INO:

Dow drops 1,400 points and tumbles into a bear market, down 20% from last month’s record close; European markets close lower as coronavirus concerns persist; Bank of England cuts rates

The coronavirus-induced sell-off reached a new low on Wednesday as Wall Street grappled with the rapid spread of the virus as well as uncertainty around a fiscal response to curb slower economic growth resulting from the outbreak. The S&P 500 ended the day 4.9% lower at 2,741.38 and just short of a bear market. The Nasdaq Composite fell 4.7% to 7,952.05 and was also about 19% below its all-time high.
The uncertainty around fiscal stimulus, coupled with a reduction in travel demand and rising coronavirus cases, pressured airline and cruise line stocks. American, Delta, United and JetBlue all fell at least 4.3%. Norwegian Cruise Line and Carnival fell 26.7% and 9.5%, respectively.
Bank shares also fell broadly. Bank of America and JPMorgan Chase fell 4% and 4.7%, respectively. Citigroup lost 8.6% while
The pan-European Stoxx 600 closed down 0.7%, having been up more than 2% earlier in the day. Travel and leisure stocks dropped 4% to lead losses while banks and chemicals stocks climbed nearly 1%. The Bank of England (BOE) on Wednesday morning announced an emergency cut to interest rates in an attempt to limit the economic impact from the new coronavirus.
Adidas warned before the opening bell of a 1 billion euro ($1.13 billion) sales drop in greater China for the first quarter. The German sportswear brand reported fourth-quarter operating profit of 245 million euros and sales of 5.84 billion euros, missing analyst expectations on both counts. The company’s shares fell 9.1% by mid-afternoon.
Source: CNBC

SERBIA:

NBS: NBS reduces key policy rate to 1.75%

t Wednesday's extraordinary session, the National Bank of Serbia (NBS) Executive Board decided to reduce the key policy rate by 50 basis points to 1.75 pct to support Serbia's economic growth amid challenges brought by the coronavirus, said NBS Governor Jorgovanka Tabakovic. "In making such a decision, the NBS is reacting in a timely and adequate manner to the increased uncertainty in the international environment caused by the spread of the coronavirus," Tabakovic told an extraordinary press conference at the NBS. The decision is in line with the favourable macroeconomic trends in the domestic environment, she said.
Source: Tanjug

Prices of fuel in slight drop for a month and a half – Trend to continue

The average retail price of petrol was around two dinars lower last week compared to January, the Serbian Association of Oil Companies says and adds that the prices of fuel have been slightly dropping for a month and a half and that the trend continues. This is felt in Serbia as well, and an analysis by the Association has shown that, compared to the price in mid-January, last week's average retail price of petrol was lower by 2.1 dinars per liter. The per-liter prices of diesel fuel and LNG were also lower by 6.13 and 2.9 dinars respectively. As the Association told Tanjug, the petrol and the diesel fuel are cheaper by a dinar per liter this week, so, compared to the highest price recorded this year, the diesel fuel is cheaper by seven dinars per liter, whereas petrol is cheaper by three dinars per liter.
Source: Ekapija

Jugoremedija put up for sale for 762.7 mln dinars

Serbia's bankrupt pharmaceuticals company Jugoremedija has been put up for sale as a legal person at an initial price of 762.7 mln dinars, the Bankruptcy Supervision Agency announced Wednesday. The main property of the Zrenjanin, northeastern Serbia-based company is an industrial complex on a 7.3 ha land plot with facilities with a total gross surface of 17,200 sq m. The package also includes 24 pharmaceutical product trademarks constituting intellectual property, as well as equipment, 28 motor vehicles, inventory and stocks and a Zrenjanin flat.
Source: Tanjug