Dow rises nearly 100 points to end tumultuous third quarter; European markets close higher as investors monitor US-China trade developments
Stocks rose on Monday amid optimism around U.S.-China trade talks as Wall Street wrapped up a volatile third quarter. The Dow Jones Industrial Average climbed 96.58 points, or 0.4% to close at 26,916.83. The S&P 500 closed 0.5% higher at 2,976.73 while the Nasdaq Composite gained 0.8% to 7,999.34.
Tech was among the best-performing sectors in the S&P 500, advancing 1.1% as Apple shares rose 2.4% on a price-target increase by an analyst at J.P. Morgan. The analyst’s new price target implies a more-than 20% increase for the tech giant over the next 12 months.
In a statement over the weekend, a Treasury spokeswoman said the Trump administration “is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.” The statement, along with better-than-expected economic data out of China, lifted Wall Street sentiment on Monday.
European stocks closed mainly higher on Monday, with market focus attuned to developments in the U.S.-China trade war. The pan-European Stoxx 600 was 0.3% higher at the closing bell, with construction and material stocks gaining more than 1% while basic resources shed 0.25% to lead losses.
Data released on Monday showed that the euro zone’s jobless rate fell to its lowest level in more than 11 years during August, raising hopes that the bloc can avoid a recession. The EU’s statistics agency said on Monday that the unemployment rate fell to 7.4% from 7.5% in July, hitting its lowest since May 2008.
Fiscal Council: Under a review of the Serbian budget, all surplus funds from 2019 will be spent by the end of the year.
For the first time since 2014, the government has tabled to the parliament a budget review bill that increases budget expenditures further, the Fiscal Council said in an analysis. At the same time, the Council has prepared an analysis of fiscal and economic trends in 2019 and strategic recommendations for the 2020 budget. In 2019, collection of public revenues was better than expected and, without a budget review, this would result in a slight budget surplus rather than in a planned deficit. With this in mind, the government proposed a review increasing budget expenditures to an extent that will make it possible to end the year as initially planned - with a slight deficit of 0.5% of GDP.
Serbia imports close to 120,000 used cars annually
The industrial production in the Republic of Serbia in August 2019 increased by 0.5% relative to August 2018. Industrial production in the period January – August 2019, compared with the same period 2018, decreased by 1.0%, SORS reported. The largest influence on industrial production growth in August 2019 compared to August 2018 had the divisions of: manufacture of basic pharmaceutical products and pharmaceutical preparations, coal exploitation, generation of electricity and other manufacturing.
Another Chinese investor to build factory in Zrenjanin – Investment worth up to EUR 40 million
Serbian Economy Minister Goran Knezevic and representatives of the Chinese company Shandong Yanggu Huatai Chemical, signed a memorandum of understanding in Zrenjanin, based on which the company will invest 30 to 40 million euros in the construction of a factory which will produce raw materials for the rubber industry. Djangar Tudjinof, the marketing director for Europe, spoke on behalf of the company, saying that the main products of Shandong Yanggu Huatai Chemical were rubber chemical products used by the largest world companies.