S&P 500 drops the most in a month on Trump impeachment concerns; European markets close slightly lower; UK court rules parliament suspension ‘unlawful’
Stocks were whipsawed on Tuesday by worries about President Donald Trump’s political future. The S&P 500 dropped 0.8%, its biggest one-day drop since Aug. 23, to 2,966.60. The Nasdaq Composite also had its worst day in a month, dropping 1.5% to 7,993.63. The Dow Jones Industrial Average closed 142.22 points lower, or 0.5% at 26,807.77 after falling more than 200 points at one point.
Disappointing consumer confidence data weighed on stocks. Consumer confidence for September slipped to 125.1 from 135.1 in August. Economists polled by Reuters expected a dip to 133.5.
Netflix was among the worst-performing stocks on Tuesday. The streamer’s shares dropped more than 4% after several Wall Street analyst raised concern over the company’s earnings.
European markets closed slightly lower on Tuesday as traders monitored geopolitical developments on both sides of the Atlantic. The pan-European Stoxx 600 ended the session just below the flatline, with travel and leisure stocks adding 1% to lead gains.
In corporate news, Belgian brewer Anheuser-Busch InBev priced the initial public offering of its Asian business at HK$27 a share, the bottom of an indicative range, sources told CNBC. The move means the firm will raise up to $5 billion in the float.
Belgian materials technology company Umicore gained more than 5% during Tuesday’s session, after the company announced a supply deal with LG Chem.
Serbia not to join Eurasian Economic Union, free trade agreement to be signed
Serbia is not entering the Eurasian Economic Union (EAEU), contrary to the recent speculations in local and regional media; instead, it is to sign a free trade agreement, the kind it’s had with Russia, Belarus and Kazakhstan and has with Turkey or the CEFTA countries, says the Minister of Trade, Tourism and Telecommunications of Serbia, Rasim Ljajic. This is not some kind of a new SAA, no politics, just trade. The EAEU has decided for the unification of all free trade agreements they had with third countries to begin – Ljajic told Politika.
NIIS: Gazprom Neft to invest 1.4 bln euro in Serbia's NIS by 2025
Russia's Gazprom Neft plans to invest 1.4 billion euro ($1.5 billion) in the development of Serbian oil and gas group NIS [BEL:NIIS] by 2025, the CEO of NIS, Kirill Tyurdenev, said. "Our long-term development strategy assumes a further investment of 2 billion euro between 2017 and 2025. If we consider the current period remaining until 2025, this is 1.4 billion euro," Tyurdenev said in an interview posted on the corporate website of Gazprom Neft on Monday. Gazprom Neft's investments in exploration and production will stand at 1.1 billion euro in the period between 2017 and 2025, Tyurdenev said in an interview for Energy Intelligence magazine. In the first half of 2019, NIS increased the total value of investments to 156 million euro, up 7% on the year, he added.
Billionaire Elon Musk announces expansion of Tesla to Serbia and Croatia
Elon Musk, Tesla CEO, has announced that the company will soon enter Serbia, Slovakia and Croatia. Although he hasn’t specified any details, it is assumed that Musk means that the electric car manufacturer will open offices in these countries. According to 2018 data, there were only 148 electric vehicles in Serbia, more than half of them cars.