Serbia's GDP growth slows to 2.3% y/y in Q1
The Serbian economy expanded by a real 2.3% year-on-year in the first quarter of 2019, the country's statistical office said in a flash estimate. Serbia’s real gross domestic product (GDP) growth slowed to 3.4% year-on-year in the fourth quarter of 2018 from 3.8% in the previous quarter. The statistical office said it will release more details on the first-quarter GDP on May 31.
NIIS: NIS reports disappointing net profit for 1Q19
NIS, oil&gas company, report RSD 158m in its 1Q19 profit, down huge 96% y/y on lower EBITDA and higher negative other result. The company sales grew only 1.9%, while EBITAD was down 30% y/y, on lower oil price while, maintenance works at Pancevo refinery also contributed to poor performances in the period. After these numbers, the company’s fill year outlook is clearly worsen, with annual profit seen down at least 20-30% y/y.
Source: NIIS, Ilirika
ENHL: Energoprojekt reported higher consolidated net profit on better other&financial result, while sales shrink 30% y/y
Energoprojekt, the largest Serbian construction company, reported RSD 740m in its consolidated net profit, up 41% y/y, but this arrived only due to better financial and other result. The company’s sales were down nearly 30% y/y, probably due to lower amount of executed job and unfavorable USD/RSD and EUR/RSD rate. Operating profit came in at only RSD 62m, which is much lower vs RSD 1bn from 2018.
Source: Belex, Ilirika
Dow drops 120 points, stocks fall for a second day after Fed Chief Powell signals no rate cut soon, Europe shares close lower as BOE holds rates, factory activity contracts, VW up 4%
Stocks fell on Thursday as interest rates continued to rise following comments on Wednesday by Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average fell 122.35 points or 0.46% to 26307.79 with most of the losses coming as the yield on the 10-year Treasury yield hit an intraday high. The 30-stock benchmark dropped as much as 249 points at its intraday low. The S&P 500 slipped 0.21% to 2917.52, while the Nasdaq Composite fell 0.16% despite a jump in Tesla shares.
Thursday’s pullback was led by the tech sector as stocks such as Apple and Microsoft retreated from highs that came after better-than-expected earnings earlier this week. Shares of the iPhone maker fell 0.65% Thursday after surging as much as 6% on Tuesday when it reported strong guidance and an improvement in its China business. Microsoft was down more than 1.3%, falling for a second day after briefly hitting $1 trillion market cap on strong earnings.
Tesla shares rose more than 3% after the company unveiled a plan to raise up to $2 billion, with $1.35 billion coming from convertible bonds. The remaining $650 million would come from new equity, which includes a $10 million purchase by CEO Elon Musk.
European stocks closed lower on Thursday as traders reacted to comments from the chair of the Federal Reserve, a Bank of England monetary policy statement, corporate earnings and disappointing data from the euro zone. The pan-European Euro Stoxx 600 Index ended the session 0.6% lower. All major bourses and most sectors were in negative territory at the closing bell.
Looking at individual stocks, Volkswagen reported first-quarter earnings in line with expectations on Thursday, as the automaker attempts to increase the pace of its transformation. Shares closed almost 4% higher.