Stocks slip from record highs after Trump says ‘long way to go’ on trade talks with China; European stocks close higher as investors monitor earnings
Stocks fell from record highs on Tuesday after President Donald Trump cast doubt on the trade progress between China and the U.S. The Dow Jones Industrial Average slipped 24 points, or 0.1%, after hitting an intraday record earlier in the day. The S&P 500 closed 0.3% lower. The Nasdaq Composite fell 0.4%.
Goldman Sachs reported better-than-expected results, driven by the company’s investment banking and trading divisions. Goldman shares rose 1%. J.P. Morgan Chase ’s results also topped estimates and its stock rose nearly 1%. Johnson & Johnson, however, fell 1.5% despite reporting a 42% profit surge in the previous quarter.
European stocks closed higher on Tuesday as traders monitored a slew of earnings reports. The pan-European Stoxx 600 was up 0.3% at the end of the session, with construction and material stocks, up 1.65%, leading the gains.
Shares of Swedish power tools giant Husqvarna dropped 5% to the bottom of the European blue chip index after its CEO said its full-year 2019 operating margin would be at the lower end of the previous guidance range due to weak sales early in the second quarter.
Fiat Chrysler stock was down 3% at the closing bell after it was initiated at a “sell” rating by Goldman Sachs.
EUR 50 million to be provided for upgrade of water supply systems in Serbia
The Country Manager for Serbia at the European Investment Bank (EIB), Anna Solecki, and the director of the Public Investment Management Office, Marko Blagojevic, signed an agreement on the financing of water supply system projects in the amount of EUR 50 million, whereby the said systems will be upgraded in 25 local self-governments, on Friday, July 12, 2019. After the signing of the agreement at the Government of Serbia, Blagojevic said that, of the total amount of EUR 50 million, eight EU states were donating EUR 40 million, whereas the amount of EUR 10 million came as a loan from the EIB.
The assembly of Fiat 500L in Kragujevac is stopped
Next week, the production of Fiat 500L in Kragujevac could be coming to an end, the Independent Trade Union of Fiat Chrysler Automobiles (FCA) Serbia told the Beta news agency. According to the trade union, Fiat employees could be granted a paid leave until the beginning of the collective summer holiday that lasts from July 29th to August 19th. The union says the information on the collective summer holiday is officially confirmed, while the information about the paid leave is “unofficial” and there is just talk about it.
Serbian export grew 8.2% in 2018, while import jumped 13% y/y
Serbian export in 2018 was increased by 8.2% y/y, while import saw 13% growth rate, according to the final report from SORS. Total annual deficit in 2018 was at EUR 5.6bn, which is up 29.75 y/y, the same document said.
Source: SORS, Ilirika