Dow falls for second day, drops more than 100 points after China officials cut US visit short; European stocks close slightly higher as US-China trade talks resume; Jyske Bank up 6%
Stocks fell Friday on news that Chinese officials were cutting short their visit to the U.S., dampening hope around trade negotiations between the two countries.
The Dow Jones Industrial Average closed 159.72 points lower, or 0.6% at 26,935.07. The S&P 500 pulled back 0.5% to 2,992.09. The Nasdaq Composite dropped 0.8% to 8,117.67.
European stocks closed slightly higher Friday, as stimulus measures by global central banks eased fears about slowing economic growth. The pan-European Stoxx 600 closed provisionally up around 0.3%, with most sectors and major bourses in positive territory.
Looking at individual stocks, Denmark’s third-largest bank Jyske Bank soared to the top of the European benchmark after announcing it would lower negative interest rates even further for clients depositing over $111,100 in their bank accounts. The move follows interest rate cuts from both the European and Danish central banks. Shares of the firm rose over 5%.
KMBN: Slovenia’s NLB Bank gives the highest bid for Komercijalna Banka
Slovenia’s NLB Bank gave the best offer to buy the majority stake in Komercijalna Banka from the Serbian government – the Danas daily reported on Tuesday. The Serbian government put up an 82.23 per cent share of the bank for sale and got four non-binding offers. The Danas newspaper also reported that it had learned unofficially that NLB Bank offered 450 million euro for the stake. That offer was higher than the none given by the Serbian bank AIK Banka, which offered 430 million euro and the Austrian Raiffeisenbank 390 million euro. Komercijalna’s current market capitalization is at EUR 470 million.
Budget review to secure more funds for infrastructure
Serbian Deputy PM and Minister of Construction, Transport and Infrastructure Zorana Mihajlovic on Friday said the upcoming budget review would secure additional funds for major infrastructure projects. Her ministry told Tanjug the budget review bill envisioned more money for the Ruma-Sabac-Loznica motorway section (600 mln dinars), the Morava Corridor (14 bln dinars), the Preljina-Pozega section of the Milos the Great motorway (550 mln dinars), the Sremska Raca-Kuzmin section of a Belgrade-Sarajevo motorway (1.45 bln dinars) as well as funds for other projects.
Serbia has a surplus in trade with Slovenia, cooperation between the two countries at an all time high
With EUR 1.1 billion, Slovenia is one of the ten biggest investors in Serbia, and the economic and political cooperation between the two countries is at an all time high, Serbian Finance Minister Sinisa Mali stated on Thursday, September 19, at a working meeting with members of the Slovenian Business Club in Serbia, held in Belgrade. Today, investments go both ways – Serbian companies invest in Slovenia in several areas. At the same time, in Serbia, around 25,000 citizens work in Slovenian companies. The trade between the two countries is constantly growing, and Mali says that “we are now going for two billion a year”.