European markets close lower as virus concerns quell optimism over upbeat data; BELEX15 down 0.2%; Pandemic affects Serbia's economy, change of goals needed for the rest of the PCI program, IMF says
European stocks closed lower on Friday as concern over a spike in U.S. coronavirus infections tempered the optimism arising from upbeat economic data out of the U.S., China and the euro zone. The pan-European Stoxx 600 provisionally closed down around 0.9%, with basic resources falling 1.7% to lead losses while travel and leisure shares bucked the downward trend with a 0.1% rise.
In terms of individual share price action, Rolls-Royce fell more than 9% after Fitch downgraded its corporate debt to “negative.”
At the other end of the European blue chip index, Germany’s Delivery Hero climbed nearly 5%, hitting a record high after the firm reported a near-doubling of orders in the second quarter thanks to demand from coronavirus lockdowns.

BELEX15 was down 0.4%, as NIS was down 2%, while it delivered only RSD 0.2m in volume. The most traded stock was Philip Morris, with RSD 0.7m in volume. From the corporate side we had consolidated report form Metalac but now it seems of less importance. The company’s consolidated net profit in 2019 was flat vs. 2018, while sales were 9% higher.
The Head of the Mission of the International Monetary Fund (IMF), Jan Kees Martijn, announced on July 3 that the coronavirus pandemic had affected Serbian economy as well, which is why the realization of the current Policy Coordination Instruments requires a change of goals by the end of the program in January 2021. The shock is affecting the economy through lower external demand, weaker foreign investment and remittances, domestic supply constraints, and disruptions in regional and global supply chains. Real GDP is projected to contract by 3% in 2020, compared to an increase by 4.2% in 2019, and is expected to rebound to 6% growth in 2021 – Martijn said.
Source: CNBC, Ilirika