INO:

Dow plunges 10% amid coronavirus fears for its worst day since the 1987 market crash; European stocks close 11% lower in worst one-day drop ever on coronavirus fears

Stocks plummeted once again on Thursday after President Donald Trump and the Federal Reserve both failed to quell concerns over the economic slowdown stemming from the coronavirus, leading to a historic drop for the U.S. markets.
The Dow Jones Industrial Average closed 2,352.60 points lower, or 9.99%, at 21,200.62. The index had its worst drop since the 1987 “Black Monday” market crash, when it collapsed by more than 22%.The S&P 500 plummeted 9.5% to 2,480.64, joining the Dow in a bear market. The S&P 500 also had its worst day since 1987. The Nasdaq Composite closed 9.4% lower at 7,201.80.
European markets posted their worst one-day drop in history on Thursday, as investors reacted to President Donald Trump’s decision to impose restrictions on travel to the U.S. from Europe, and the European Central Bank’s decision not to cut interest rates. The pan-European Stoxx 600 had plummeted 11% by the close, with travel and leisure stocks sinking 12.8% following Trump’s announcement of a ban on European travel. The U.K.’s FTSE 100 lost 9.8%, France’s CAC 40 shed 12.3% and Germany’s DAX fell 12.2%. Italian stocks finished nearly 17% lower, which was also the worst single-day loss for the FTSE MIB.
The European Central Bank decided Thursday not to cut interest rates, despite market expectations for a reduction amid the ongoing coronavirus outbreak, which disappointed markets and deepened the session’s already significant losses. Analysts had expected a 10 basis point cut.
Source: CNBC

SERBIA

NBS: Annual inflation in February at 1.9%

According to the data of the Serbian Statistical Office, y-o-y inflation continued to move in line with NBS expectations, measuring 1.9% in February. In monthly terms, inflation equalled 0.6% in February. Monthly movements of consumer prices were driven primarily by the seasonal rise in the prices of vegetables and travel packages, as well as by the higher prices of processed food, landline telephony services and cigarettes. The strongest impact in the opposite direction came from the fall in the prices of petroleum products.
Source: NBS

NBS FX reserves in February at EUR 13.4bn

At end-February, gross NBS FX reserves reached EUR 13,458.6 mn. This level of reserves covered 182% of money supply (M1) or six months’ worth of the country’s import of goods and services (twice the level prescribed by the standard on the adequate level of coverage of the import of goods and services by FX reserves). Net FX reserves (total reserves less banks’ FX balances on account of required reserves and other requirements) came at EUR 11,371 mn.
Source: NBS

Too early to tell economic impact of coronavirus – RZS

It is still too early to tell the economic consequences of the coronavirus in Serbia, but it is clear there will be an impact because some companies will reduce or even temporarily halt production, Miladin Kovacevic, head of the national statistical office RZS, said Thursday. At the presentation of a publication titled "Operations of Businesses in the Republic of Serbia By Forms of Ownership, 2017-2018," he said the consequences would be felt by companies with a large dependence on import components, such as the FIAT plant in Kragujevac. "Trade links are now broken to an extent because China has a major share in them and as regards the European and the US economies, but what is encouraging is that China is getting out of the epidemic and will restore previous production volumes by mid-April at the latest," he said. Serbian tourism will be impacted by the coronavirus due to temporary bans on entry from certain territories, introduced as a measure against the spread of the epidemic, he said.
Source: Tanjug