Daily Report 29.08.2019
Datum objave: 29.08.2019
Dow rises more than 250 points, energy shares get a boost from oil prices; Europe stocks close lower
Stocks rose on Wednesday as the energy sector got a lift from higher oil prices, but sentiment was kept in check with a key part of the U.S. yield curve inverting even further, exacerbating fears of an impending recession. The Dow Jones Industrial Average closed 258.20 points higher, or 1% at 26,036.10. The S&P 500 climbed 0.7% to 2,887.94 while the Nasdaq Composite advanced 0.4% to end the day at 7,856.88. Chevron and Exxon Mobil contributed to the Dow’s gains, rising 0.8% and 0.7%, respectively.
The S&P 500 energy sector jumped 1.4%, led by a 10.6% surge in Cimarex Energy, as U.S. crude prices surged more than 1%. Oil jumped after the Energy Information Administration said U.S. crude inventories plummeted by 10 million barrels last week. Crude gained settled at $55.78 per barrel.
Consumer stocks such as Tiffany and Kohl’s also rose 3% and 3.4%, respectively. Tiffany posted quarterly earnings that beat analyst expectations.
European stocks ended Wednesday’s session in negative territory after the U.S. yield curve inversion deepened to levels not seen since 2007, reigniting fears of an impending recession.
The pan-European Stoxx 600 was 0.1% lower at the closing bell, insurance stocks shedding 1.2% while the oil and gas sector posted gains on the back of higher oil prices.
U.K.-listed airlines slid as no-deal Brexit fears intensified, led by easyJet, which dropped 2.7% by the closing bell.
Ailing British tourism group Thomas Cook saw its shares tumble 16.5% after agreeing a rescue package with China’s Fosun.
IMF demands for electricity price to be permanently tied to inflation
The Government of Serbia, together with the World Bank, needs to complete the analysis of whether the electricity price will go up, when and by how much by the end of the month. This is what the report published by the International Monetary Fund (IMF) on its website says. In addition to the question of the price of electricity, the IMF has also given a proposition about the harmonization of the growth of pension. A delegation from Washington arrives for the next control procedure in a month. The Government of Serbia is still making calculations, but the IMF is determined – this year, the price of electricity in Serbia should go up by at least as much as the inflation has grown, which is slightly over 2%.
Tencent mulls launch of data centre in Serbia - govt
Chinese online services and products provider Tencent is considering the launch of a data centre of its cloud platform in Serbia, the Serbian government said. The data centre of Tencent Cloud would represent the backbone of the Chinese company's infrastructure in Eastern Europe, the government said in a statement on Tuesday. Tencent is also considering the introduction of WeChat Pay service in Serbia, the government said after a meeting of trade and telecommunications ministry state secretary Tatjana Matic with Tencent Investment director Vivi Zhang in China.
New Fiat 500 Giardiniera to be produced in Kragujevac
The new Fiat 500 Giardiniera, which should replace the 500L model in the market, will most probably be produced in Serbia, reports the specialized Italian site clubalfa.it. They report, citing the Fiat management, that Giardiniera will most probably be produced at the Fiat Chrysler factory in Kragujevac, where the 500L model is produced now. As Politika reports, the Italian-American group is yet to confirm this, and Giardiniera should start being produced in 2021 at the latest.
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