NBS: Inflation expected at 3% in a mid-term horizon
According to the April survey, short-term and medium-term inflation expectations of the financial and corporate sectors continued to move within the target band (3±1.5%). Short-term inflation expectations of the financial sector are at 2.5% and of the corporates at 2.8%. In the medium run, they expect that inflation will be at the NBS's target midpoint of 3.0%.
Advisory arrangement with IMF agreed
The Government of Serbia has reached an agreement with the delegation of the International Monetary Fund (IMF) on a new 30-month arrangement, which will not be financial, but an advisory arrangement (Policy Coordination Instrument – PCI), the IMF announced yesterday, Beta reports. The program supported by the PCI aims to maintain macroeconomic and financial stability and secure progress in the realization of the ambitious plan of structural and institutional reforms for the purpose of stimulating a quick and inclusive growth
Romania, Serbia leading FDI destinations in SEE for 2017 – EY says
Romania and Serbia are the only countries in Southeast Europe (SEE) included in the top 15 foreign direct investment destinations in Europe for 2017, according to a survey conducted by global consultancy Ernst&Young (EY). Romania occupies the 13th place in the ranking, with a total of 126 FDI projects launched in 2017, down 5%, Ernst&Young (EY) said in its June 2018 Attractiveness Survey Europe. Serbia entered the ranking of the top 15 FDI destinations for the first time, in 14th place. The number of FDI projects launched in the country rose by 157% to 118 in 2017.
Hisense acquires 60% stake in Gorenje – Chinese company soon to effectively take over management
China's Hisense might begin effectively managing Gorenje in September or October 2018, announced Franjo Bobinac, the company's CEO. Hisense formally has a 33% stake in Gorenje, but it has in fact already acquired a stake of around 60%.
Dow falls nearly 120 points after Fed hikes rates, points to more increases in 2018, European markets close higher ahead of Fed rate decision
Stocks fell after the Federal Reserve hiked interest rates and indicated that two more increases are likely this year. The Dow Jones industrial average fell 0.47%, while the S&P 500 lost 0.4 percent to close at 2,775.63 with consumer discretionary the only positive sector. The Nasdaq composite rose to a new intraday high early in the session as media stocks rallied following a federal judge's decision to permit AT&T's bid for Time Warner. The tech-heavy index later dropped 0.11 percent to finish at 7,695.70 following the Fed's decision.
Bank stocks jumped following the Fed's decision, spurred higher by the adjusted expectations for more rate hikes. Goldman Sachs shares traded 1.3 percent higher, Morgan Stanley traded 1 percent higher and Bank of America traded 0.6 percent higher.
Shares of Twenty-First Century Fox rallied 6.9 percent Wednesday, ahead of a widely anticipated bidding war between Comcast and Disney for portions of Rupert Murdoch's business.
European markets closed higher Wednesday afternoon, as investors waited for the latest monetary policy decision from the U.S. Federal Reserve. The pan-European Stoxx 600 index closed 0.2 percent higher provisionally with most sectors finishing in positive territory.
Looking at individual stocks, the Paris airports operator ADP rose more than 5 percent after the government said it would prepare for a sale of some of the company's assets. The company was leading the gains in Europe. Meanwhile, Just Eat dropped around 5 percent after the rival company Deliveroo said it is to let restaurants use their own riders.