Serbia's govt adopts 2020 draft budget, plans 0.3%/GDP deficit
Serbia's government has adopted the 2020 draft budget envisaging a deficit of 20.2 billion dinars ($192 million/172 million euro), or 0.3% of the country's gross domestic product (GDP), offcial report said. The draft budget envisages revenues of 1.314 trillion dinars and expenses of 1.335 trillion dinars, the government said in a statement on Friday. The government will allocate 295.4 billion dinars for salaries, as well as 581.2 billion dinars for pensions. According to the Swiss formula, pensions will grow 5.4% next year.
Serbia has potential to boost grain exports
Serbia has exported 4.3 mln t of grains this year and has the potential to boost the exports to over 5 mln t, Serbia Grain Conference 2019 was told Thursday. Minister of Agriculture, Forestry and Water Management Branislav Nedimovic said better seed quality must be ensured to improve the quality of Serbian wheat and create opportunities to boost exports. In the second half of 2020, a set of support measures will be proposed for producers with quality, certified crops, he said, adding that transport and logistics were the biggest problems.
Zijin buys another copper and gold mine in Serbia
The Zijin Mining company said on Monday that it was set to buy out the copper and gold mines that its partner company Freeport McMoran Inc has in Serbia, the Belgrade-based Beta news agency reported quoting a Reuters report. Zijin said it would pay up to 390 million Dollars for the lower zone of the Timok copper and gold mine. The company already owns the upper zone. The Chinese company will initially pay Freeport 240 million Dollars for the mine and will follow up with payments of 0.4 percent of net sales proceeds once production begins up to an aggregate maximum of 150 million Dollars.
Dow rips to a record high, now up nearly 18% on the year; European stocks close higher on renewed trade optimism; Ryanair up 8% after results
The Dow Jones Industrial Average reached a milestone on Monday, joining the S&P 500 and Nasdaq Composite at record levels, as investor sentiment was lifted by strong earnings, a rebound in economic data and a potential U.S.-China trade deal. The S&P 500 climbed 0.4% to a fresh all-time high of 3,078.27. The Nasdaq advanced 0.6% to 8,433.20, also reaching record levels.
Under Armour posted Monday quarterly numbers that topped analyst expectations. However, the stock fell more than 18% after the company cut its 2019 revenue forecast, citing lower inventories and problems around its direct-to-consumer channels. Under Armour also disclosed a federal probe into its accounting practices.
European stocks traded higher Monday as renewed optimism over U.S.-China trade talks looked set to reignite a risk-on approach from investors. The pan-European Stoxx 600 closed 0.97% higher, with trade-sensitive Autos jumping 2.8% on average and the Basic Resources basket up more than 3%.
Earnings continue to serve as the focal point for individual stock performance. Ryanair on Monday reported post-tax profits of 1.15 billion euros ($1.3 billion) for the six months from April to September, slightly better than expected. It also narrowed its full-year profit forecast from 750-950 million euros to 800-900 million euros. Ryanair shares were up 8.3% during afternoon trade.
Siemens Healthineers stock climbed 9.2% to hit an all-time high after the German medical technology group reported strong fourth-quarter earnings.