Dow plunges 760 points in worst day of 2019 as trade war intensifies; European stocks close lower as Chinese yuan hits 7 against the dollar for first time in over a decade
Stocks fell sharply Monday as a trade war between the world’s largest economies intensified with China retaliating against President Donald Trump’s latest move.
The Dow Jones Industrial Average plunged 738 points and dropped as much as 951 points. The S&P 500 dropped 2.9%. The Nasdaq Composite lagged, falling 3.4%. The S&P 500 was headed for its worst day of 2019. The indexes have also fallen more than 5% from their record highs set last month.
Along with the currency move, China retaliated by suspending the purchases of U.S. agricultural products and threatened to slap tariffs on the farm goods purchased after Aug. 3, according to state media and other reports.
European stocks tumbled Monday as a rapid escalation of U.S.-China trade tensions continues to spook investors worldwide. The pan-European Stoxx 600 traded 2.3% lower during the afternoon session, with all sectors and major bourses firmly in the red.
With earnings season winding down, HSBC on Monday announced the surprise departure of CEO John Flint, saying the bank needed a change at the top to address a “challenging global environment” despite posting a 16% rise in half-year profit. The bank’s London-listed stock traded 2% lower by Monday afternoon.
Serbia's public debt dropped to 23.55 billion euros in June
Serbia's public debt stood at EUR 23.55 billion at the end of June 2019, which is 190 million less compared to May. The share of public debt in Serbia's gross domestic product (GDP) also dropped from 51.8 percent in May to 51.4 percent in June, the Ministry of Finance announced. At the end of 2018, public debt stood at € 23.01 billion, accounting for 53.8 percent of GDP. The lowest share of public debt in GDP, at 28.3 per cent, was recorded in 2008, while the highest was registered in 2000, when it accounted for 201.2 percent of GDP.
Budget surplus 21.5 billion dinars at the end of June
At the end of the first half of the year, the Government budget surplus amounted to 21.5 billion dinars, the Ministry of Finance announced. Revenues were collected in the amount of 611.8 billion dinars, while expenditures were made in the amount of 590.3 billion dinars. According to the Ministry in June alone budget surplus of RSD 13.2 billion was achieved. In June, 113.4 billion dinars were collected, of which 101 billion were tax revenues, and, as a rule, the largest part of tax revenues in the amount of 41.2 billion dinars came from VAT and excise taxes in the amount of 27.2 billion dinars.
Public invitation for strategic partner for construction of Morava Corridor opens
The Ministry of Construction, Transport and Infrastructure opened the public invitation for a strategic partner in the realization of the construction of the infrastructural corridor of the Pojate-Preljina highway section, that is, the Morava Corridor, on Monday, August 5, 2019. One of the requirements, as said, is for the applicants to provide a letter of intent from international institutions, banks or other sources of finance for the financing of the Morava Corridor project in the amount of at least EUR 400 million. The deadline for the submission of bids is 21 days from the date of the opening of the public invitation, and the opening of the bids is scheduled for August 27, at 8 am.