INO:

S&P 500 and Nasdaq eke out fresh record closing highs; European markets close higher as coronavirus remains in focus

The S&P 500 and Nasdaq Composite rose marginally on Tuesday — eking out fresh record closing highs — as investors digested testimony from the top U.S. central banking official and assessed the potential economic impact of the coronavirus. The broad index closed 0.2% higher at 3,357.75. The Nasdaq was up 0.1% at 9,638.94. The Dow Jones Industrial Average rose as much as 138 points before closing flat at 29,276.34. The three major averages hit intraday records earlier in the day.
Companies such as Under Armour have noted they will take a hit from the outbreak. Under Armour warned Tuesday the outbreak could lower sales by $50 million to $60 million. Under Armour shares dropped more than 18% as lackluster quarterly results also pressured the apparel maker. In other corporate news, a judge approved a merger between T-Mobile and Sprint. Sprint shares soared more than 70% while T-Mobile advanced 10.8%.
European shares traded higher on Tuesday as investors continued to monitor the spread of the coronavirus and its effect on the global economy. The pan-European Stoxx 600 briefly hit an all-time high during morning trade and closed provisionally up 0.9%. Travel stocks jumped 1.9% to lead gains as most sectors and all major bourses remained in positive territory.
Daimler shares edged 1% lower after the German automaker swung to a loss in the fourth quarter of 2019 and cut its dividend.
In corporate news, Chinese auto maker Geely announced plans to merge with sister company Volvo, with a view to list the new combined business in Hong Kong and Stockholm.
Chipmaker AMS fell 3% despite optimistic guidance in its fourth-quarter earnings, while Michelin also dropped 3% after forecasting weaker 2020 operating income.
Source: CNBC

SERBIA:

Value of construction works in 2019 higher by 35%

The value of the construction works carried out in the territory of Serbia in 2019 is higher by 35% than in 2018, the Ministry of Construction, Transport and Infrastructure announced on Monday, February 10. According to the Statistical Office of the Republic of Serbia, in the fourth quarter of 2019, the value of construction works done on the territory of the Republic of Serbia, expressed in constant prices, increased by 56.3% relative to the fourth quarter of 2018. This exceeds the previous highest growth rate, recorded in the third quarter of 2019, when the value of the construction works was higher by 39.9%, which was the highest growth rate in a quarter in the construction sector since 2010.
Source: Ekapija

Price of crude oil drops by 20% in global market – Fuel prices in Serbia to decrease

Due to the consequences of coronavirus, the price of oil in the global market has been dropping for the fifth week in a row, and fuel is already cheaper in Serbia as well. Those familiar with the matter announce that the current lower prices at gas stations in the country are just the beginning. Calculations show that the 20% drop in the price of crude oil in the global market could lead to a drop in the prices of fuel in Serbia by 6% per liter, which would mean that diesel fuel would be cheaper by 10 dinars, whereas the price of petrol would drop by around 9 dinars. In the London market, the price of barrel dropped by 6.3% to USD 54 last week alone, whereas, in the American market, a barrel of oil dropped by 2.4% to USD 50. In late 2019, a barrel cost USD 83, and in 2014, the price went up to USD 100.
Source: Ekapija

Serbia attracted 25 bln euros of FDI since 2012 – conference

Stabilisation of public finances, a reduction of the debt-to-GDP ratio from 70 pct to below 50 pct, infrastructure investments and faster construction permit procedures are just a few reasons why more and more foreign investors are deciding to come to Serbia, which is also reflected in the fact that Serbia has attracted 25 bln euros worth of FDI over the past eight years. This was said at the 5th Serbian Conference on Real Estate and Infrastructure Development in Belgrade. The participants recalled that the Financial Times had named Serbia the global leader in attracting greenfield investments and that the country had made progress in the World Bank's ease of doing business rankings.
Source: Tanjug