INO:

Dow plunges more than 700 points despite the Fed cutting rates; European stocks close higher after emergency Fed rate cut

Stocks fell sharply in volatile trading on Tuesday as an emergency rate cut by the Federal Reserve failed to assuage concerns of slower economic growth due to the coronavirus outbreak. The decision to cut rates by half a percentage point came two weeks before the Fed’s scheduled meeting as the central bank felt it was necessary to act quickly to combat the effect of the virus spreading worldwide. It’s the first such emergency action coming in between scheduled meetings since the financial crisis.
European stocks closed higher Tuesday as the Federal Reserve cut interest rates in an effort to stem slower economic growth on the back of the coronavirus outbreak. The pan-European Stoxx 600 index closed more than 1% higher provisionally, having earlier traded up 3% following the U.S. central bank’s decision. Most sectors ended higher, although banks bucked the trend to fall over 1%.
Meanwhile, inflation in the euro zone slipped in February, compared with the previous month, meeting analyst expectations. Consumer prices were up 1.2% in February year-on-year, following a 1.4% rise in January, the data from Eurostat, the bloc’s official statistics office, showed. This was due primarily to a 0.3% fall in energy prices.
Source: CNBC

SERBIA:

KMBN: NLB to keep Komercijalna Banka brand

Blaz Brodnjak, the president of the board of Nova Ljubljanska Banka (NLB), which has bought 83.23% of the ownership share in Komercijalna Banka, has stated that NLB will keep the KB brand. According to him, Serbia has always been the most interesting market for NLB. He added that they had needed several years to make an additional purchase, although NLB Belgrade had realized great results, but he said it had been “a small operation”. We have serious plans for Komercijalna Banka and we will be one of the three most important players in the market, as we are now looking at the transaction with Komercijalna Banka – Brodnjak said.
Source: Ekapija

Serbia's Q4 2019 GDP up 6.2% in real terms y/y

Serbian Q4 2019 GDP was 6.2 pct higher in real terms compared to the same period of the year before, the national statistical office RZS has announced. Serbian Q4 2019 GDP was 6.2 pct higher in real terms compared to the same period of the year before, the national statistical office RZS has announced. "Observed by activities, in the fourth quarter of 2019, compared to the same quarter of the previous year, significant real growth in the gross value added was recorded in the section of construction - 48.3 pct, the section of information and communication - 8.2 pct and the section of wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage and accommodation and food service activities - 8.1 pct.
Source: Tanjug

EBRD to invest EUR 600 million in Serbia in 2020 – Around 70% of investments intended for private sector

The European Bank for Reconstruction and Development (EBRD) plans to finance projects worth a total of EUR 600 million in Serbia in 2020, and the majority of the funds will be directed at environmental protection, Zsuzsanna Hargitai, the EBRD Regional Director for the Western Balkans, said for eKapija. Most investments, around 70%, will go to the private sector, whether through local financial institutions or directly, and 30% will be put in the public sector – Hargitai announced. According to her, the EBRD will mostly invest in environmental protection, whether through renewable energy sources, circular economy, green cities or the smart measuring program at EPS. Hargitai also announced efforts to implement a capital market strategy.
Source: Ekapija