets expectations; Galapagos up 18%; Serbia, France sign 22 agreements; Energoprojekt expects EUR 249m in sales and EUR 8m in FY 2019 profit; May saw 1,822 construction permits issued – value of works up 150%
Daily Report 15.07.2019
15.07.2019 | Dow jumps 240 points to all-time high as Wall Street ends record-breaking week on a high note; European stocks close flat following euro zone, China data; Thomas Cook plunges 60%; NBS: Serbian June consumer prices 0.3 pct down m-o-m; NBS buys 60 mln euros, Monday's rate at RSD 117.7365; Each second apartment in Serbia built illegally
Daily Report 11.07.2019
11.07.2019 | Stocks close higher, S&P 500 hits 3,000 for the first time as Fed chief signals rate cut ahead; European stocks close lower as Powell hints at Fed rate cut; Serbia regional leader in greenfield investments; NBS: June FX reserves at 12.14 bln euros, highest since 2000; Serbia to introduce new salary bands in 2020
Daily Report 10.07.2019
10.07.2019 | Dow posts 3-day slide as Wall Street awaits Powell testimony; European stocks close lower after BASF auto warning; Deutsche Bank falls a further 4%; Serbia's end-May budget surplus at 8.3 bln dinars; Jobless rate to be at around 10% by end-year; European Investment Bank announces Western Balkans priorities
Daily Report 09.07.2019
09.07.2019 | Dow falls more than 100 points as Apple leads tech slide, Wall Street awaits Powell testimony; European markets close lower despite strong US job growth; Deutsche Bank shares fall 5% as restructuring begins; Special law on Morava Corridor adopted – Construction to start soon, works worth EUR 800 million; Smederevo steel mill, Fiat, Tigar Serbia's top exporters; Serbia's public debt at 51.8% of GDP at end-May
Daily Report 08.07.2019
08.07.2019 | Stocks fall from record highs after strong jobs report dampens hope of a Fed rate cut; Europe stocks close lower; Trade unions requesting minimum wage of RSD 32,000 – Employers say RSD 28,600 more realistic; KMBN: NLB and AIK Banka one of the candidates for the takeover of Komercijalna Banka; Telekom Srbija acquires cable operator Telemark
Daily Report 05.07.2019
05.07.2019 | European stocks close subdued as Fed rate cut expectations grow; US markets closed; Serbia to start construction of 400 kilometers of new highways in 2019 – Works on connection with Pristina to begin as well; Chinese company to invest USD 300 million in modernization of Smederevo steel mill by 2021; Fiscal Council: 0.5% fiscal deficit well set
Daily Report 01.07.2019
01.07.2019 | Stocks rise to close out Dow’s biggest June gain since 1938, S&P 500′s best first half in 2 decades; European stocks close higher ahead of Trump-Xi meeting at G-20; SORS: Serbian January-May exports 8.3% up, imports 10.8% up; SORS: Serbian consumption 11% up in January-May 2019; NIIS: NIS GA approved RSD 39.9 per share as a cash divided
Daily Report 28.06.2019
28.06.2019 | S&P 500 snaps 4-day slide as bank shares rise, Wall Street awaits Trump-Xi meeting at G-20 summit; KMBN: Serbia buys Komercijalna banka shares for 43.7 mln euros; Food, non-alcoholic beverages 22 pct cheaper in Serbia than in EU; Money from Komercijalna banka sale to improve living standards;
Daily Report 25.06.2019
25.06.2019 | Stocks close little changed with the June rally on hold ahead of US-China trade talks; European stocks close lower amid US-Iran tensions; Daimler profit warning hits autos; Cadez: Growth rate 3.5-4 pct over medium term; Announced investment cycle to boost GDP – economists; Serbia launches sale of Jat Tehnika at starting price of 20.5 mln euro