Daily Report 07.08.2019
Datum objave: 07.08.2019
Dow jumps 300 points as Wall Street rebounds from worst day of the year; European stocks close lower after China strengthens currency, easing trade retaliation
Stocks rebounded on Tuesday from their worst day of the year after China’s central bank indicated it plans to keep its currency at a level stronger than some investors had first feared, easing tensions about the nation using the yuan as a weapon in the trade war.
The Dow Jones Industrial Average closed 311.78 points higher at 26,029.52. The S&P 500 rose 1.3% to 2,881.77, while the Nasdaq Composite climbed nearly 1.4% to 7,833.27. Tuesday’s gains helped the Dow snap a five-day losing streak, while the S&P 500 and Nasdaq rose for the first time in seven sessions.
European stocks closed lower on Tuesday after China’s central bank set the yuan’s official reference point at a stronger than expected level, easing its retaliation to U.S. tariffs, while rejecting Washington’s designation of Beijing as a “currency manipulator.”
The pan-European Stoxx 600 was 0.4% lower during afternoon trade, with household goods stocks — which covers the China-exposed luxury sector — leading the gains. Luxury brands LVMH, Christian Dior and Hugo Boss all saw their shares cross into positive territory.
In corporate news, German postal giant Deutsche Post raised its 2019 forecast after restructuring measures and a rise in German postage and parcel prices. The group reported a rise in operating profit of 2.9% to 769 million euros ($861.55 million), surpassing the 727 million average forecasts from analysts polled by Reuters. Deutsche Post stock traded 3.5% higher midway through the afternoon session.
Dinar to hit new high against euro, rate at RSD 117.7187
On Wednesday the dinar will stay at approximately the same level as Tuesday and the official median exchange rate against the euro will be 117.7187 dinars, which is the new high against the single currency this year, the National Bank of Serbia announced. The dinar will rise 0.1 pct against the euro m-o-m, 0.3 pct y-o-y and 0.4 pct compared to the beginning of the year. The indicative exchange rate against the dollar has dropped Tuesday 0.3 pct at 105,3505 dinars for one dollar. The dinar dropped 0.9 pct against the dollar m-o-m, declining 3.1 pct y-o-y and 1.9 pct since the beginning of the year.
Strong growth in the value of Komercijalna Banka's shares
Trading on the Belgrade Stock Exchange has fallen sharply yesterday, while BELEX indexes have taken off, primarily due to strong growth in the value of Komercijalna Banka's shares. Total trading turnover amounted to only 2.0 million dinars (17.4 thousand euros). The BELEX15 index recorded a large gain of 3.4 percent, closing the day at 763.78 points. BELEXline climbed to 1.581,26 points, up 1.8 percent from Monday. Komercijalna Banka dominated the stock market both in terms of turnover and price growth. The common stock of this banking house jumped by a fantastic 15.9 percent to 3,478 dinars and was traded for almost 0.9 million dinars.
Turnover through instant payments in July RSD 8 billion
The value of turnover through the National Bank of Serbia's instant payment reached RSD 8 billion in July. The average daily value of turnout through IPS was 260 million dinars, the Central Bank announced. The average daily payment number was 15,599, with an average transaction execution time of 1.1 seconds. Via this system, which operates in 24 hours 365 days a year, 483,565 payments were made in 31 days in July.
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