INO:

Dow jumps 480 points, S&P 500 closes at record as market shakes off coronavirus fears; European stocks close higher despite coronavirus concerns

Stocks rose for a third straight day on Wednesday, pushing the S&P 500 back to levels hit prior to the coronavirus scare. The broad index closed 1.1% higher at 3,334.69, led by strong gains in the energy, financials and health care sectors. That gain drove the S&P 500 to a record closing high.
The Nasdaq Composite lagged the Dow and S&P 500, closing 0.4% higher at 9,508.68 after rallying more than 1% earlier in the day.
Tesla shares declined more than 17%, notching their second-worst day ever. Tesla’s decline came after Wall Street analysts called for caution around the high-flying stock. Tesla is up more than 80% for 2020 even with Wednesday’s drop.
European stocks closed higher on Wednesday, extending gains from earlier in the week despite the coronavirus outbreak. The pan-European Stoxx 600 reversed early losses to close provisionally over 1% higher, with auto shares leading the gains while only telecoms traded in the red.
Siemens reported a 3% fall in net profit in its fiscal first quarter, weighed down by weakness in the auto and energy sectors, but saw its shares edge 0.6% higher. The German conglomerate announced plans to buy Iberdrola’s stake in Spanish wind turbine maker Siemens Gamesa, which in turn took its shares almost 6% higher.
BNP Paribas posted a slightly better-than-expected fourth-quarter net profit of 1.84 billion euros ($2 billion) but cut its profitability outlook, sending the French lender’s shares nearly 1% higher.
Source: CNBC

SERBIA:

Dinar FX savings rise 30 pct to RSD 79.5 bln in 2019

Dinar and FX savings saw a continuous rise month after month in 2019 and reached their record highs at year-end, confirming the citizens’ confidence in the domestic banking system, the National Bank of Serbia (NBS) has said. Dinar savings amounted to 79.5 bln dinars at the end of 2019 as they "increased by 30 pct from end-2018 (or by 18.4 bln dinars) or by more than four times relative to end-2012," the central bank said in a statement. "The rise in dinar savings in 2019 is the highest annual growth on record." "Household FX savings also continued up. After rising by 0.6 bln euros in 2018 and by 0.8 bln euros in 2019, FX savings reached their record high at the end of the year - 10.8 bln euros.
Source: Tanjug

New Serbia-UK trade deal needed by end of year – PKS

Like the EU, Serbia will by the end of this year have to define its trade ties with the UK in the wake of Brexit, the Chamber of Commerce and Industry of Serbia (PKS) told Tanjug Wednesday. Representatives of the relevant Serbian ministries are in discussions with UK officials and the outcome is expected to become known by the end of 2020. "This year or the next, we would have to sign some kind of a legal framework that would determine and define clearly the rules for cooperation. The legal framework will depend on the way the EU negotiates the technical details for future EU-UK trade and economic relations," says Mihajlo Vesovic, adviser to the PKS president. Through the Stabilisation and Association Agreement, Serbia has a free trade deal with the EU.
Source: Tanjug

Serbia's budget surplus at 12.8 bln dinars in 2019

Serbia saw a 12.8 bln dinar budget surplus in 2019, the Ministry of Finance said on its official website. Revenues totalled 1,274.6 bln dinars and expenditures were at 1,261.8 bln dinars. In December 2019 alone, a 49.5 bln dinar budget deficit was registered and revenues totalled 121.1 bln dinars, with tax revenues accounting for 102.8 bln dinars. As usual, VAT made up most of the tax revenues (53.3 bln dinars), followed by excise taxes (28.8 bln dinars). Under an annual plan, a 27.1 bln dinar general government deficit was planned for this period, meaning that the achieved result is 16 bln dinars better than planned, the statement said.
Izvor: Tanjug