Daily Report 23.08.2019
Datum objave: 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
The Dow Jones Industrial Average rose slightly on Thursday as investors awaited a key speech from the Federal Reserve’s top official. The 30-stock index climbed 49.51 points, or 0.2% to 26,252.24 in a volatile session that saw it rise as much as 186.05 points and drop 103.72 points. Boeing’s 4.2% gain pushed the Dow higher. The S&P 500 ended the day just below the flatline at 2,922.95 while the Nasdaq Composite slid 0.4% to 7,991.39.
Fed Chairman Jerome Powell is set to deliver a speech Friday at a yearly central banking symposium in Jackson Hole, Wyoming. The stakes are high for Powell as investors will look for hints that the Fed will cut rates in September.
European stocks closed lower on Thursday as fears of a recession rose ahead of a key speech from Federal Reserve Chairman Jerome Powell. The pan-European Stoxx 600 closed provisionally down 0.5%, with the majority of sectors and major bourses tipping into negative territory.
Shares of Thyssenkrupp jumped 5.6% after reports the German conglomerate filed a complaint against the EU’s attempt to block a joint venture with Tata Steel.
MTLC: Metalac reports 6% higher consolidated 6M19 sales, while net profit drops 6.5% y/y
Metalac (BELEX: MTLC) reported RSD 4.9bn in total operating revenues for 6M 2019, up 6% y/y, with domestic market sales up solid 8% y/y, while export posted only 2.5% growth rate, probably due to strong RSD rate. The company’s operating profit was down 13%, mainly due to lower amount of capitalized output and lower amount of positive changes in inventories. Net profit was down 6.5% y/y, while its drop was softer due to better other &financial result.
Source: Belex, Ilirika
Serbia, EAEU to sign free trade deal on October 25 - Russian ambassador
Russian Ambassador to Serbia Aleksander Botsan-Kharchenko has announced a Serbia-Eurasian Economic Union agreement on a free trade zone was due to be signed on October 25. This will be a significant event that deserves the media attention it is getting, the ambassador noted in a Twitter post Tuesday. "For Belgrade, implementation of that document will mark a completely new stage of presence in the Eurasian region and entry to a market of over 182 million consumers (that has) a total GDP of over 1.9 trillion dollars," he wrote.
Serbia's Sojaprotein says backs Victoria Group buyout bid
Serbian blue-chip soybean processing company Sojaprotein [BEL:SJPT] said on Wednesday its management supports fully the buyout bid launched by local agro-industrial conglomerate Victoria Group for the 10.91% stake in the company it does not yet own. Victoria Group launched the bid on August 13, aiming to acquire 1,504,222 Sojaprotein shares at a price of 180 dinars ($1.7/1.5 euro) apiece until September 2. Sojaprotein said in a bourse filing on Wednesday that the offered price is fair and in line with the law on company takeovers. Sojaprotein also noted that it supports Victoria Group's future intentions, which include investing in its further development.
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