INO:
Dow posts 3-day slide as Wall Street awaits Powell testimony; European stocks close lower after BASF auto warning; Deutsche Bank falls a further 4%
The Dow Jones Industrial Average fell slightly on Tuesday as investors awaited more clues on the Federal Reserve’s next monetary policy move. The 30-stock index closed 22.65 points lower, or 0.1%, at 26,783.49, notching a three-day losing streak, after being pressured by 3M shares. The stock fell more than 2% after an analyst at RBC Capital Markets downgraded it to sector perform from outperform amid worries over the macro economic environment and overhang from litigation. Before the close, however, the Dow briefly turned positive.
The Nasdaq Composite and S&P 500 rose, however, as Facebook and Amazon shares gained more than 1% each. Netflix shares also added to the indexes gains. The Nasdaq gained 0.5% to close at 8,141.73 while the S&P 500 rose 0.1% to 2,979.63.
In corporate news, Netflix shares rose 1% after the streaming company said the third season of “Stranger Things” posted a viewership record. PepsiCo reported better-than-expected earnings, but the stock fell more than 1%.
European stocks closed lower on Tuesday as a warning of an autos slowdown from German chemicals giant BASF dragged down autos and chemicals companies.
The pan-European Stoxx 600 was provisionally down 0.5% at the closing bell, with basic resources stocks more than 2% lower. Markets were also dragged down by autos stocks, which shed nearly 1.6%, as well as the chemicals sector, which was down by more than 1% at the end of the session.
It came after German chemicals giant BASF warned its profit would fall well below forecasts for the second quarter of the year, with the company also predicting a slowdown in the automotive sector. BASF’s stock fell more than 3% by the end of Tuesday’s session. The news also impacted Bayer spin-off Covestro, which fell almost 4%, and French automotive supplier Faurecia, which tumbled 5%.
Source: CNBC
SERBIA:
Serbia's end-May budget surplus at 8.3 bln dinars
Serbia registered an 8.3 bln dinar budget surplus at the end of May 2019, the Ministry of Finance said Monday. Revenues totalled 498.4 bln dinars, with expenditures at 490.1 bln dinars. The May surplus was 2.8 bln dinars. May revenues totalled 95 bln dinars, with tax revenues accounting for 87.7 bln dinars. As usual, VAT revenues (42.9 bln dinars) and excise tax revenues (27 bln dinars) accounted for the majority of the tax revenues.
Izvor: Tanjug
Jobless rate to be at around 10% by end-year
The head of the Serbian National Employment Service Zoran Martinovic says positive trends on the Serbian labour market are continuing, as indicated by a Q1 2019 unemployment rate of just 12.1 pct. In an appearance on the RTS, he said the unemployment rate was 2.7 pct down y-o-y. "The number of (unemployed) people registered by the National Employment Service is also on a steady decline and there are 527,000 unemployed people at this time - 9,000 fewer than last month and 9 pct fewer compared to last year," Martinovic said.
Source: Tanjug
European Investment Bank announces Western Balkans priorities
The European Investment Bank (EIB) has announced today that competitiveness, innovation and climate are top priorities for the EIB in the Western Balkans. The press release also points out that the bank will support roads, railways, water treatment plants, schools, hospitals and SMEs. The European Investment Bank remains committed to the economic and social development of the Western Balkans and plans to grow its investment portfolio in the region – announced the President of the EIB Werner Hoyer at the Poznań Summit for the Western Balkans.
Source: Tanjug