NBS: Key policy rate kept unchanged
At its meeting yesterday, the NBS Executive Board voted to keep the key policy rate at 3.0%. In making this decision, the Executive Board took into account the expected movement in inflation and its underlying factors going forward, and the effects of past monetary policy easing. Inflationary pressures remained low even in conditions of strong economic growth. Inflation continued to move within the target tolerance band, measuring 2.1% in September.
Solutions for Ikarbus, Lasta, BIP, FAM Krusevac and Port of Novi Sad soon
Serbian Prime Minister Ana Brnabic expects certain companies, among them Ikarbus, Lasta, BIP, FAM Krusevac and the Port of Novi Sad, to be privatized or to find a strategic partner soon. At the moment, we are working on solving the issue of Ikarbus, Lasta, BIP, FAM Krusevac, the Port of Novi Sad... These are some of the big names and I expect them to be privatized or to find a strategic partner soon so that they would not siphon money out of the budget anymore, but to once again contribute to Serbia's economic growth – Brnabic said at yesterday's presentation of the Foreign Investors Council's White Book in Belgrade.
Hainan Airlines to cancel Beijing-Belgrade air service?
After a year of operations, the Chinese airliner Hainan Airlines is canceling the Beijing-Belgrade air service, the Aviatica portal reports. Hainan Airlines will cancel the route in late November, as reported by Routesonline, a specialized air route website. As said, the company has stopped selling tickets for its flights to Belgrade from November 26. The last flight planned will be realized on Friday, November 23.
Range of euro exchange rates limited
At its meeting today, the NBS Executive Board adopted the decisions limiting the lowest buying exchange rate and the highest selling exchange rate which authorized exchange dealers and the public postal operator may apply in the purchase and/or sale of foreign cash – the euro, to ±1.25% relative to the official middle RSD/EUR exchange rate applicable on a given day.
S&P 500 snaps 3-day winning streak as the Fed looks to stay the course on raising rates, European markets close flat ahead of Fed decision, SocGen up 2.5%
The S&P 500 closed lower on Thursday following big gains in the previous session as investors digested the latest monetary policy decision from the Federal Reserve. The broad index pulled back 0.25 percent to 2,806.83 as energy lagged, snapping a three-day winning streak. The Nasdaq Composite also fell 0.5 percent to 7,530.88 as Qualcomm shares fell sharply. The Dow Jones Industrial Average eked out a small gain, however, climbing 10.92 points to 26,191.22 to post a four-session winning streak.
The Fed kept interest rates unchanged, as was widely expected. However, the central bank said in a statement it expects "further gradual increases" in the overnight rate. The Fed also did not mention the volatility that has hit the market recently.
Qualcomm shares fell more than 8 percent after the company issued weaker-than-expected revenue guidance for fiscal first quarter 2019. The company cited lower Apple legacy shipments and lower demand out of China.
Disney shares slipped 0.9 percent ahead of the release of its latest corporate earnings report. The stock jumped more than 1 percent in after-hours trading after the company posted a better-than-expected profit.
European equities traded a touch higher on average Thursday as market players shifted their focus to a Federal Reserve meeting. The pan-European Stoxx 600 finished provisionally up by 0.1 percent with varied sentiment across sectors.
Banking stocks outperformed most peers on the back of positive earnings. Societe Generale's shares were up by 2.1 percent after beating analysts' forecasts in the third quarter of the year. Commerzbank rose above 5.4 percent despite posting a 53 percent decline in net profit. The German bank still managed to beat expectations.