Dow rallies 500 points, heads for 3-day winning streak on hope of economic recovery; European stocks close over 2% higher as reopening optimism outweighs U.S. unrest; BELEX15 up 0.68% as Jedinstvo jumped over 13%; Serbian public debt in 1Q20 at EUR 24.7bn
Stocks rose sharply on Wednesday on the back of better-than-expected economic data, which bolstered optimism over the recovery from coronavirus-led shutdowns. The Dow Jones Industrial Average jumped 500 points, or 1.9%. The S&P 500 gained 1.3% while the Nasdaq Composite advanced 0.8%. Wednesday’s gain put the Dow on pace for its third consecutive gain. The small-cap Russell 2000 outperformed its large-cap counterparts with a 2.9% rally. 
ADP and Moody’s Analytics reported private payrolls fell by another 2.76 million in May. The ADP number was far less than the 8.75 million estimate. The reason for the wide disparity was not immediately clear. Data from the Institute for Supply Management showed the U.S. services sector contracted less than expected, rebounding from an 11-year trough.

European stocks marched higher Wednesday as optimism over the reopening of major economies outweighed investor fears over widespread protests in the U.S. The pan-European Stoxx 600 closed up by more than 2% provisionally, with all sectors and major bourses in positive territory. Insurance stocks were the best performers, gaining over 6%.
In corporate news, Lufthansa reported a net loss of 2.1 billion euros ($2.35 billion) for the first three months of the year. The German airline’s stock was up 4.3% during afternoon trade.
French luxury goods group LVMH’s proposed $16.2 billion takeover of Tiffany & Co. is now looking uncertain, with fashion publication WWD reporting that LVMH’s board has reservations amid the coronavirus pandemic and the unraveling security situation in the U.S.
Renault added more than 10% after Goldman Sachs upgraded the French automaker’s stock to “buy,” citing a shifted focus toward profitability and away from growth.

BELEX15 added 0.68% as Jedinstvo soared even 13.3%, with RSD 3.3m in volume. This arrived after the company announced its EGM for 3th July. The most traded name for Wednesday was Tehnogas as it generated RSD 7.2m in volume. Bonds were active again, with over EUR 1.9m in volume.
Serbia’s public debt in the first quarter of 2020 to 24.7 billion euro, up 370 million compared to the end of last year, reaching 52.8 per cent of the country’s GDP, the Parliamentary Budget Office for Public Debt has said. The increase was recorded before the outbreak of the coronavirus epidemic on March 6 and the government’s economy package worth 5.1 billion euro allocated for mitigation of the consequences of the coronavirus pandemic.
Source: CNBC, Ilirika