Stocks begin September with a big drop amid new US-China tariffs, weak US manufacturing data; European stocks close lower as UK prepares for Brexit showdown
Stocks fell on Tuesday, the first trading day of a historically tough month, after the world’s two largest economies began imposing new tariffs on each other’s goods. Weak manufacturing data also dented investor sentiment. The Dow Jones Industrial Average closed 285.26 points lower, or 1.1%, at 26,118.02. The S&P 500 lost 0.7% to end the day at 2,906.27 while the Nasdaq Composite pulled back 1.1% to 7,874.16.
European stocks closed lower Tuesday, with British opposition lawmakers bidding to seize control of the House of Commons and stop the U.K. leaving the European Union without a deal on October 31. The pan-European Stoxx 600 was down 0.35% at the closing bell, oil and gas stocks shedding 0.9% to lead losses as most sectors and major bourses ended the session in the red.
French telecoms operator Iliad suffered a 6% drop after first-half results showed it had lost 127,000 subscribers as rivals gained market share.
Retail trade turnover up 9.3% in July; Unemployment at 10.3%
In July, retail trade rose by 9.3% in real, y-o-y terms. In the January–July period, retail trade was up by 8.9% in real y-o-y terms, reflecting elevated trade in food and non-food products and motor fuels, SORS reported. The results of the Labour Force Survey for Q2 confirm favourable labour market trends. The unemployment rate reached its lowest level of 10.3% in Q2, while the employment rate stood at 49.2% in the same period.
Serbian NPLs at 4.98% - lowest level since 2008
The share of NPLs in Serbia has dropped to 4.98 pct - the lowest level since monitoring began in 2008, National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic told Tanjug Friday. NPLs have declined by 17.3 pct since the NBS adopted a strategy for resolution of NPLs in August 2015, she added. In addition to low and stable inflation, the level of FDI and fiscal sustainability, these figures show every investor planning to invest in Serbia that the country is a stable economy, Tabakovic said.
JMBN: Jubmes banka posts half-year profit
In the first half of this year, JUBMES banka posted an after-tax profit of 103.8 mln dinars, the bank's shareholders' assembly said in a report published on the Belgrade Stock Exchange. The document said JUBMES banka saw a 370 mln dinar profit last year. This year's net revenues from interest were around 56 mln dinars higher compared to last year, revenues from commissions and fees remained the same, while business expenditures rose by over 17 mln dinars, the report said..