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.