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 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