Serbia to get EUR 172.5 million loan for infrastructure development from Russia
The new ambassador of Russia to Belgrade, Alexander Bocan Harchenko, has stated that preparations for the lending of EUR 172.5 million to Serbia from Russia, a loan which will be used for the development of infrastructure, are currently in progress. Bocan Harchenko said that the decision was being realized based on the agreement reached during the most recent visit of the Russian president, Vladimir Putin, to Serbia. This is an exporting credit for the continuation of the development of infrastructure and the establishment of a new dispatch center for the Serbian railway – said Bocan Harchenko in his interview with the Sputnik portal.
SORS: Serbian industrial output in May, down 0.6% y/y
According to s-a data of the Serbian Statistical Office, industrial production rose 1.3% in May relative to April, and decreased 0.6% y-o-y. By sector, the s-a growth of industrial production in May was driven by the 2.6% rise in manufacturing. The largest positive contribution to industrial growth came from the production of petroleum products and base metals.
Diaspora brings EUR 1 billion to Serbia in first four months
In the first four months of 2019, the diaspora brought more than EUR 1 billion to Serbia, which is 2% more than in the same period in 2018. Considering that the season of annual leaves is ahead and that a large number of Serbian citizens who work abroad will come back, this could mean that, this year, foreign exchange transfers from abroad might exceed the amount of EUR 3.4 billion which was recorded in 2018, Kurir writes in today's issue.
S&P 500 closes at new record as chipmakers get a boost from US-China trade truce; Stocks rise to close out Dow’s biggest June gain since 1938, S&P 500′s best first half in 2 decades; European stocks close higher ahead of Trump-Xi meeting at G-20
U.S. stocks rose on Monday after the U.S. and China agreed to hold off on slapping additional tariffs on their products in an effort to resume trade talks. The S&P 500 rose 0.8% and reached an all-time high of 2,977.86. The Dow Jones Industrial Average gained 117 points, or 0.4% as Nike and Apple outperformed. The Nasdaq Composite jumped 1.1%.
Chipmaker shares rose broadly. Skyworks Solutions gained 6% while Micron Technology advanced 3.9%. Shares of Qualcomm and Broadcom climbed 1.9% and 4.3%, respectively. Tech giant Apple also rose 1.8%.
Calendar second-quarter earnings for the S&P 500 are expected to fall on a year-over-year basis, according to FactSet data. Analysts also lowered their third-quarter earnings forecast to show a contraction from the previous year, as profit expectations for multinationals with exposure to China have soured.
The pan-European Stoxx 600 closed 0.9% in afternoon trade, slightly cutting its early surge after weak euro zone PMI data. Technology stocks led gains, up nearly 2% having hit a 1-year high earlier in the session. Food and beverages was the only sector trading in the red.
European chipmakers monopolized the top of the European blue chip index on Monday in response to the Huawei news, with STMicro and ASMI adding more than 5% while AMS and Infineon also climbed more than 4% by mid-afternoon.