Daily Report 09.07.2019
Datum objave: 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
Stocks fell on Monday as losses in Apple shares pressured the broader tech sector. Investors also braced for key testimony from the top Federal Reserve official later this week. The Dow Jones Industrial Average traded 115.98 points, or 0.4%, lower to 26,806.14 while the S&P 500 pulled back 0.5% to 2,975.95. The tech-heavy Nasdaq Composite lagged, sliding 0.8% to 8,098.38.
Apple shares fell more than 2% after an analyst at Rosenblatt Securities downgraded the stock to sell from neutral. The analyst said the company will “face fundamental deterioration over the next 6 to 12 months ” as Apple’s iPhone sales disappoint and growth in other products slows down.
The pan-European Stoxx 600 dipped below the flatline at the closing bell, with most sectors and major bourses in the red.
Europe’s banking stocks led the losses, trading nearly 1% lower after Deutsche Bank announced it would pull out of its global equities sales and trading operations, scale back its investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.
Germany’s flagship lender surged toward the top of the European benchmark shortly after the opening bell, before giving up all of its gains to slip toward the bottom of the index. Shares of Deutsche Bank ended the session 5% lower.
Special law on Morava Corridor adopted – Construction to start soon, works worth EUR 800 million
The National Assembly of Serbia has adopted the special Law on determining a public interest and special procedures for the realization of the project of construction of the infrastructural corridor of the E-761 highway, Pojate-Preljina section, better known as the Morava Corridor. The construction of the Morava Corridor is expected to begin in mid-July, and it should be completed in two and a half years. A loan of EUR 800 million should be taken from “foreign investment corporations and funds” for the purpose of its realization.
Smederevo steel mill, Fiat, Tigar Serbia's top exporters
The HBIS steel mill in Smederevo was Serbia's top exporter in the first five months of this year, followed by Fiat Chrysler Automobiles Serbia and Tigar Tyres, the Ministry of Finance said Monday. Exports by the country's top 15 exporters totalled 1.7 bln euros in January-May 2019. HBIS exports stood at 313.2 mln euros, Kragujevac-based FCA Serbia followed with 251.6 mln euros with Tigar Tyres Pirot in third with 170.2 mln euros. Robert Bosch (106.9 mln) was in fourth, followed by Leoni Wiring Systems Southeast Prokuplje (105.9 mln), RTB Bor (105.1 mln), NIS Novi Sad (101.4 mln), Grundfos Serbia Indjija (92.8 mln), Tetra Pak Production Beograd (91.7 mln), Yura Corporation Raca (87.1 mln) and Henkel Serbia (78.2 mln).
Serbia's public debt at 51.8% of GDP at end-May
Serbia's public debt stood at 23.74 bln euros - or 51.8% of GDP - at the end of May 2019, the Serbian Ministry of Finance announced Monday. The May public debt was slightly higher from 23.42 bln euros - or 51.1 pct of GDP - in April. At the end of 2018, the public debt totalled 23.01 bln euros, or 53.8 pct of GDP. The debt-to-GDP ratio was at its lowest in 2008, when, with a nominal value of 8.78 bln euros, it stood at 28.3 pct. It hit a historic high in 2000, when it amounted to 201.2 pct of GDP.
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