Pensions to increase by 5.4% from January 1, 2020
Serbian Finance Minister Sinisa Mali has announced that the budget for 2020 will be on the government's agenda at the session scheduled for Saturday, November 2, and added that, according to the most recent information available to him, pensions would increase by 5.4% from January 1, 2020. The fiscal consolidation measures, which entailed savings, resulted in us having, in eight months, a budget surplus of RSD 46.6 billion, a growth rate of 4.4% in 2018 and 3.5% in 2019, fully consolidated public finances and a fully stable public debt – Mali said on TV O2.
Call issued for early redemption of Serbian Eurobonds
The Serbian Ministry of Finance has issued a call for early redemption of a 1.5 bln dollar series of bonds issued on the international financial market and maturing on February 25, 2020. The annual coupon rate is 4.875 pct, with 800 mln dollars of the eurobonds still not matured. The eurobonds may be purchased partly or in full, up to the remaining amount of 800 mln dollars, pursuant to a memorandum on a bond redemption offer, at a price of 1,011.25 dollars, the Ministry said on its website.
Serbia ninth in the world in issuing building permits
On the latest Doing Business list published by the World Bank, Serbia placed ninth in the category of issuing building permits, far ahead of the other countries of the region, announced the Ministry of Construction, Transport and Infrastructure. On this global list, Serbia is the only country from the region to place within the top 10. The top 50 features North Macedonia (15th), Montenegro (40th) and Bulgaria (43th).
S&P 500 touches record, then closes little changed ahead of Fed meeting; European stocks close lower as traders monitor earnings
The S&P 500 touched a fresh record high on Tuesday before closing just below the flatline as investors looked ahead to key Federal Reserve meeting. The broad index closed 0.1% lower at 3,036.89, snapping a four-day winning streak. Earlier in the session, however, it gained as much as 0.3% to hit an all-time high of 3,047.87. The Dow Jones Industrial Average closed 19.30 points lower, or 0.1% at 27,071.42.
The U.S. central bank is largely expected to lower interest rates by 25 basis points. That would be the third time this year the Fed cuts rates. However, investors will also look for clues about the Fed’s policy decisions in the future.
Sentiment was also kept in check Tuesday by a 2.2% slide in shares of Google-parent Alphabet, which fell after the company posted earnings that missed analyst expectations. Alphabet reported a profit of $10.12 per share. Analysts polled by Refinitiv expected earnings per share of $12.42.
In other corporate news, Merck’s earnings beat expectations, boosted by immunotherapy drug Keytruda. Pfizer’s profit also topped analyst estimates. Both stocks were up at least 2.5%.
European stocks closed lower on Tuesday as traders monitored earnings and progress in U.S.-China trade discussions, while the U.K. looks set for a December election. The pan-European Stoxx 600 was provisionally down 0.2% at the closing bell, with telecoms stocks falling 1.8% to lead sector losses while construction and material stocks added 0.7%. Most sectors traded lower.
Market players are largely following corporate earnings. BP reported a 41% drop in third-quarter net profit on the back of weaker oil prices and weather impacts. The energy giant’s shares ended the session 3.8% lower.
German health care company Fresenius added 4.6% following a third-quarter earnings beat on the back of strong sales of home dialysis treatments.