Dow jumps more than 200 points as Hong Kong tensions ease, tech shares rally; European stocks close higher as Brexit chaos rumbles on and Hong Kong tensions ease
Stocks rose sharply on Wednesday as tensions in Hong Kong between the government and protesters eased after the withdrawal of a controversial bill. The Dow Jones Industrial Average closed 237.45 points higher, or 0.9% at 26,355.47. The S&P 500 gained 1.1% to close at 2,937.78, led by a 1.7% surge in the tech sector. The Nasdaq Composite advanced 1.3% to 7,976.88.
Micron Technology was among the best-performing tech stocks, rising 4.1% after an analyst at Mizuho Securities raised his price target on the chipmarker. Intel was the best-performing stock in the Dow, rising 4.1%.
Bank stocks got a boost as the U.S. yield curve uninverted, with the 10-year rate trading above its 2-year counterpart. Bank of America and Citigroup gained more than 1.3% each while J.P. Morgan Chase advanced 1.2%.European stocks closed higher Wednesday after British lawmakers defeated Prime Minister Boris Johnson’s government in a vote to seize control of parliamentary business, moving closer to blocking a no-deal Brexit.
The pan-European Stoxx 600 was up 0.9% at the closing bell, basic resources jumping 2.9% to lead gains as all sectors and major bourses traded in positive territory.
France’s Valeo saw its shares gain 7.6% to top the Stoxx 600 by the end of trade, while French electronics group Thales saw its shares rise by 5.4% following strong first half results.
Serbia's end-July budget surplus at 48.5 bln dinars
Serbia registered a 48.5 bln dinar budget surplus at the end of July 2019, the Ministry of Finance said Wednesday. Revenues totalled 737.3 bln dinars, with expenditures at 688.8 bln dinars. In July alone, the surplus was 27.1 bln dinars, with tax revenues (110.6 bln dinars) accounting for most of the total revenues of 125.5 bln dinars. Under an annual plan, a 5.1 bln dinar general government deficit was planned for the period, meaning that the achieved result is 43.1 bln dinars better than planned, the Ministry said in a statement.
EPS Serbia's largest company, NIS most successful
The national electric power company EPS was Serbia's largest enterprise in 2018 with business revenues of 263.9 bln dinars, which is a 4.7 pct increase y-o-y, the Serbian Business Registers Agency announced Wednesday. The EPS revenues make up 2.5 pct of the business revenues generated by the entire economy, a press conference was told following the release of a list of Serbia's Top 100 companies in 2018. The petroleum company NIS was the most successful company in the country, ranking second in terms of business revenues with 258.5 bln dinar revenues, which is a 19.8 pct rise y-o-y. In the group of companies with the highest net profits resulting from FDI, Bor-based Zijin Mining (the former mining and smelting complex RTB) led the pack with 90.05 bln dinars.
Serbia's public debt at 51.9 pct of GDP at end-July
Serbia's public debt stood at 23.84 bln euros - or 51.9 pct of GDP - at the end of July 2019, the Serbian Ministry of Finance announced Wednesday. The July public debt was slightly higher from 23.55 bln euros - or 51.4 pct of GDP - in June. At the end of 2018, the public debt totalled 23.01 bln euros - or 53.8 pct of GDP.