Stocks fall on trade war fears, sending the S&P 500 to its worst week of 2019; European stocks close sharply lower
Stocks fell on Friday as President Donald Trump stoked U.S.-China trade fears with the announcement of more tariffs while investors digested U.S. employment data. The Dow Jones Industrial Average closed 98.41 points lower at 26,485.01 after plunging 334.20 points earlier in the day. The S&P 500 lost 0.7% to end the day at 2,932.05. The Nasdaq Composite slid 1.3% to close at 8,004.07. The major indexes dipped below their 50-day moving averages, key technical levels watched by investors.
The U.S. economy added 164,000 jobs in July, just below a Dow Jones estimate of 165,000. The job gains pushed the size of the U.S. labor force to a record high. Wages topped analyst expectations. They rose 3.2% on a year-over-year basis, surpassing a Dow Jones forecast by 0.1 percentage points.
The pan-European Stoxx 600 was provisionally down 2.4% by the end of the session, basic resources and auto stocks falling 4.6% and 3.4% respectively as all sectors traded in the red. Tech stocks also among the biggest losers — dropping 3.6%.
Allianz reported a 13.5% rise in second-quarter net profit on last year, coming in at 2.265 billion euros ($2.51 billion). The German financial services provider saw its shares slide 3% in afternoon trade.
Monday’s dinar-to-euro rate at RSD 117.7421
The Serbian dinar's official median exchange rate against the euro will be 117.7421 dinars for one euro Monday, which is a slight change from Friday, the National Bank of Serbia (NBS) has announced in a statement. The dinar will rise 0.1 pct against the euro m-o-m, 0.3 pct y-o-y and 0.4 pct compared to the beginning of the year. The indicative exchange rate against the dollar rose 0.2 pct to 106.0358 dinars for one dollar Friday. The dinar dropped 1.5 pct against the dollar m-o-m, declining 3.9 pct y-o-y and 2.5 pct since the beginning of the year.
Zijin to invest another 200 mln dollars in Bor
China's Zijin Mining Co, which has a 63 pct stake in Serbia's Bor copper mining and smelting complex, situated in the east of the country, will invest another 200 mln dollars in reconstruction, upgrades and construction of metallurgical facilities. According to a Vecernje novosti report, Zijin Mining wants to expand the output capacities of the Bor smelting plant with leading-edge technology. It aims to install new equipment that will enable production to rise from the present 80,000 t of processed copper concentrate a year to as much as 200,000 t a year.
Number of tourists in Serbia 9.1 pct up y-o-y in June
The number of tourists who visited Serbia in June this year was 9.1 pct up compared to the same month last year, the national statistical office RZS has said. Total overnight stays rose by 7 pct, the statement said. Compared to June 2018, the number of overnight stays by Serbian tourists also rose by 4 pct while overnight stays by foreign tourists increased by 12.1 pct. A total 1,651,280 tourists were registered in Serbia in the first six months of this year, including 358,529 in June. In the first half of 2019, the number of Serbian tourists was 896,447 while there were 754,833 foreign tourists. Serbian tourists generated 4,539,009 overnight stays in the first six months, while foreigners accounted for 1,690,535 overnight stays, the RZS said.