Stocks rise on hopes for better-than-expected earnings from key tech companies like Amazon, Facebook; European stocks close mixed as investors monitor earnings; Philips shares up 5%
Stocks rose slightly on Monday as Wall Street kicked off a big week of earnings. The moves also come as expectations of aggressive policy easing from the Federal Reserve dampen.
The S&P 500 gained 0.3% to close at 2,985.03 as the tech sector outperformed. The Nasdaq Composite advanced 0.7% to 8,204.14. The Dow Jones Industrial Average climbed 17.70 points, or 0.1%, to 27,171.90 but a 1% drop in Boeing capped the index’s gains.
Boeing shares fell after Fitch downgraded its outlook on the airplane maker to negative. Tech shares rose 1%, led by chipmakers. Applied Materials, Micron Technology and Lam Research rose at least 3.7% after Goldman Sachs upgraded them, noting that excess inventory for memory chip companies “will be depleted ” faster than expected.
European stocks closed mixed Monday afternoon as investors digested a fresh batch of corporate results. The pan-European Stoxx 600 closed provisionally flat, with sectors and bourses trading in opposite directions.
In corporate news, Dutch health technology company Philips surged to the top of the index after a stronger-than-anticipated 6% rise in comparable sales for the second quarter. The company cited robust demand for its hospital equipment in China and the U.S. during the three-month period. Shares jumped over 5% on the news.
Foreign investments in Serbia 14% up in first six months of 2019
Foreign investment in Serbia in the first six months of this year was 14 pct up y-o-y, Chamber of Commerce and Industry of Serbia (PKS) President Marko Cadez said Monday. In an appearance on the RTS, Cadez said that, considering global turmoils and the US-China trade war, Serbia could be satisfied with its economic growth in 2019. "Foreign investment is higher and Serbia was in the number one spot relative to the size of its GDP. Investment from abroad is 14 pct up compared to the same period of last year," Cadez said.
IMF: Price of electricity should be increased at least by the amount of inflation
The price of electricity in Serbia should be increased at least by the amount of inflation, which would keep the price of electrical energy stable, says the head of the International Monetary Fund (IMF) in Belgrade, Sebastian Sosa, reminding that the tariffs have not been changed for nearly two years. When asked by the press whether the price of electricity would increase, Sosa said that, in the short term, the prices of electrical energy needed to be raised, whereas, in the medium term, they needed to be increased gradually.
Serbia third-largest foreign investor in Bosnia and Herzegovina
The head of the Bosnia and Herzegovina Foreign Investment Promotion Agency (FIPA) Gordan Milinic on Friday said Serbian investments in the country had totalled 2.024 bln convertible marks at the end of 2017 and that Serbia was the third-largest foreign investor in BiH, accounting for 15 pct of the total foreign investments. Quoting figures from the BiH central bank, Milinic said this during a meeting with BiH's newly-appointed ambassador to Serbia, Aida Smajic, Fena reported. Telekom Srbija bought Telekom Republike Srpske for 646 mln euros in 2007, which was the largest Serbian investment - as well as the single biggest foreign investment - in BiH.