World Bank: Serbia's FDI inflow, inflation to remain stable
The World Bank expects the Serbian FDI inflow to remain at 6 pct of GDP in 2019 and 2020 and forecasts the country's inflation to stay within a target band set by the National Bank of Serbia. Investments in the manufacturing industry will make it possible to retain the level of FDI, World Bank representatives said on Tuesday in Belgrade at a presentation of the institution's latest regular report on the Western Balkans, titled Rising Uncertainties. Galina Andronova Vincelette, a World Bank senior economist for Europe and Central Asia, said maintaining the competitiveness of the Serbian economy was crucial amid the greatest global economic slowdown since the 2008 economic crisis and that Serbia must look after the reserves generated by fiscal consolidation.
Serbia in "golden middle" of WEF Global Competitiveness Index
Serbia ranks 72nd of 141 countries in the World Economic Forum's (WEF) Global Competitiveness Index for 2019. Despite making progress on eight of the 12 analysed pillars of competitiveness, Serbia achieved the same score as last year - 60.9. Due to the identical score, as well as to further progress by the world's leading economies, Serbia's ranking is seven places down from last year.
Serbia's end-August public debt at 51.9% of GDP
Serbia's public debt stood at 23.83 bln euros - or 51.9 pct of GDP - at the end of August 2019, the Serbian Ministry of Finance has announced. The August 2019 public debt was slightly lower from 23.84 bln euros in the month before and the debt-to-GDP ratio remained at the July 2019 level. At the end of 2018, the public debt totalled 23.01 bln euros - or 53.8 pct of GDP.
Stocks cut gains into the close on report China has lowered expectations for trade talks; European stocks close higher amid optimism over US-China trade talks
Stocks rose for the first time in three days on Wednesday as traders hoped for some kind of deal to come from U.S.-China trade talks beginning on Thursday, even if it’s a limited pact.
The Dow Jones Industrial Average gained 180 points, or 0.7%. The S&P 500 climbed 0.9% while the Nasdaq Composite advanced 1%. Stocks narrowed their gains heading into the close after Reuters reported China had lowered their expectations for these talks.
Apple shares contributed to the gains, rising 1.3% after an analyst at Canaccord Genuity hiked his price target on the iPhone maker to $260 per share from $240. Tech was the best-performing sector in the S&P 500, gaining more than 1%.
European stocks closed higher Wednesday after a report that China is willing to discuss a partial trade deal with the U.S. The pan-European Stoxx 600 closed provisionally 0.4% higher, with trade-sensitive autos and technology stock baskets leading gains. All sectors except utilities and retail were in positive territory.
In terms of individual stocks, British sports betting firm GVC Holdings rose over 5% after issuing its second outlook upgrade in three months. Norwegian recycling company Tomra Systems slipped around 4% to the bottom of the European blue-chip index.