Stocks close flat as Fed fails to clearly signal more rate cuts in 2019; European markets close slightly higher ahead of Fed rate decision
Stocks closed little changed on Wednesday after the Federal Reserve failed to signal it will cut rates again in 2019, disappointing traders. The S&P 500 ended the day just above the flatline at 3,006.73. The Dow Jones Industrial Average rose just 36.28 points, or 0.1% to 27,147.08. The Nasdaq Composite closed 0.1% lower at 8,177.39.
The U.S. central bank cut the overnight rate by 25 basis points to a range of 1.75% to 2%, as was widely expected. This is the second time this year the Fed has lowered rates.
FedEx slashed its fiscal 2020 earnings guidance. The company also posted weaker-than-expected quarterly results, citing “a weakening global macro environment driven by increasing trade tensions.” FedEx shares dropped 13.8%.
The pan-European Stoxx 600 edged up around 0.1% during afternoon deals. Europe’s oil and gas stocks were among the biggest gainers, up almost 0.7%.
Italy’s Moncler slumped toward the bottom of the index, with shares of the Milan-listed stock down 6%. It comes after the chief executive of the luxury brand warned ongoing unrest in Hong Kong could have an impact on business this year.
Serbian businessman possible mystery buyer of Kras shares – paper
The general manager of the Serbian division of Croatian confectioner Kras has neither confirmed nor denied a report by Zagreb-based Jutarnji list that Serbian businessman Nebojsa Saranovic is the mystery buyer of Kras shares, whose value has soared following the allegations. In a statement to B92.net, Zivko Kapetanovic declined to comment, adding that he was not authorised to give such information. In the report, the paper said Saranovic, the owner of Cyprus-based Kappa Star Limited Group - known across the region for its Jaffa biscuits - was the buyer of a large portion of Kras shares who was behind a Raiffeisen Bank Austria custody account that now contained a 6 pct stake in the Croatian company. The Novac.hr portal recalled Serbian media reports from 2010 that said Kras had attempted to buy th
German SMEs coming to Serbia
A large delegation of German SMEs, which are increasingly interested in investing in Serbia, will visit the country early next year, Chamber of Commerce and Industry of Serbia (PKS) President Marko Cadez announced in Berlin Wednesday. The goal of the visit is to familiarise German SMEs in the greatest possible detail with the conditions and potentials for investing as well as with the experiences of major companies successfully operating in the Serbian market, said Cadez, who is accompanying PM Ana Brnabic on an official visit to Germany.
Botsan-Kharchenko: Good news about TurkStream
Russian Ambassador to Belgrade Alexander Botsan-Kharchenko on Wednesday said it was good news that Russian Minister of Industry and Trade Denis Manturov had confirmed Bulgaria intended to complete by 2020 a leg of the TurkStream gas pipeline that will run from the country's border with Turkey to the Serbian border. "As is known, this project, which is one of the key projects, is in full swing In Serbia itself," Botsan-Kharchenko posted on his Twitter account. The Supreme Administrative Court of Bulgaria on Tuesday said it had ended a dispute over the selection of contractors for the construction of the Bulgarian stretch of the pipeline, clearing the way for the project to proceed.