Daily Report 08.08.2019
Datum objave: 08.08.2019
Dow closes little changed after rally back from 589-point drop in wild session; European stocks close higher as trade concerns linger, bond yields slide
The Dow Jones Industrial Average recovered the bulk of a nearly 600-point drop on Wednesday as a sharp decline in bond yields stabilized to temper worries over slowing economic growth. The 30-stock index closed 22.45 points lower, or 0.1% at 26,007.07. At its lows of the day, the Dow had fallen more 589.13 points. The S&P 500 eked out a small gain after dropping nearly 2%, climbing 0.1% to 2,883.98. The Nasdaq Composite advanced 0.4% to 7,862.83, led by Apple, after the tech-heavy index fell as much as 1.7%.
In corporate news, Disney shares slid on weaker-than-expected results for the previous quarter. Disney’s results were weighed down by increasing losses in streaming services such as Hulu, ESPN+ and Disney+. The media giant also blamed the integration of Fox’s entertainment assets for the weak numbers. Disney shares closed down 5%.
European stocks closed in positive territory on Wednesday despite tumbling bond yields stoking concerns about a global economic slowdown. The pan-European Stoxx 600 was 0.2% higher at the closing bell, with most sectors and all major bourses in positive territory. Travel and leisure stocks led the gains, while oil and gas stocks tumbled after oil prices plummeted. The banking sector was in focus as the European banking index hit a one-year low following a slew of new financial results. Commerzbank posted a net second-quarter profit of 271 million euros ($303.79 million) which was little changed from the same period a year ago, but exceeded the 217 million euros expected by analysts. The German lender’s shares slid 6.4%.
Italy’s Unicredit posted a sharp rise in second-quarter net profit of 1.85 billion euros, an increase from the 1.02 billion euros posted a year ago, boosted by the sale of its stake in FinecoBank, but coming in below analyst expectations. The bank’s stock was down 5% by the end of the session.
KMBN: Komercijana reports 19.4% jump in 6M net profit on reduction of impairments
Komercijana Banka (KMBN) reported RSD 4.3bn in its 6M19 net profit, up 19.4% y/y, while this is mainly on reduction of impairments of financial assets not recognized at affair value in P&L statement. The bank’s core business grew at a very low rates. Net interest income for the period was up only 1.2% to RSD 6.3bn, while net F&C income was up 1.9% y/y. Credit activity was up 4.8% YTD, while total assets grew 2.7% YTD.
Source: KMBN, Ilirika
Serbia-China trade up by 25.8%
According to the statistics of Chinese side, the China-Serbia trade volume in 2018 totaled 950 million USD, up by 25.8 percent compared with 2017, said Tang Xiaodong, attache for the Economic and Commercial Affairs in the Embassy of China in Belgrade. China's export to Serbia was 730 million USD, up by 33.5 percent; the import from Serbia stood at 730 million USD, up by 25.8 percent, said Xiaodong in the interview he gave to the magazine "Diplomacy&Commerce"
Port Dubai invests 29 million euros in NS port
P&O Port Dubai, which bought the Novi Sad port in May for eight million euros, will invest about 29 million euros in the port company, Prime Minister Ana Brnabic said on Wednesday, adding that the new owner would first invest in the opening of an international passenger transport terminal. The contract was signed today, and Port Dubai, which is, according to Brnabic, a serious company, begins investing.
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