Daily Report 11.09.2019
Datum objave: 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
Stocks ended the day little changed on Tuesday, weighed down by a continuing decline in tech shares while Ford was pressured by a downgrade to its credit rating. The S&P 500 closed just above the flatline at 2,979.39. The Nasdaq Composite closed marginally lower at 8,084.16. The Dow Jones Industrial Average outperformed, rising 73.92 points, or 0.3% to 26,909.43, posting a five-day winning streak.
Ford Motor fell 1.4% after Moody’s downgraded the auto maker’s credit rating to junk status, citing below-expectations profit margins and cash flow.
European stocks traded flat Tuesday with investor focus attuned to an impending meeting of the European Central Bank (ECB), with markets cautiously hopeful of a monetary stimulus package later this week. The pan-European Stoxx 600 pared early losses to trade 0.07% up by the close, technology stocks slipping 1.1% while the banks and oil & gas stocks both gained 2.1%.
In corporate news, Deutsche Bank CFO James von Moltke said on Monday that the German lender’s overhaul was not impacting its investment banking revenue as negatively as anticipated, adding that he was “quite encouraged” by developments to date.
KMBN: Bids for sale of shares of Komercijalna Banka opened – Second selection phase in November
The non-binding bids sent within the first phase of the tender for the sale of state-owned shares of Komercijalna Banka were opened at today's session of the Tendering Commission of the Ministry of Finance of Serbia. The Tendering Commission determined that four bids had been sent within the deadline defined in the documentation, it is announced on the ministry's website. The bids which qualify will be ranked in line with the criteria defined in the documentation and the bidders will be notified of the ranking. These bidders will then be allowed to perform additional and through analysis of the bank's operations. The binding bids should be made in mid-November 2019.
Minimum wage in Serbia to be RSD 30,022 from 2020
The minimum wage in Serbia will be increased by 11.1% next year, that is, from RSD 155.3 to RSD 172.5 per hour, Serbian Finance Minister announced today. The Government of Serbia has given a proposition for the minimum wage to increase by 11.1% from RSD 155.3 to RSD 172.5 per hour, that is, from RSD 27,022 to RSD 30,022 – Mali said at the press conference held at the Government of Serbia after the session of the Social-Economic Council of Serbia, it is said on the ministry's website. The representative unions had asked for the increase to amount to around 24.5%, whereas the Serbian Association of Employers considered an increase of 6-10% realistic.
Serbia attracts 1.9 bln € worth of FDI in first half of 2019
Following a Financial Times report identifying Serbia as the country with the most FDI in the world relative to its GDP, the National Bank of Serbia (NBS) says the inflow of such investment totaled 1.9 bln euros in the first six months of this year, Blic reports. That is 30% more than in the same period last year, or 9% of the country's GDP, the NBS said. The FDI inflow is sufficient to fully cover the current payment balance deficit, it said.
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