Slovenian real estate market flourishing
The Slovenian real estate market keeps booming after another record-breaking year in terms of transactions and prices in 2017. As a result, the construction of new apartments is in full swing around the country. The central bank sees no signs of risks to financial stability as yet.
Dow falls more than 100 points as tech stocks and Macy’s slide; European stocks close lower as Turkey crisis weighs on sentiment
U.S. stocks fell on Wednesday as declines in tech shares and Macy's dampened investor sentiment. Equities also followed overseas stocks lower. The Dow Jones Industrial Average dropped 136 points, while the S&P 500 declined 0.8 percent. The Nasdaq Composite pulled back 1.2 percent. The Dow and Nasdaq briefly broke below their 50-day moving averages. Macy's shares dropped nearly 16 percent as the company's quarterly report showed it is struggling to grow sales. The company posted better-than-expected quarterly earnings and revenue, but its sales still fell on a year-over year basis. Equities also fell amid lingering worries about Turkey's financial situation, continued strength in the U.S. dollar, a sell-off in copper and broad weakness in emerging markets. Shares in Europe closed lower on Wednesday afternoon as concerns over the Turkish currency crisis continued to impact investors' appetite. The pan-European Stoxx 600 slipped throughout the day to finish trade 1.5 percent below the flat line. In Turkey, President Recep Erdogan has opted to impose higher tariffs on certain U.S. imports including alcohol, cars and rice. Royal Bank of Scotland ended trade just over 1 percent lower. The U.K.'s part state-owned lender has announced that it will pay $4.9 billion to settle a U.S. investigation into misconduct during the last financial crisis.
Serbian c-bank raises 2018 GDP growth forecast to 4.0%
Serbia's central bank, NBS, raised on Wednesday its projection for the country's economic growth in 2018 to 4.0% from 3.5% estimated in July on the back of a significant rise in investments. The investment growth, which accelerated in 2018, was supported by Serbia's macroeconomic stability and its share in the gross domestic product (GDP) is likely to exceed 22% this year, the NBS said in its Inflation Report August 2018.
AERO: Belgrade Airport reports symbolic jump in 1H 2018 net profit
Belgrade Airport (AERO) reported RSD 1.43bn in its 1H 2018 net profit, up only 3.5% y/y. The company’s sales were higher by 9% y/y in the period, which is broadly in line with expansion of traffic volume. Operating profit however remained flat y/y due to increase in depreciation and cost of salaries. Symbolic jump in net profit arrived on the back of lower financial loss and lower deferred tax duties.
ENHL: Energoprojekt reported poor 1H performances
Energoprojekt (ENHL) reported miserable 1H numbers. The company’ sales were down 38% y/y to RSD 10.7bn, probably due to strong dinar position vs. EUR and USD, while dynamic of work execution may be also considered. Operating profit was at symbolic RSD 59m in the period, down almost 90% y/y. Finally, net profit arrived at RSD 296m, down 59% y/y, but this is only due to huge position of other revenues, which incorporates sell of the company’s stake in two entities.