Stocks close little changed as Wall Street wraps up volatile August; Europe closes higher on signs of trade war easing; Italy stocks falls; Deutsche Wohnen up 9%
Stocks were little changed on Friday as investors took a breather following a wild month of trading. The Dow Jones Industrial Average closed 41.03 points higher, or 0.1% at 26,403.28. The S&P 500 ended the day just above the flatline at 2,926.46 while the Nasdaq Composite slipped 0.1% to 7,962.88.
U.S. economic data has been strong. U.S. consumer spending rose 0.6% in July, the Commerce Department said Friday, topping a Reuters estimate of 0.5%. Meanwhile, consumer confidence remains near its highest level in nearly 20 years.
European stocks closed higher on Friday after China struck an accommodating tone over its trade war with the U.S., while British opposition lawmakers plan to trigger an emergency debate to prevent a no-deal Brexit.
The pan-European Stoxx 600 ended the session 0.6% higher, with almost every sector in positive territory and China-exposed basic resources stocks jumping 2.5%.
In corporate news, Reuters reported on Thursday that French lender BNP Paribas plans to bid for Deutsche Bank’s equity derivatives book, with the intention of securing a deal within the next few weeks.
Bloomberg about Serbia: Fortune buried in a forgotten corner of Europe
It has been estimated that Serbia has the largest lithium reserves in Europe – the US economic website Bloomberg writes in the article titled “There May Be a Fortune Buried in a Forgotten Corner of Europe”. The global hunt for lithium is afoot as companies look to cut fossil-fuel use. BloombergNEF estimates battery demand for lithium material will grow eightfold over the next 11 years. Serbia’s estimated deposits are the largest in Europe and the insatiable appetite for batteries that power everything from iPhones to Tesla cars is prompting the likes of Rio Tinto Group to study the viability of mining it.
Majority of Serbian water companies owned by foreigners
Of the estimated 400 sources of drinking water in the country, Serbia uses only one fifth and more than 30 companies are bottling mineral water. Although the law does not allow selling a source of water to a foreigner, more than half of the bottled water in the market is in the hands of non-Serbian companies, writes the Danas daily. It is estimated that up to 80% of the water in the market is foreign-owned; however, there are factories in Serbia that are in the hands of foreign companies, but are supported by Serbian capital.
Serbia had to ensure exit strategy for the Agreement with Eurasian Union
The agreement with Eurasian Union (EAEU) has to have a clause which guarantees Serbia’s right to leave the EAEU union after it's EU accession. European Parliament Foreign Affairs Committee Chairman and until recently a Rapporteur of this institution to Serbia David McAllister said for Radio Free Europe. He said for Radio Free Europe that the text of EAEU bilateral free trade agreement should be in line with Belgrade's commitments arising from the Stabilization and Association Agreement, that is, it should consist of "an exit clause that guarantees Serbia's right to leave the EAEU upon joining EU".