Stocks close little changed amid worries about the global economy; European stocks fall close lower as weak German data rattles markets
Stocks closed little changed Monday as weak economic data out of Europe stoked worries over the state of the global economy. The Dow Jones Industrial Average gained just 14.92 points, or 0.1% to 26,949.99, led by a gain in American Express. The S&P 500 ended the day just below the flatline at 2,991.77. The Nasdaq Composite dipped nearly 0.1% to 8,112.46.
Amazon shares pulled back by 0.4% after an analyst at Morgan Stanley lowered its price target on the e-commerce giant to $2,200 from $2,300. The analyst cited Amazon’s one-day shipping for the target trim, but noted this will “will likely only deepen their moats” long term.
American Express rose 1.2% after the company authorized a buyback program of up to 120 million shares. The company also hiked its dividend by 10% to 43 cents per share.
European shares were sharply lower Monday afternoon, as investors reacted to weaker-than-expected economic data and the collapse of one of the world’s most well-known tour operators. The pan-European Stoxx 600 was down around 0.8% during afternoon deals, with most sectors and major bourses in negative territory.
German private sector activity shrank for the first time in six-and-a-half years in September, survey data showed, as a manufacturing recession deepened unexpectedly and growth in the service sector lost momentum.
JESV: Waste water treatment facilities soon to be built in Batajnica and Ostruznica
Deputy Mayor of Belgrade Goran Vesic said that negotiations about the city’s getting another EUR 920 million from the National Investment Plan for the completion of all the waste water treatment facilities were ongoing. The construction of a waste water factory will begin in Veliko Selo, which covers an area with 1.5 million residents. The design for the waste water treatment facility in Batajnica is also complete, and we are beginning to design the facility in Ostruznica as well – Vesic told Blic, as reported by Beoinfo. This kind of job is typically what Jedinstvo Sevojno is specialized, thus it should be considered as potential big project opportunity for the company.
Source: Ekapija, Ilirika
Vojvodjanska banka posts 5.9 bln dinar hafl-year net profit
Vojvodjanska banka has posted a half-year net profit of 5.9 bln dinars, which is more than a 100 pct increase compared to the same period last year. The results were achieved despite 697 mln dinar losses from a conversion of a portfolio of Swiss franc-denominated housing loans following the passage of special legislation in April 2019, the bank said in a statement. Executive Board Chairman Predrag Mihajlovic said a positive business trend for Vojvodjanska banka from last year had also continued during the finalisation of a complex merger with OTP Bank Serbia.
Budget review qualitative step forward, revenues up
The proposed 2019 budget review is a qualitative step forward compared to the previous years and there is an evident revenue growth as a result of a better economic structure and dynamics, says economist Ivan Nikolic. It needs to be seen if the revenue and expenditure structure has ever changed in this way in the past, he told Tanjug. "The final fiscal result remains unchanged - a slight, 0.5 pct deficit, as planned - and we have major changes in the revenue and expenditure structure. Evidently, revenues are growing thanks to a better economic structure and dynamics, which is reflected in better collection of taxes on rising incomes," he said.