Half of people in Serbia save Euro 38 per month on average
Some 50 percent of Serbia’s people manage to save monthly 4,771 Dinars (Euros 38) on average, the same amount as last year, according to Erste Group’s survey of the saving habits in the country, the Beta news agency reported. The IMAS International Agency which conducted the study said that in the last year the number of those who could save some money was on the rise, and that 25 percent of the polled saved up to 20,000 Dinars (€ 170), which was four percent more than last year and 11 percent more than in 2016.
Serbian Finance Minister says budget to be adopted by December 1
Serbian Finance Minister Sinisa Mali said that the 2020 budget will be adopted by Decembar 1 as planned, adding that the draft budget will be discussed by the government on Saturday, November 2 and by parliament between November 10 and 12. A ministry press release quoted the minister as saying that the budget is development-focused with the aim of stimulating economic progress. He said that this could be the first time that the budget is adopted in the time frame defined by law. Mali said that, among other things, tax rates would be cut to 61 percent to help raise the economic growth rate leading to an increase in average monthly wages to 550 or 600 Euro and added that capital investments are the absolute priority.
KMBN: Komercijana reports RSD 7bn in 9M19 net profit, up 8.5% y/y
Komercijana Banka reported RSD 7bn in 9M19 net profit, up 8.5% y/y, while this is mainly due to reduced loss at financial instruments valued out of P&L statement – positive revaluations. The bank’s net interest income was nearly flat in the period, while 3.9% growth was seen at net F&C income. Credit activity was up 6.5% on a YTD basis.
Source: KMBN, Ilirika
S&P 500 closes at a record as Fed signals no rate hikes until inflation rises ‘significantly’; European stocks close flat as traders await Fed decision; Deutsche Bank down 8%
Stocks rose on Wednesday as investors cheered the Federal Reserve’s third rate cut of the year and comments from Chairman Jerome Powell that signaled it would be a while before the central bank hikes rates. The S&P 500 hit an all-time high, climbing 0.3% to 3,046.77. The Dow Jones Industrial Average closed 115.27 points higher, or 0.4% at 27,186.69. The Nasdaq Composite ended the day up 0.3% at 8,303.98.
The Commerce Department said U.S. GDP grew by 1.9% in the third quarter, topping expected growth of 1.6%. The better-than-expected print was driven by continued consumer spending along with government expenditures.
European stocks traded lower on Wednesday as traders awaited a decision on interest rates from the U.S. Federal Reserve, while corporate earnings remained high on the agenda. The pan-European Stoxx 600 closed provisionally 0.06% higher during trade, with banks dropping around 2% as Deutsche Bank shares plunged. Household goods stocks added 1.5%.
Deutsche Bank reported a net loss of 832 million euros ($924 million) for the third quarter, missing analyst expectations as a major restructuring plan continues to weigh on the German lender. The bank’s shares slipped almost 8% by the close, only bettering Italian tire maker Pirelli which shed 10/7% after cutting its guidance.
Fiat Chrysler and PSA Peugeot Citroen shares surged 9.5% and 4.5% respectively after confirming that they are in discussions over a potential merger aimed at creating one of the world’s largest car manufacturers.
L’Oreal shares traded 7.6% higher after the French personal care company posted strong third-quarter numbers.