NBS: FX reserves in November at EUR 11.6bn
Gross NBS FX reserves amounted to EUR 11,626.5 mn at end-November, up by EUR 76.2 mn from a month earlier. This level of FX reserves covered 190% of money supply (M1) or around six months’ worth of the country’s imports of goods and services (almost twice the level prescribed by the standard on the adequate level of coverage of the imports of goods and services by FX reserves). The increase in gross FX reserves continued into November, even though the government, as a result of good fiscal results in 2018, reduced its FX liabilities (EUR 108.8 mn net) on account of loans and securities. This led to a further reduction in public debt and improvement of its currency structure.
Serbia opens chapters 17 and 18 in Brussels
At the Intergovernmental Conference in Brussels, held on Monday, December 10, Serbia opened two new chapters in the accession negotiations with the EU, namely, Chapter 17 – Economic and Monetary Policy and Chapter 18 – Statistics. With these two chapters, Serbia has so far opened a total of 16 chapters, whereas two are temporarily closed.
No official offer for Telekom
Serbian Minister of Trade, Tourism and Telecommunications Rasim Ljajic said Monday there was no official offer to acquire Telekom Srbija. When asked by reporters if there was an offer from a US investment fund to buy 20 pct stakes in Telekom Srbija and Komercijalna banka, Ljajic said the bank was not in the competence of his ministry and that he was only aware of interest in Telekom Srbija.
Telekom Slovenije plans 30.3 mln euro cons net profit in 2019
Telekom Slovenije said it expects to generate a consolidated net profit of 30.3 million euro ($34.5 million) on revenues of 711.9 million euro in 2019. The company projects that its consolidated EBITDA will total 216.0 million euro next year, while investments are planned in the amount of 211.9 million euro, Telekom Slovenije said in a Ljubljana bourse filing late on Monday.
Dow closes lower after swinging more than 500 points in another volatile session, Miners lift European markets, WPP surges 6%
The Dow Jones Industrial Average closed lower on Tuesday after alternating between gains and losses throughout the session in the latest bout of market volatility. The 30-stock Dow fell 53.02 points to 24,370.24. At its high of the day, the Dow rose as much as 368 points. It also fell as much as 202 points. The S&P 500 also slipped to close at 2,636.78 while the Nasdaq Composite rose 0.16 percent to 7,031.83.
Stocks initially rose more than 1 percent across the board amid signs that U.S.-China trade relations could be improving. Bloomberg News reported earlier on Tuesday that China is moving toward cutting tariffs on cars made in the U.S. to 15 percent from the current 40 percent. Some of the initial optimism was dampened after The Washington Post reported the U.S. will condemn China over hacking and economic espionage, potentially ratcheting up tension between the two countries once again.
European stocks rallied Tuesday morning, as the world's two largest economies sought to push forward with the next stage of trade talks. The pan-European Stoxx 600 was up around 1.5 percent during mid-morning deals, with all sectors and major bourses in positive territory.
Looking at individual stocks, WPP announced it would cut 2,500 jobs over three years and spend £300 million ($382 million) as new boss Mark Read bids to return the world's biggest advertising group to growth. Shares of the company were up over 6 percent Tuesday morning.
Meanwhile, Standard Life Aberdeen slumped toward the bottom of the European benchmark after RBC cut its stock recommendation for the group to "sector perform." Shares of the London-listed stock fell more than 2 percent on the news.